There seems to be some confusion over the casino industry in Atlantic City. On the surface, it appears these gaming establishments are earning serious profits. Taking a closer look, you begin to realize that may not necessarily be the case. How are Atlantic City casinos really doing so far in 2019?
There have been some major changes to New Jersey’s gambling industry over the past couple of years. Today, we’re going to look at exactly how much money the casinos in Atlantic City are earning in the wake of these changes. We will also discuss whether or not these casinos will thrive over the next several years.
Fans of sports betting around the US have to give thanks to New Jersey. This state was instrumental in the US Supreme Court ruling against PASPA back in May of 2018. Thanks to this, every state now has the ability to set its own laws on sports gambling.
Almost immediately after PASPA was struck down, New Jersey completely legalized both land-based and sports betting. Most of Jersey’s casinos now offer sportsbooks. Many of these casinos also operate online betting applications that are available to players throughout the state.
Legalized sports betting has proven to be massively profitable for New Jersey. Since becoming legal here, more than $2 billion has been spent on sports gambling. The 2019 Super Bowl brought in more than $320 million alone.
There’s no doubt that casinos are bringing in more money than they were before sports betting regulation. Does that mean these gambling venues are rivaling Las Vegas?
This week, the Press of Atlantic City announced that Atlantic City casinos posted revenue growths for the 11th straight month. It’s a great development for the state that many feel is the East Coast’s top gambling destination. In reality, these casinos may not be profiting as much as it’s being indicated.
Only one of the casinos in Atlantic City have posted year-on-year revenue improvements in 2019. Total casino revenue earnings in April amounts to $207.6 million. Slot earnings rose by 6.1% and table game earnings rose by 14.3%.
The Borgata Casino seems to be racking in the majority of this revenue. This company earned $53.4 million this past April, representing a 0.5% increase from the same month last year. The two new casinos now operating inside Atlantic City (the Hard Rock Atlantic City and Ocean Casino Resort) brought in $23.4 and $15.2 million, respectively.
Each of the other casinos operating inside this resort city is failing to see year-on-year revenue profits. It’s disappointing for the state’s gambling industry. Fortunately, these profit dips do not represent that Atlantic City is in danger of failing anytime soon.
Not all of the Atlantic City casinos are profiting as much as they would like. Sports betting is still a seriously popular industry here. It may not be pushing bettors to head towards local casinos as some thought it would, but it’s bringing in some valuable revenue for the state.
Online sports gambling makes up more than 80% of New Jersey’s entire gambling revenue. Unlike places like Pennsylvania, New Jersey allows these sports wagers to be made from anywhere in the state’s borders. Many New Yorkers make the quick trip into New Jersey just to place a few wagers on their phones.
This market isn’t likely to slow down anytime soon. Not long ago, New York legalized sports betting. To the annoyance of gamblers here, lawmakers in New York seem unwilling to allow online gambling. Sports betting will only be available within casinos.
Jersey remains the only state in the area that allows players to legally make sports wagers online. Until this changes, this market will continue to grow. Perhaps, in time, New Jersey’s sports betting industry really will rival Nevada’s.
Do you think Casinos in Atlantic City will thrive in the future? Will sports betting in this state keep bringing in revenue? Let us know in the comment section below!
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