Casinos are closing in a coronavirus domino effect which has left the gambling industry reeling. Now the biggest casino companies in America are asking the government for some cash to bail them out.
Everyone knows casinos are a multi-billion-dollar business. After a casino company has sunk billions into building its betting behemoth, the day-to-day costs of keeping such a beast alive are phenomenal.
Now the largest casino companies are appealing to the government, hats in hand. Lobbyists representing the casino industry have requested a comprehensive bailout package to offset the losses caused by casino closure.
The American Gaming Association (AGA) requested a cash bailout on behalf of the casino industry. According to the Washington Post, a representative of Wynn Resorts was part of the lobby group. One of Trump’s largest political donors, Steve Wynn ran Wynn Resorts until he resigned in 2018 under a cloud of scandal.
The AGA said that the $260 billion casino industry is “near standstill” and that the funds were needed to support companies and their employees. Lobbyists are asking for a bailout package similar to what airlines and the hospitality industry require to stay afloat.
Lawmakers Under Scrutiny
Government bailouts are generally reserved for emergency aid during extreme crisis, like the terrorist attacks which crippled the airline industry during the 9/11 event.
The coronavirus pandemic definitely qualifies as a global emergency, but the comparison between casinos and airlines is apples-to-oranges. Travel is essential to maintain business across the board, so airlines require assistance during travel bans. Casinos are not essential to anyone but casino owners and their stock prices.
Of course, casinos are essential to the thousands of casino workers who keep the massive machine grinding along. They certainly require aid in these difficult times.
However, some criticize the federal lawmakers for “picking winners and losers” in a virus-stalled economy. The ‘too big to fail’ argument has greased the wheels of corporate welfare for cowboy bankers and billionaires with close ties to government bigwigs for decades.
Steve Wynn was not only a top GOP donor and Trump business pal for years. He was even named chairman of the Republican National Committee’s finance committee before his sexual harrassment scandal brought him down.
When it’s down to brass tacks, the federal government should offer bailouts to the little guy, the casino worker who is just trying to feed a family or survive in a dog-eat-dog system. Billionaires don’t need handouts. They can sell a yacht or two.
Because it’s business, billionaires. You roll the dice and spin the wheel, just like your customers. And your customers don’t get a government handout when they blow their bankrolls at your tables.
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