Atlantic City Casinos Target $3 Billion in Gaming Revenue
Atlantic City has seen its share of ups and downs over the years. The coastal town in South Jersey banked its future fortunes on real money casino gambling in the 1980’s. Elaborate casino resorts filled the historic Boardwalk area in the coming years. Ebbs and flows in the tides and economy saw many of those initial casino properties fail. Bankruptcies shuttered some properties in hopes of brighter days.
In recent years, a new wave of investment flooded the town with new casinos and renovations. According to www.pressofatlanticcity.com, the area’s nine casino properties are now poised to eclipse $3 million in 2019 gaming revenue. This would be a significant revenue benchmark for the Atlantic City casino industry.
How Are The Atlantic City Casinos On Target For $3 Billion in Gaming Revenue?
Along with two new casino properties on the Boardwalk, a huge driving force is legal sports betting. Gaming revenue has also been expanded through online casino sites. These sites work in conjunction with the nine land-based operations.
The AC casino industry did generate more than $3 billion in revenue in 2012. At the time, there were 12 casinos open for business. The introduction of legal sports betting and online gambling has driven revenue back to $2.86 billion in 2018.
James Plousis is the chairman of New Jersey’s Casino Control Commission. He attributes this year’s continued success to teamwork within the industry. All nine properties continue to steer funds towards capital improvements. There is also a much stronger emphasis on customer service. This keeps players gambling in Atlantic City while also attracting new visitors to this gaming beach town.
Mr. Plousis was quoted as saying:
“All the casinos have upped their game in regards to entertainment and amenities. I think all of these things are paying off. We’re trending in the right direction.”
Revenue figures have increased for 16 consecutive months. This dates back to the duel openings of the Hard Rock Hotel & Casino Atlantic City and Ocean Casino Resort. Both properties opened for business in June of 2018.
Also quoted in this post is Rummy Pandit. This is the Director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University. It was noted that the $3 billion milestones was “an achievement and a feat we need to celebrate.”
The quote also went on to add:
“We’ve been positioned to surpass $3 billion in revenue for the last few months. Despite growing competition and the fact that other areas might have sports betting or online gambling, Atlantic City is becoming a destination resort.”
The state Division of Gaming Enforcement released a total gaming revenue figure of $2.46 billion through September. The revenue is derived from:
These four categories are up 15.5% compared to the same time frame last year. Online gaming was first legalized in 2013. It is just now starting to build momentum with $339 million in revenue in the first nine months. This represents a 57% increase over the first nine months of 2018. Sports betting revenue has reached $77 million through September, 2019.
• Source: Atlantic City casinos on pace for $3 billion in gaming revenue From Pressofatlanticcity.com On October 23, 2019.