• Gambling Lose Money Story
• Can Casinos Lose Money
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• How Can A Casino Lose Money
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All casino games have an RTP (return to player) rate. This percentage shows how much money you will lose on a game in the long run. Here is an example: If the RTP rate of a game is 92% and you invest 100 USD, you will be able to recover 92 USD of that investment in the long run. In other words, your losses will be limited to 8 USD. In fact, if you lost money at casino, this may be an opportunity: This situation shows that you are not playing the right games, using the correct strategies, allocating the right budget, or simply playing too much. In short, losing money at the casino will let you understand the problem and what causes it. Harry Kakavas – $164 million: Money Most Ever Lost. This Australian billionaire never had to worry. Some days you lose money, of course, if the customers get lucky, but that should never put you out of business because casinos are required to keep capital reserves to cover big wins. If you look at failures in the industry they tend not to be about the Casino itself but about the property the Casino is in.

And now, let’s continue with the obvious question: How to recover lost money from casino? Is this possible? Can you still take something back for lost money at casino?

The short answer is no. And you already know this: No casino (or online casino) will refund your money just because you lost. Remember that these are called “games of chance” for a reason. The operators do not guarantee any winnings and you cannot take your losses back. Do you go to the betting booth after losing a sports bet and ask for your money back? It is the same principle: Lost money online casino (or land-based casino) won’t be refunded, period.

Gambling Lose Money Story

There is only one scenario in which the answer to how to recover lost money in casino question is yes: Fraud. If your account is hacked and a third party used your balance to play games, then yes, the casino may choose to refund your losses. However:

• This is not mandatory. The casino may not choose to refund your losses even if you can prove that your account is hacked.
• Proving a hack is harder than you think. The majority of players who lost try to use this excuse, and we do not know even a single case where the casino accepted a hack really happened.

So, while possible in theory, it is near impossible to recover your lost money at a casino because of a hack. However, we have a suggestion for you: If you play at online casinos, you can win back a certain percentage of all your losses automatically. This is called a “casino cashback bonus”: By using it, you can save some of your losses at all games. For example, there are online casinos out there that refund 25% of all losses every week. Yes, it is not the solution you want, but it is still an option. More importantly, this is the only legal way of getting a refund, so we advise you to benefit from this promotion.

Can Casinos Lose Money

LAS VEGAS – The spread of COVID-19 and subsequent shutdown of casinos across the U.S. is putting the cash reserves of major resort companies in Sin City to the test.

Nevada Gov. Steve Sisolak ordered a 30-day closure for all businesses, turning the Strip – home of the most iconic hotel-casinos in the world – into a ghost town.

As the pandemic expands and the number of cases accelerates, there's no telling whether the lockdown will be extended in coming days and weeks, and that element of the unknown raises an important question within this tourist-dependent corridor:

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How long can companies survive?

Projections vary.

After crunching “cash burn” data, some analysts contend companies like MGM Resorts International and Caesars Entertainment have money to last anywhere from eight to 16 months, according to Barron's.

That translates to 239 days of liquidity for Caesars and 563 days for MGM Resorts.

Wynn Resorts and Las Vegas Sands – companies with a strong gaming presence in China – both have 15-20 months of cash available to wait out the pandemic, according to Macquarie Research Analyst Chad Beynon.

Macquarie released a report this week detailing just how much cash these casino companies are burning every day with no vacationers visiting properties – and how long they can stay closed without running out of money.

“It ranges from five months to a year and a half,” Beynon said, “because of obligations they have to the banks, to their employees and to projects.”

What the research shows

Here's a look at what Macquarie's analysis found:

• Monarch Casino and Resort (Reno): 14.3 months, burning $300,000 a day.
• Red Rock Resorts: 13.8 months, burning $1.7 million a day.
• Golden Entertainment: 10.4 months, burning $1 million a day.
• Boyd Gaming Corp.: 9.4 months, burning $3.2 million a day.
• MGM Resorts International: 9 months, burning $14.4 million a day.
• Penn National: 5.2 months, burning $6.4 million a day.

'The daily burn will remain the same,' Beynon said. 'The only thing that could change by the day is if you're laying off employees – but you can only cut so much. I don't think the daily burn changes. Only the amount of time they have left changes.'

Stunning economic fallout

Each month the Nevada tourism industry is shut down there are $4.7 billion in estimated economic losses, according to the American Gaming Association.

The fallout could be even more devastating on a national level.

How Can A Casino Lose Money

“In total, these mass closures will rob the U.S. economy of $43.5 billion in economic activity if American casinos remain closed for the next eight weeks,” AGA president Bill Miller said.

Casinos are now in line to ask Congress for emergency funds to bail the industry out of financial trouble as the pandemic batters tourism markets across the U.S.

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The industry seeks possibilities that could include direct cash payments, deferred taxes, or special bankruptcy protections, according to the Washington Post.

“Gaming employees, their families, and communities are bearing the brunt of this economic standstill and will continue to suffer if Congress and the administration don’t take immediate action,” Miller said.

Ed Komenda writes about Las Vegas for the Reno Gazette Journal and USA Today Network. Do you care about democracy? Then support local journalism by subscribing to the Reno Gazette Journal right here.

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This article originally appeared on Reno Gazette Journal: How long can Las Vegas casino companies survive a COVID-19 shutdown?