Amtrak Sees Ballooning Losses as Virus Slashes Ridership by 95%
- Cost controls imposed, bookings held to 50% of available seats
- Railroad is evaluating changes to make when activity resumes
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Amtrak’s ridership has all but disappeared because of the coronavirus, dashing the company’s hopes of breaking even on an operating basis for the first time in its nearly 40-year history, the railroad’s chairman said Thursday.
Ridership is down about 95%, and the passenger railroad stands to lose more than $700 million on an adjusted operating basis, or possibly more, in the current fiscal year, Chairman Tony Coscia told reporters. The metric is Amtrak’s preferred method of evaluating operations, and excludes depreciation and other expenses.