The state of Arkansas is home to just three casinos. Over the past few months, these properties have seen their gambling earnings drop dramatically. Fortunately, it appears that gaming revenue in Arkansas is finally starting to increase.
Like all other states, Arkansas has a casino industry that is struggling. It will likely be years before things go back to pre-pandemic levels. Today, we’re going to take a look at exactly how much money the state’s different gambling platforms managed to bring in.
Let’s get into it!
Arkansas’ Casino Industry Was Given Permission to Reopen in May
It’s been a very unusual year for the US land-based casino industry. Each state has set its own regulations towards casino properties. Over in Arkansas, these regulations were fairly strict and all casinos were closed here for months.
Lawmakers in Arkansas ordered casinos to shut their doors back in March. The three gambling venues here immediately ceased all operations and even state officials were unaware of when these properties would open again. It wasn’t until mid-May that permission was given for casinos here to open back up.
Obviously, these regulations crippled the state’s gambling industry. That includes the new sports betting market here. As many are aware, Arkansas passed a law to allow sports betting back in July of 2019.
Unfortunately, online sports betting is not allowed in Arkansas. Most states with legal sports betting options offer internet wagering platforms. This has helped these states to bring in some valuable revenue over the past few months.
Over in Arkansas, only in-person sports betting is regulated by the state. Many now feel it’s time for the state to change these regulations. It would almost certainly result in a major revenue increase each month.
Casinos have been open here months. Things aren’t great, yet they finally seem to be improving.
Analysts Predict that Gaming Revenue in Arkansas Will Continue to Increase
Almost every state around the country has seen its casino revenue decrease this year. In some states, this has proven to be devastating. Arkansas isn’t known as a major gambling destination, yet it’s still lost an estimated $1.4 billion in gambling revenue in 2020.
The casino companies here are feeling the effects of this drop. Revenue has remained low since July and no one seems to know if things will ever return to normal. Analysts are now looking at the figures over the past two months and reports show that the state is beginning to see an upward trend.
Most of the casinos in Arkansas are still only operating about half of their gambling machines. Interestingly, revenue from these casinos has increased each month since reopening. The amount of money earned at the Hot Springs Casino, for example, increased to $104 million in June and $120 million in July.
Oaklawn Racing Casino Resort is seeing a modest increase, too. General Manager Wayne Smith expressed his excitement with this development to the media this week.
“We are pleased with where our business volumes are today given we are in the middle of a pandemic,” he said. “We are proud to maintain the highest standards of cleanliness and believe we are one of the safest businesses to visit.”
Southland Casino Racing is seeing the biggest monthly increase. This property earned $92 million in mid-May, $200 million in June, and $242 million in July. It’s clear that gaming revenue in Arkansas is increasing and most analysts predict this will continue for the rest of 2020.
New Jersey Sets New Sports Betting Revenue Record
Nearly all states are now allowing their casino industries to reopen. Some are finding more success than others. It’s now clear that the states with regulated online gambling options are profiting the most.
New Jersey took its time getting its casino industry back on track. It wasn’t until July that gambling venues here were allowed to begin operating again. Tourism rates were slow to increase here and land-based casino revenue remained fairly low.
Sports betting revenue, however, has been surging in this state. Here, online sports betting is regulated and hugely popular. News has just surfaced that New Jersey earned $668 million from its sports gambling industry in the month of August.
That’s the most sports betting revenue ever earned from a US state during a single month. Casino companies here are profiting massively from this surge. More states without a regulated online sports betting industry are now taking a closer look at their regulations.
That includes Arkansas. It’s now clear that gaming revenue in Arkansas is increasing each month. The introduction of online sports gambling will help the state to make up for much of the money that was lost throughout 2020.
Are you surprised to see casino earnings finally increase? Let us know in the comments section below!