Airlines, hotels and casinos, which employ millions of Americans, are turning to the U.S. government for help, but bailouts should come with conditions.
' comparable numbers at $10.2 billion of debt and $1.7 billion of equity. Several airline bankruptcies in the Great Recession wiped out airline debt, so their balance sheets appear cleaner than their growth would suggest.
To cover their higher annual debt or lease payments, the travel and lodging industries have needed to fill more seats and rooms. Sure enough, load factor for the airline industry has risen from the mid-70% range in the early 2000's to 85% recently while occupancy for US hotels has climbed from around 59% at the start of the millennium to 66% last year.
In the aftermath of Covid-19, closing all leisure facilities across the country, Wynn has appealed to the state of Massachusetts and federal government for tax relief and bailout assistance, citing its hefty 5,000-person workforce.
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