USA: Corona aid now also for small casinos
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So far, even large US casinos have had to fight for financial help during the Corona crisis. Now smaller US casinos should also receive support. The numerous reactions in public show that this decision was not foreseeable. How this decision came about in the end should be relatively unimportant to the affected casinos. Because for extremely many casino operators in the USA, the hope of still receiving financial help from US President Trump was the last possible salvation before the end.
No corona aid packages for smaller US casinos
Even if the United States are commonly and in many ways as the most powerful, most progressive and largest nation in the world Coronavirus, the pandemic and its consequences The United States met as strongly as hardly any other country – of course also from an economic point of view. Numerous US companies could and can only secure their existence through state aid packages, and this also applies or even to companies from the gaming sector.
For a few weeks now However, the entire American gaming industry is fighting for financial concessions. Even the big and strong sales Casinos from Las Vegas and Atlantic City were in the crisis And it took an extremely long time before the first money finally flowed.
Unfortunately, the auxiliary funds mainly arrived among the rather larger groups, especially those who generate their income not only from gambling, but also through hotel complexes or restaurants. Because in the so -called Paycheck Protection Program (PPP), which Donald Trump had appointed at the end of March, smaller US casinos or all companies that achieve more than half of their sales over gambling were excluded from financial aid.
die American Gaming Association (AGA) As a result of discrimination, and loudly demanded that companies weaker to capital would also have to have the right to receive funds from the fund and that this right should be granted independently of the industry.
“In their efforts to quickly issue guidelines for the PPP, the SBA relyed on outdated, discriminatory regulations that ignore today’s economic reality and the intention of the congress behind the Cares Act. This says that every company is entitled to receive an SBA loan if it meets specific criteria with regard to the number of employees. ”
Entire gaming industry breathes up
Now the pressure of the AGA apparently had an effect, because recently it has Small Business Administration (SBA) decided, your own Salary protection program in its original version to modify so that significantly more US casinos can claim their entitlement to financial aid.
In advance, however, an expansion of the auxiliary package was initiated. For that were now $ 484 billionthat are to be used in a targeted manner for rescue -threatening companies. According to the new regulation, small businesses in the USA may now apply for a loan. However, the credit line is limited to $ 10 million.
Nevertheless, this decision for a large part of the US gaming industry should mean rescue. Unsurprisingly, the reactions to the unexpected concessions were positive. Some people, including Bill Miller, President of the AGA, even thanked the US President.
“I am grateful to President Trump and his government that they have recognized that employees of the commercial and tribal gambling industry earn the same support that other small companies are available.”
However, a regulation could still ensure tensions at short notice. Another requirement to be entitled to an auxiliary loan is that at least 25 percent of the money for expenses in the personnel area can be used, especially for wage payments.
In the meantime, however, many US casinos were forced to To relieve majority of your staff for economic reasons. From this point of view, the financial aid is too late or can no longer be used due to the forced rationalization. The coming days should show how this problem is solved.