Casino Revenue Atlantic City
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.
Casino Revenue Atlantic City
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.
With Atlantic City’s casinos shuttered and silent due to the coronavirus, the New Jersey Division of Gaming Enforcement said Friday that the casinos and two racetracks elsewhere in the state. These cases involved employees working for a casino hotel. The gaming regulators of the state were made aware of these cases. An additional 79 individuals tested positive and work within the bars and restaurants of the city. The Hard Rock Hotel & Casino Atlantic City and Harrah’s Resort had the most cases with 34 and 36 respectively.
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.
Casino Tax Revenue Atlantic City
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.
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.
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!
July marked the first month that casinos in Atlantic City reopened. Many had questions as to how much money these gambling venues would earn once they began accepting guests again. This week, reports on casino revenue in Atlantic City for the month of July finally surfaced.
It should come as no surprise that revenue here dropped. Today, we’re going to look at exactly how much money these properties managed to bring in. We’ll also talk about how revenue figures here may change as time goes on.
Let’s get into it!
New Jersey’s Casino Industry is Now Up and Running Again
There’s no doubt that New Jersey has the biggest casino industry on the East Coast. Atlantic City has recovered since the economic recession in 2008 and is now home to some of the country’s best casino-resorts. Back in March, however, all of the casinos here were forced to shut down.
This proved to be devastating to the local economy. A huge number of residents in this city rely on casinos in one way or another. The casino companies here also began to suffer and many feared they would be forced to permanently shut down.
That didn’t prove to be the case. Governor Phil Murphy eventually gave these casinos permission to reopen over the Fourth of July weekend. The Borgata Hotel-Casino began operating again in late July, making it the final gambling venue in the city to open back up.
Intense safety measures are set inside all of these properties. Masks are required on the casino floor. Eating, drinking, and smoking are all prohibited. It seemed likely that visitation would drop with so many safety new rules set in place.
Casino revenue has been dropping around the country. That was particularly true over March, April, and May, when most casinos were closed. This week, we learned how much money Atlantic City’s casinos managed to bring in during the month of July.
Here’s where things stand.
Reports on Casino Revenue in Atlantic City Are Out!
Many had questions about how much money casinos in Atlantic City would make in July. Some had concerns that tourism rates would remain extremely low. Everyone knew that the casinos here would experience a dip in revenue earnings.
According to the New Jersey Division of Gaming Enforcement, casino revenue in Atlantic City dropped by 23% when compared to the same month in 2019. The casinos here managed to bring in just under $248.7 million last month. It’s a significant decline from the $323.3 million made a year ago.
This is not very surprising. As we already mentioned, the Borgata Hotel-Casino was only operational for nine days last month. The regulations we mentioned have also led to a significant drop in tourism, which negatively impacts revenue.
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute for Gaming, Hospitality and Tourism at Stockton University, believes the figures represent a win for New Jersey’s casino industry.
“Even with public health precautions in place, there was great concern that patrons would not yet feel safe visiting the casinos in person, and there would be an extended ‘COVID drag’ on the industry,” Bokunewicz said. “Although total casino win for July was down, [the revenue report] shows that a significant number of gamblers were willing to play in person.”
Casino revenue figures likely won’t return to normal for at least a year. As time goes on, casino companies will likely focus more on their online gambling operations. More states are also beginning to take a closer look at the legalization of sports betting.
More States Are Looking into Sports Betting Legislation
Back in mid-2018, the Supreme Court struck down PASPA. This immediately gave every state in the country the ability to legalize sports gambling. It’s been more than two years, and 24 different states have legalized this form of gambling.
This is proving to be a hugely successful industry. Despite many sports being shut down for months, sports betting has been growing more popular. It’s been an important source of revenue for many casino companies.
State leaders recognize the revenue potential from this industry. For a time, it seemed highly likely that Massachusetts would legalize this form of gambling this year. To the surprise of many, the Massachusetts State Senate rejected the bills to legalize this form of gambling.
The same can be said for California. Gambling proponents have presented several bills to allow sports betting here. Unfortunately, state officials failed to come to a deal with Native American tribes on how to offer sports betting options. It now appears the state’s sports gambling plans will be delayed at least a year.
These delays won’t last forever. Most feel that sports betting will become legal in almost every state within the next few years.
Are you surprised to see casino revenue in Atlantic City drop by so much? When do you expect these figures to return to normal? Let us know in the comments section below.