Atlantic City Casinos See Rise in Revenues

Finally, after a decade of struggles to resuscitate revenue from gambling and online gambling activities, Atlantic City has finally seen the light at the end of the tunnel. For the first time in ten years, since 2006, the operating casinos in Atlantic City recorded a rise in the revenue. The records announced by New Jersey regulators state the figure of $2.6 billion accrued last year, which translates to an increase of 1.5%. Detailed analysis of the revenue figures shows that this result was achieved mostly thanks to online gambling activities such as their USA online casino (including online slots), online poker and live dealer casino play.

The downfall of Atlantic City began in 2006 with the opening of Pennsylvania casinos which was detrimental for Atlantic City as it watched all of their customers flow away in another direction. During the following years the situation grew even worse. The starting number of 12 casinos was reduced to eight, causing thousands of jobs to be lost. Today this number has declined even more with the closure of Trump’s Taj Mahal, which occurred on October 10, 2016 after 26 years of operation. The remaining seven casinos include Bally’s, Borgata, Caesars with online casino Caesars Interactive-NJ, Golden Nugget, Harrah’s, Resorts with online entity Resorts Digital and Tropicana.

According to the New Jersey Divisions Of Gaming Enforcement, which released the official revenue record on Thursday, land-based casinos generated $2.406 billion from gambling which is less by 0.3% than the overall gaming revenue in 2015. This is where online gaming comes to the rescue with a contribution of $196.7 which represents an increase of 32 percent in comparison to last year. With online gambling revenue the total number amounted to $2.602 billion. Compared to last year this figure records an increase of 1.5% in total gaming revenue which is the first time since 2006.

The numbers for each casino show that Golden Nugget and Tropicana marked the biggest increase compared to their revenue generated in 2015, while Bally’s barely made it through. Nevertheless all seven casinos recorded positive numbers.

One of the biggest boosts was recorded in the last month of 2016. The figures in December show significant increase in comparison to last year. Currently active seven casinos have earned $22 million more than in December last year which amounts to an increase of 13.6 percent. The Chairman of New Jersey Casino Control Commission, Matt Levinson believes that the factor of luck had its share in the situation. The fact that the New Year’s Eve was on Saturday definitely helped to boost December revenue of the casinos. He also expressed his satisfaction with the growing numbers and added:

“These are some strong numbers, especially with all the bad news about Atlantic City’s ‘demise. There’s a lot of good news here. We have some stronger casinos now, and internet gambling continues to increase. The hope is we’re entering a stable environment now.”