Atlantic City's Gambling Revival
Total Gaming Revenue has increased 7.3% from $217.7 million in June 2017 to $233.6 million in June 2018, according to the Division of Gaming Enforcement. Casino Win reached $207.5 million, and Internet Gaming Win reached $22.7 million, reflecting 5.1% and 12.1% increases, respectively, since last June. However, the year-to-date total revenue of $1.261 billion has decreased 2.3% since last year’s earnings of $1.291 billion. Despite the decrease, the May 2018 Supreme Court decision to overturn the 1992 federal ban on sports betting gives hope to Atlantic City casinos, seeing the decision as a vital implementation to bolster revenue. The lift of this ban noticeably helped Atlantic City increase its gambling revenue and, most successfully, brought Borgata’s winnings to approximately more than double that of its closest competitors for the month of June.
The table below gives the most recent Total Casino Win and Internet Gaming Win of casinos in Atlantic City for June 2017 and June 2018:
The application of this new wager brought in $986,831 for Borgata and $192,671 for Ocean Resort Casino, totaling nearly $1.2 million in Sports Wagering Gross Revenue over a short period of time since commencement in June. Additionally, the newly opened Hard Rock Hotel & Casino may soon offer sports betting, a service contingent on the approval of a deal with Bet365, a British online gambling firm, which could further Atlantic City’s profits.
The newly opened Hard Rock Casino
While casinos scored $2.413 billion in 2017, and more than the $2.388 billion in 2016, sports betting has the potential to substantially boost profits for casinos with projections of higher gambling activity as the industry expands.
The former Revel has reopened as the Ocean
While revenue is not as it was years ago, percentage increases each year from brick and mortar casinos and the proliferation of internet gambling has helped sustain Atlantic City’s profitability. The recent openings of the Hard Rock Hotel & Casino and Ocean Resort Casino give hope to bring in more players and increase revenue, but sports betting may give the greatest support. With casinos implementing better methods to attract new clientele, the competition increases and could potentially lead to more closings, as seen in 2014. Even though the gambling industry in Atlantic City may seem to have diminished or plateaued in the recent years, the numbers prove that the market is still profitable and generating cash flow.
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Written by Jonathan Baron, Edited by Rachel Weissman and Alexander Fleiss