NewsTilman Fertitta
Jan 27, 2021 03:57 AM EST
While most people are worried about the present pandemic, how it will end, and what its aftermath could be, Tilman Fertitta is not. In fact, he's very optimistic about it, and deems the post-COVID era is one where everyone is just technically - economically better off.
Just like the "Roaring Twenties," he said.
In an interview with the CNBC, Tilman Fertitta revealed that he has strongly positive expectations about the economy after the COVID-19 pandemic is over. The billionaire restaurateur and casino operator has no shortage of optimism, claiming he sees consumer spending soaring and fueling the US economic recovery from the pandemic fast and hard.
"The consumer is coming back. I'm telling you, where we can do business, we are doing business," the Landry's chairman and chief executive said on "Power Lunch." "This is going to be the 'Roaring Twenties.' You can just see it," he added.
To have the post COVID-19 period equated to the Roaring 20s is no small thing. The so-called Roaring 20s was one of massive economic expansion that took place in the wake of World War I and the 1918 flu pandemic, both of which have triggered a significant economic downturn.
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It's only difficult to see what Tilman Fertitta is saying, given how many businesses are still suffering and how many people struggling with unemployment.
Needless to say, the U.S. economy has been battered by the COVID-19 crisis. Despite being an economic giant, it was not able to escape the brunt of pandemic-induced global downturn. This is even more apparent in the industries of hospitality and travel. Several companies across industries have already declared bankruptcy while millions of Americans lost their jobs.
Meanwhile, even with the existence of certain vaccines, the coronavirus pandemic rages on, making people think there is no actual end to it.
Fertitta himself admitted to needing help. He would not be rejecting any funds from the government if offered.
Fertitta who owns a total of 600 restaurants worldwide, said he would definitely welcome morel coronavirus stimulus from Washington. President Joe Biden has announced his $1.9 trillion relief plan the moment he took on the Presidential seat. The new administration even announced additional direct payments to most Americans on top of the $600 checks included in December legislation.
"We're putting all this new stimulus money out there, and who does that help? Believe it or not, it helps my casinos and me," said Fertitta.. "I live off the consumer. If Joe Biden wants to give all this stimulus, y'all go right ahead. We'll take it," he added.
Maybe Fertitta can only say this because he owns a massive corporation and a chain of restaurants. However, earlier analyses of the post COVID-19 era has already claimed small businesses are likely to be closed down soon. It was predicted that only the giant businesses can survive this pandemic ultimately, while small businesses will vanish from the game.
McKinsey says recovery for the small businesses who bore the brunt of this crisis will take time and massive transformations in how they move forward.
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