Wynn and MGM announce property closures.
I know that we’ve already hit epic proportions in the last few days with all that has happened. But even the Vegas Strip shutting down.......Just wow.
March 15th, 2020 at 10:22 PM ^
It has to happen. But yeah, unreal
March 15th, 2020 at 10:27 PM ^
All the closures may be an overreaction but I’d rather be inconvenienced and stay home rather than stay home very ill or see my older loved ones get seriously ill.
March 15th, 2020 at 10:34 PM ^
Best case scenario if this is an overreaction. We are 10 days behind Italy and we are on line with them and S. Korea. We are testing 23 per million people. S Korea is testing 3,700 per million.
March 16th, 2020 at 10:25 AM ^
Have to wonder if the 'Train to Busan' movie had any influence on S. Korea's rapid response.
Public health officials have done their job well if at the end of this everyone thinks we overreacted.
March 15th, 2020 at 10:33 PM ^
The bailout required for all of this (not just Vegas) is going to need to be massive. I have been thinking we may need a trillion dollars. Starting to think that won’t cut it.
March 15th, 2020 at 11:25 PM ^
Fuck that. No more. Give every citizen a one time hit of 5-10k, but nothing for the corporations. Fuck em. Should have saved some for a rainy day instead of buying stock back and increasing dividends.
Cunts.
March 15th, 2020 at 11:51 PM ^
How about no taxes or drastically reduce the% owed.
this is going to cripple the economy
March 16th, 2020 at 12:46 AM ^
Reducing taxes doesn't help if you are out of a job, and a metric fuckton of people, especially part-time and low-wage employees (the ones that can least afford it), are the ones that will be out of a job.
The best thing is probably something like a $2500 check to every adult. It helps the part-time employees that gets laid off, the contract workers that can't find work, and the parents that had to take a leave of absence to take care of their kids or had to shell out for day care. That's something like $600 billion, and probably only buys you a month, but it keeps families from getting evicted when they can't pay bills and rent, and it keeps food on tables until everyone can go outside again.
March 15th, 2020 at 11:53 PM ^
Yeah... "saving for a rainy day" is not a good way to drive shareholder value, which is what corporations are all about.
Now, I'm not saying that's right, but that's an issue in the system, not specific to how corporations are run. They're playing by the rules. The rules happen to reinforce these type of decisions.
March 16th, 2020 at 12:32 AM ^
That's a bullshit line of thinking that didn't exist before 1980. There's nothing that says a corporation's only reason for existing is to cup the shareholders balls.
Take care of customers, employees, and then in a distant third, shareholders.
But the rules shouldn't include a get out of jail free card anytime a huge organization encounters a major calamity. Under those rules, the logic of fiduciary responsibility says that every corporation should take big risks, even if those risks have negative expected value, under the assumption that they'll get to keep the proceeds if things go well and they'll get to socialize the costs if things go poorly.
March 16th, 2020 at 12:13 AM ^
Sorry, what?
"Bailout required"?
Any political candidate that wants to bail out MGM or Wynn is never going to get another vote from me. That's insanity.
March 16th, 2020 at 12:51 AM ^
I was not really focused on MGM and Wynn. Thinking more about the thousands of small businesses who can’t survive two months with out revenue as well as all their employees who will need help as well. What percentage of businesses will fail if we essentially shut down for two months?
That being said some large corporations are probably going to have to be saved as well. The economy can only take so many businesses failures before the damage leads to years of high unemployment and negative growth. Some of these bailouts will be distasteful but it’s probably better than the alternative
IMO the best solution is going to be giving every citizen money to spend when this over. People will spend and stimulate the economy. There are some industries essential to the nation that may need intervention like the airlines, but I don't know if Las Vegas casinos make that list.
March 15th, 2020 at 11:07 PM ^
I’ll be at work early tomorrow morning. Healthcare is rough and it’s going to be rougher. Night
March 15th, 2020 at 11:21 PM ^
Good luck!
March 15th, 2020 at 11:29 PM ^
Good luck. And thank you.
I'll also be at work increasing the spread potential because my company is run by idiots.
I have a laptop and VPN. Absolutely no reason for me to be at work.
And someone is going to give me an explanation, even if they fire me for demanding one.
March 16th, 2020 at 11:29 AM ^
Man do I hear you... I spent last week in the hospital doing non-essential computer training only to be sent home on Friday. Day late and dollar short. Just so incredibly crazy. Hard to imagine the though process when people are able to work from home. It might be worth demanding an answer, but I need a job...
Thank you for everything you're doing.
March 15th, 2020 at 11:51 PM ^
What doesn't happen in Vegas will be good for the country.
March 15th, 2020 at 11:56 PM ^
Throughout the US and Canada all of our offices are closed the entire week. The following week we will consider allowing employees to entire but only in groups.
March 16th, 2020 at 12:09 AM ^
Is there an over/under on how long it lasts?
March 16th, 2020 at 12:37 AM ^
I say it peaks around May 1st, then starts to recede.
It comes back in the fall, mutated, and does way more killing then, including the young.
Just like 1918.
I am really worried about next fall's variant.
March 16th, 2020 at 12:32 AM ^
Washington state is shutting down all restaurants and bars. We are going almost full lockdown other than transportation. Guessing it’s a sign of things to come elsewhere. Then, hopefully, nothing will happen over the next two months, and we can spend our time on this board trying to explain to idiots why that’s the whole fucking point.
stay isolated out there.
And therein lies the problem. There's another similar area of public policy currently being debated -- deliberately leaving it out -- where the same logic applies: "a terrible thing is going to happen, so we have to do all of these things to prevent it."
The issue in both cases is that these statements aren't really falsifiable. If the mitigation steps are taken, we'll never know whether or not there was actually a real problem. If the mitigation steps aren't taken, we run the risk of the projections having been accurate.
So, if all goes according to plan, we'll have two months of both sides yelling "I told you so!" at the top of their lungs, and no way to know who was actually correct, and no way to learn from the situation for next time.
1. Since States like Ohio have republican governor’s and are taking pretty drastic action, maybe we can get past the, their are two sides bullshit at least a little - as with most complex public policy issues, there is a whole spectrum.
2. I think that assumes that the measures taken are successful enough both in the US and other countries that there are few if more areas with Italy like problems. That would be wonderful, but very well may not be the case.
3. Maybe a silver lining of this is that we will take a more proactive attitude towards emergency planning so that we are able yo think plans through (at the federal, state, city, company and individual level) so that we are more prepared to deal with generally foreseeable (even if not specifically foreseeable) disasters.
Welp, the house doesn't always win.
Either way, this makes sense. It sucks to have to do, but with as many thousands of people running in and out of those casinos every single day, they are akin to human petri dishes. If any of those casinos ever got associated as being responsible for part of the outbreak, they'd be crippled. Maybe even permanently.
Gov. Whitmer to sign order this morning ordering the closure of all bars and restaurants effective 3:00 PM today. They may still prepare food for carry out and delivery.