Summary: Despite two new casinos now operating in the market, Atlantic City continues to thrive, with no signs of cannibalization or saturation.
For some time now, Atlantic City has seen tremendous growth. Just a few years ago, the area had been subject to casinos shutting down and other venues threatened by continually low revenue numbers. However, over the past two years, the region has seen an increase in the industry, as casinos begin to thrive. Just a few months ago, two new casinos opened up in the area, which caused many to worry if the market would become cannibalized or saturated. Surprisingly, with two more casinos on the market, Atlantic City continues to thrive, with growth showing no signs of stopping.
Last month was one of the best in the state when it comes to the casino industry of Atlantic City. Total gaming revenue reached close to $300 million for the second month running. In most every aspect of the industry, year-over-year growth was seen.
Land based casinos were up by just over 20% while online gaming was up 16.6%. Total gaming revenues were up by 1%. The overall growth was due to several factors including online gaming revenues continuing to soar, the two new land-based casinos launching and the launch of sports betting in brick and mortar venues as well as online.
Both the Ocean Resort Casino and the Hard Rock Atlantic City venues opened in June and have quickly been busy with traffic as players get to know what the two properties have to offer. In August, both casinos generated over $50 million. This helped to push land-based casino revenues up by just over 20%. The two venues were able to generate new revenue which helps to see even more earnings for the state. Instead of grabbing a market share, the two venues have created new earnings.
Of the two, the Hard Rock has pushed forward as a real contender in the market. The brand appears to be a competitor and should rise quickly within the ranks of gaming operators in the state. The venue has earned over $30 million in July and August and should continue to show growth as the year comes to an end.
As 2018 comes to an end, New Jersey continues to reach new milestones. There are currently nine casinos in operation in the state, with players having access to land-based gaming, online casino and poker gaming, and sports betting in land-based and online formats.
The casinos are showing no signs of slowing down when it comes to revenue earnings. The properties continue to earn millions in revenues each month, surpassing the $20 million-mark time and time again. If the state continues to keep up this pace, they could very well reach even more milestones by the end of the year.
If the state continues to do as well as they are currently, they may surpass Nevada as the top gaming state in the US. So far, New Jersey continues to be the top state when it comes to online gaming, offering more than Nevada as they provide only online poker.
New Jersey should be able to remain supreme for quite some time. The state does not have any stiff competition as of yet, though Pennsylvania may give them a run for their money when they launch.