Online Business is Booming
Recently updated on April 21st, 2020
Online businesses boom as digital come to the rescue for many services as global pandemic stops social contact. This is the case with online casinos. Pen National gaming and other casino suppliers are affected by enforced lockdown. This includes business closures and social distancing measures, like everybody else in the world. Pen National also mentions their recent business activity is because they have their internet casinos running. Gambling is one of the few businesses benefiting from people being ordered to stay in their homes. Gambling enthusiasts found the perfect alternative in gambling sites. CEO of Pen National Gaming Jay Snowden ensured investors in a recent letter of update. They were explaining to his investors that activity generated by online casinos is enough to break even. Therefore because of digital business, there won’t be any financial loss for the year.
“We expect our digital businesses to deliver meaningful revenue and profit contributions in 2021 and beyond,” said Snowden.”
The problem with the casino closures is currently the lack of cash flow, however “Snowden adds that Penn has $730 million in cash and cash equivalents on hand as of March 31 and that cost-saving actions cut the company’s monthly burn rate to $83 million”‘. Therefore cash flow is not a problem at the moment. Digital business is becoming the most significant contributors in the foreseeable future. Snowden confirms they will use this time to reimagine what it is like to run an online business during COVID-19 response
Players can access their favorite casino games online, and gambling sites are safe and secure for any transactions. Players do not have to let quarantine get them down.
In conclusion, while the lockdown has many of us in the blues. It Is better to be quarantined in the digital age than the world’s previous quarantines. And the recent online business boom is proof of that. Many people can still enjoy recreation like their favorite casinos accessed online.