May is proving to be another successful month for Atlantic City. For more than a year now, Atlantic City’s revenue has been increasing steadily. Casinos located in this city certainly have reason to celebrate.
Things are looking good for the “Las Vegas of the East Coast.” Today, we’re going to look at what has led to AC’s gaming revenue increasing so rapidly. We’ll also look into some major developments coming to this city in the coming months.
Why is Atlantic City’s Revenue Continuing to Increase?
There are many reasons. Most analysts directly attribute the legalization of sports betting for Atlantic City’s huge revenue boost. Back in May of 2018, the US Supreme Court gave the green light for individual states to set their own laws on sports gambling. New Jersey was the first state outside of Nevada to legalize and regulate this industry.
Sports betting gave Atlantic City the push it needed to attract new players. Just a decade prior, this city was in the middle of a huge decline. The Great Recession took a major toll here, and many of the city’s biggest casinos were forced to close their doors.
The legalization of sports betting and a strong US economy helped bring back this city’s revenue. Since May of last year, revenue in this small city has increased significantly every single month. As you’d probably expect, some of the country’s biggest gaming companies are now entering into this market.
Not all of Atlantic City’s are racking in the cash, though. A few casinos here are continuing to bring in significantly more money than others. The Ocean Resort, for instance, was forced to sell to new owners due to low earning figures. Even with a discrepancy in revenue earnings, everyone agrees that Atlantic City is on the rise once again.
May Proves to Be Another Successful Month for AC
There are no signs that Atlantic City’s revenue earnings are slowing down. Last month, this city brought in nearly $267 million. This represents a 22.5% increase from the same time a year earlier.
Two brand-new casinos began operating in Atlantic City last month. The addition of these new gaming venues helped to significantly increase gaming revenue in the city. Interestingly, some of the most lucrative casinos here saw their revenue earnings dip in May.
The Borgata is well-known to be the biggest earner in Atlantic City. Last month, this hotel-casino saw its earnings fall to $61.3 million, down by 7.1% from the month prior. The Tropicana had the biggest revenue fall to just $29.3 million, representing a 14.6% decrease.
Internet betting brought in a massive amount of revenue in May. Overall, internet gambling brought in more than $38 million for an overall increase of 58%. Atlantic City casinos earned just over $5.5 million from sports betting. With such a huge increase in earnings, some wonder how long the trend will continue.
Future of Atlantic City Looks Good
There are no reasons to believe Atlantic City’s revenue earnings will decrease anytime soon. Casinos here continue to bring in serious earnings. By all accounts, a number of new casinos will begin operating here over the next few years.
A number of major casinos here are even choosing to work together. Just last week, news came out that the Hard Rock, Ocean Resort, and Resorts Casino are all working together to promote the North Beach area of Atlantic City. The fact that competitors are working together for a common cause shows how much things are improving here.
There is hope that some of the lower-earning casinos in AC will begin to catch up to the big fish. The aforementioned Ocean Casinos and Resorts Casino are both struggling to pull in big revenue figures. Ideally, all of the casinos here will be on something close to an even playing field in terms of earnings.
Atlantic City is experiencing a huge boom. More companies are choosing to enter this market, and the local community is benefiting massively. If you’re a gambling fan in the New Jersey area, give this city a visit!
How long do you think Atlantic City’s revenue will increase? Should there be a limit on the number of casinos able to operate here? Let us know!