4/1/2022»»Friday
Casino Revenue Atlantic City
4/1/2022
ATLANTIC CITY, N.J. (AP) - In a story Jan. 12 about Atlantic City casino revenue, The Associated Press misspelled the name of the general manager of the Golden Nugget casino. His name is Tom. And Ocean's sports book did the best of any land-based Atlantic City casino in August, with $1.2 million in sports betting revenue. The Borgata said it won $219 million in land-based gambling. For the year, though, Atlantic City's casinos won $3.3 billion, which is down 6.9 percent from 2010. It marked the fifth year in a row that Atlantic City casino revenue has declined, hurt. What the $3 billion in 2019 casino revenue means for Atlantic City Based on legislation passed in the State of New Jersey in 2015, Atlantic City will receive a total payment of $152 million in lieu of taxes from the nine casinos for the 2020 budget. This amounts to $20 million more than the most recent casino tax payment.
Atlantic City is doing everything it can to attract new gamblers right now. It hasn’t been easy, particularly with the intense regulations set in place by New Jersey state officials. This week, reports on AC casino revenue for the month of November were released.
As many predicted, the casinos here saw a major dip in revenue. It’s an unfortunate trend that could continue for months. Today, we’ll talk about exactly how much money the casinos in Atlantic City managed to bring in last month.
Let’s get into it!
New Jersey Officials Warn Of Upcoming Shutdowns
The state of New Jersey was hit extremely hard early on in the pandemic. This was one of the first states to implement intense shutdown measures. As the summer continued, these regulations began to loosen and many businesses opened their doors again.
Infection rates have begun to skyrocket here in recent months. As a result, Governor Phil Murphy announced a new set of regulations throughout the state. It took a major toll on businesses, yet another mass shutdown like the one seen back in March was not ordered.
That could change soon. Cases have continued to climb and state officials are now warning that shutdowns could be just around the corner. Murphy has indicated that this could take place shortly after the holidays.
This will make things extremely difficult for the casinos in Atlantic City. As many are aware, these gambling venues have struggled to bring in players throughout 2020. Another major shutdown could prove to be devastating for this industry.
Unfortunately, this seems more likely than ever. Casino companies in the state are now gearing up to close their doors once again. Hope is that the state finds a way to compensate these casinos for their trouble.
Even without a full shutdown, this industry is hurting. We’re beginning to hear how much money the casinos in Atlantic City brought in during November.
November’s AC Casino Revenue Drops Once Again
Throughout 2020, Atlantic City’s casino industry has seen massive revenue drops. Things began to improve as summer progressed, yet seems to be falling apart throughout the fall months. Many felt that November would see a large drop in revenue.
These predictions ended up being correct. New reports claim that AC casino revenue for the month of November dropped by 10%. The nine casinos in this city managed to bring in $260.86 million last month, down considerably from the $288.6 million in November of 2019.
Jane Bokunewicz, a prominent gaming analyst at Stockton University, offered some insight into what led to this major revenue decline to the media.
“Land-based gaming had gained ground in September and October. But, the start of a ‘second wave’ of COVID-19, followed by N.J. Executive Order 194, which, effective Nov. 12, required indoor food and beverage options to close between 10 p.m. and 5 a.m., likely contributed to the decline in November,” she said. “A much-needed holiday bump from Thanksgiving weekend, usually a busy time for casinos, was limited this year by travel restrictions between states and stern warnings about family gatherings.”
It’s not all doom and gloom, though. To the surprise of some, New Jersey’s sports betting revenue saw another monthly handle record at $931.6 million. The state’s online sports betting industry has proven to be hugely lucrative throughout the year.
The online gambling platforms in Atlantic City have helped to bring in some much-needed revenue. Of course, things are still far from perfect here. Many now fear that December could end up being an even worse month than the previous three.
We’ll continue offering updates on AC casino revenue throughout the winter!
Harrah’s Atlantic City is Set to Reopen Poker Tables
As we already mentioned, all of the casinos in Atlantic City have been working hard to bring in players this year. It hasn’t been easy, though, as many casinos have been forced to halt offering their most popular games. That includes Harrah’s Atlantic City, which shut down its live poker games back in March.
Atlantic City Movie
New reports claim that Harrah’s Atlantic City is set to begin offering its poker gambling options soon! The World Series of Poker-branded room here will officially begin accepting guests again on December 26. This will make Harrah’s the second casino in Atlantic City to resume its live poker gaming options this year.
This room is expected to remain open every day from noon to 4 am. Some fear that the proposed casino shutdowns by Governor Murphy could throw a wrench in these plans, though.
Officials within Harrah’s are trying to make things as safe as possible. Poker tables will be limited to just eight players. Polycarbonate dividers will also be installed at the tables to separate players.
We’ve seen AC casino revenue plummet in recent months. Things could continue to get worse throughout early 2021. That isn’t stopping casino operators like Harrah’s from trying to bring in new players right now.
Atlantic City Casino Revenue June 2019
Are you surprised to see casino revenue drop again in Atlantic City? When do you expect things to turn around here? Let us know in the comments section below!