The Covid-19 pandemic has affected almost every business sector, leaving the owners shattered. However, Las Vegas casinos with coin-play slots are paving their way to success.
There is a nationwide shortage of coins brought on by multiple business closures due to Coronavirus concerns. The casinos in Las Vegas are scrambling to secure enough coins in circulations so that the coin slot machines can stay operative. Only a handful of machines are operational in Las Vegas, including El Cortez downtown.
In the country, there is an issue of currency circulation due to the increasing infection rates. Every business is encouraging virtual currency instead of currency notes or coins. If anyone is accepting cash payments, they are also asking for an exact amount so that there is no need to return the cash. As per many health experts, physical money is acting as a carrier to Covid-19 when circulating. Thus, the market is experiencing a slump in the currency circulation.
According to Adam Wiesberg, General Manager of El Cortez Casino, before the Covid-19 spread, there were around $120,000 in nickels, 50-cent pieces, quarters, and dollar coins on hand for the casino with over 100 coin-operated machines. In mid-March, when the government ordered casinos to close due to Covid-19, most of the currency was saved in the banks, while keeping $30,000 in coins, Wiesberg added.
As there is hardly any currency flow in the market, Wiesberg appreciates the $30,000 saved in coins with them. The El Cortez Casino has also removed a 5% fee to operate its coin-counting machine as well. The money was collected whenever a user used the machine that was being added to the coin recycling efforts. Considering today’s tough times, this fee has been waived off. The patrons can come to El Cortez and change out their coins for free now, and doing so has helped the casino to increase the coin’s quantity on our end, Wiesberg said.
It is not a good idea to get rid of coin-sorting machines from the casinos because the banks are issuing the coins every week due to the pandemic hit. Thus, it is best to recycle the coins from the native machines and keep its circulation effective. Undoubtedly, El Cortez has foreseen this need and kept a coin reserve with them when the pandemic hit.