New Jersey finally gave its casinos the green light to reopen over Fourth of July weekend. Prior to this move, casino companies in the state were relying entirely on their online gambling operations for money. According to new reports, gambling revenue in NJ earned in June was down almost 66%.
Some feel this is actually a success for the state. Other parts of the country saw their gambling revenue drop to almost zero while casinos were shut down. Today, we’re going to look at how much money the casinos here managed to bring in last month.
Let’s get into it!
State Leaders Continue Looking at Ways to Improve Atlantic City
The state of the land-based casino industry is changing every single week. Most states have chosen to reopen their casinos, albeit with major restrictions set in place. Some have rolled back their plans and have forced casinos to shut down once again.
Lawmakers in New Jersey wanted to take their time reopening the state’s gambling industry. It was devastating for Atlantic City’s economy. As most know, this city relies almost entirely on tourism and gambling revenue.
Governor Murphy began allowing casinos to open back up over Fourth of July weekend. According to reports, a large number of visitors flocked to the city to take part in the festivities. Many of these guests were surprised to see that eating, drinking, and smoking are now prohibited inside casinos.
Since opening weekend, tourism in this city seems to be dropping. Cases of Covid-19 are increasing around the country and many fear that a new wave could eventually hit New Jersey. State leaders are still doing everything they can to promote tourism while protecting public safety.
Balancing these two things isn’t easy. Casinos here continue to offer new deals, yet some may soon be forced to implement new, intense safety measures. We’re just starting to see how much money the casino companies in this state managed to bring in last month.
June’s Gambling Revenue in NJ Dropped by 65.6%
Everyone knew that June would be a tough month for New Jersey’s gambling industry. Casinos were shut down for the entire month. The only money being earned here was from these casino’s online gambling operations.
Many were curious to see exactly much money the gambling industry here earned in June. We now have an answer. According to new reports, June’s gambling revenue in NJ dropped by an incredible 65.6%.
It was a significant drop when compared to 2020. The nine casinos and two horse racing tracks managed to bring in $97.5 million in June. That’s nearly identical to the drop in revenue experienced this May.
Of course, the online gambling operations here have been earning significantly more money than they did in the past. Regulated online sportsbooks here brought in $12.6 million in June. In June of 2020, these sportsbooks earned just $9.7 million.
James Plousis, chairman of the New Jersey Casino Control Commission, spoke about the revenue figures to the media this week.
“June was the last full month of casino closures, and the figures reflect the historic business disruption across the region and beyond,” Plousis said. “Now that casinos have begun welcoming back visitors with appropriate limits, Atlantic City has started on the road to recovery.”
Fortunately, July is guaranteed to be a better month. Even with casinos operating at 25% capacity, revenue figures will be up. Stay tuned for updates!
How Are Things Looking in Las Vegas?
Las Vegas opened up earlier than many initially predicted. For a time, Governor Sisolak was hesitant to allow casinos to reopen. Eventually, however, he recognized that it was a necessity for Las Vegas to survive.
Casinos began to open here on June 4th. Today, nearly all of the casinos on the Las Vegas Strip are now accepting guests. Cases of Covid-19 have begun to increase in Clark County and many of the casinos are now increasing their safety measures.
Earlier this week, Wynn Resorts and Las Vegas Sands announced they are no longer allowing smoking at table games. Some still criticize the fact that smoking is allowed in these casinos at all. In time, casino companies may have no other choice than to set a blanket bet on smoking indoors.
It’s still not entirely clear how much revenue the casinos here are earning. Tourism rates here are fluctuating. Much like Atlantic City, fewer visitors seem to be traveling here due to the recent spike in coronavirus cases around the country.
It’s an incredibly difficult time for the US land-based gambling industry. More and more states are now turning to online gambling for revenue. It’s likely that more states will look at regulating this industry as time goes on.
Are you surprised to see gambling revenue in NJ drop by so much? How much money will the casinos here earn in July? Let us know in the comments section below!