All casinos in the United States are officially shut down right now. It’s been devastating for many cities that rely on tourism and gambling revenue to operate normally. According to new reports, Atlantic City’s casino industry is losing an incredible amount of money every single day.
It’s a tough time for this city, and many others around the country. Today, we’re going to discuss exactly how much money gambling venues in New Jersey are losing. We’ll also look at some other cities that are suffering due to casino shutdowns.
Let’s get into it!
Casinos Around the Country Are Still Shut Down
Just a few months ago, the US casino market was extremely strong. Many states were experiencing huge surges in gambling revenue and many new casinos were popping up around the country. Unfortunately, every single land-based casino in the United States is now officially closed due to the spread of Covid-19.
As this virus began to spread, more states started implementing tough regulations. Unsurprisingly, this involved closing down casinos. The entire US casino industry is now essentially closed down and it’s unclear when these gaming venues will open up again.
This is extremely troublesome for some parts of the country. Nevada, for example, is known to rely heavily on its gambling industry. All casinos in the state are now closed down and tourism into Las Vegas is the lowest it’s ever been.
It’s a very unusual time. Many US casino companies are losing a huge amount of money. Some expressed hope that Macau would help to make up for this revenue loss. Unfortunately, even Macau is seeing extremely low revenue earnings right now.
New Jersey has one of the biggest casino markets in the country. The casinos in Atlantic City draw in visitors from many nearby states. New reports are now shedding light on how much money these casinos are losing right now.
Atlantic City’s Casino Industry is Losing Millions Right Now
About a decade ago, Atlantic City was on the brink of collapse. The recession had taken a major toll on this city and several of the biggest gambling venues in the city were forced to close their doors. Since that time, Atlantic City has slowly recovered and has been posting incredible revenue figures for the past few months.
The legalization of sports betting certainly helped things. New Jersey was one of the first states to allow this form of gambling. Now, both online and land-based sports gambling options are available here.
Now, things are beginning to decline here once again. The new coronavirus has led to New Jersey closing down its gambling venues. Atlantic City’s casino industry is now losing millions of dollars every single day.
No one really knew how bad things were here. New reports are beginning to reveal the extent of these new regulations. They claim that this shutdown is costing casino companies in Atlantic City more than $500 million every single month.
Clyde Barrow, a professor at the University of Texas Rio Grande Valley, commented on how things are looking to the media this week.
“We haven’t seen it play out yet, but if you look at the economic numbers that are going to start coming out in the coming weeks, this portends to be a worse economic downturn than we even saw in the great recession,” he said. “It will be the biggest blow to the casino industry that we’ve seen in a lifetime.”
Hopefully, things begin to improve before too long.
How Are Other Cities Doing With These Regulations?
A huge number of industries are being devastated right now. This includes the airline industry, which is in desperate need of government aid. Obviously, some cities are being affected more by the casino shutdown than others.
Las Vegas is probably being hit the hardest by these new regulations. This city is home to one of the largest gambling industries in the world. It relies on its tourism and gambling market and right now, these are basically non-existent.
No one knows when things will recover in Las Vegas. Some analysts believe the economy here will bounce back in a major way once these regulations are removed. Others think this entire situation will change the city forever.
Atlantic City’s casino industry isn’t the only one on the East Coast that’s hurting. Over in New York, all gambling venues are completely shut down. This state is now the epicenter of this virus outbreak and it seems unlikely that casinos here will open anytime soon.
It’s a very difficult time for the land-based gambling industry. We’re all waiting to see whether or not regulations will be extended.
Stay tuned for more Atlantic City casino news over the next few months!