New Jersey is still the largest gambling hub in the Eastern United States. The casino industry here has been improving significantly over the past few years. Reports have now confirmed that New Jersey’s casino revenue surged over the year’s first quarter.
It’s fantastic news for the casino companies operating in the state. Analysts are now predicting that gaming revenue will continue increasing as the year goes on. Now is the perfect time to talk about what has led to this state’s gambling industry improving so quickly.
Let’s get into it!
Casino Companies Continue to Invest in Atlantic City
The US is home to a huge number of major gambling hubs. Some are known to be bigger and more successful than others. Atlantic City has been a popular gambling destination for years and is now home to many world-class casino-resorts.
Gambling revenue began to steadily decline here in March of 2020. For months, all of the casinos in this city were forced to shut down. Even with the state’s regulated online gambling industry, revenue figures remained extremely low.
Casinos here were given permission to reopen in June of last year. The companies operating casinos here have been working to bring in visitors ever since. Some are choosing to undergo major renovations as a way to attract more players.
That includes the Ocean Casino-Resort. The owners of this property recently announced they will soon pay $15 million for a major renovation. The casino floor and several outdoor amenities will be improved significantly over the next few months.
Caesars is also investing an astounding $400 million into its casinos by the time 2023 comes around. This massive gaming operator clearly feels that this city will recover in a big way over the next few years. This news ended up raising Caesars’ stock price.
2021 is already proving to be an extremely successful year for the gambling industry here. We’re now beginning to hear about how much money the casinos here have already brought in.
Here’s a Look at New Jersey’s Casino Revenue in 2021’s Q1
2020 proved to be the worst year for the country’s gambling industry in history. We’ve never seen casinos across the nation forced to shut down for months at a time. It was an unprecedented situation and had a serious impact on the industry that will be felt for years.
Things are beginning to bounce back in a big way. Casino companies are finally starting to report impressive revenue figures on a monthly basis. It’s an exciting time for the gambling operators in the city of Atlantic City.
Reports on New Jersey’s casino revenue are now being released. The casinos in this state managed to bring in an incredible $993.7 million over the first three months of the year. This marks the best quarter for the state’s gambling industry in history.
Bill Miller, President and CEO of the American Gaming Association, spoke about this new development to the media this week.
“Today’s report shows gaming’s comeback is ahead of schedule,” Miller said. “Throughout the COVID-19 pandemic, our industry has faced numerous challenges head-on while still reopening responsibly and providing a safe, exciting environment for customers. The gaming industry is generating these impressive results with one hand tied behind our back as capacity and amenity restrictions remain across the country.”
All of the casinos in this city have been reporting major increases in their visitation rates. Online gambling also seems to be surging throughout the state.
If all goes according to plan, the year’s second quarter will be even more successful for the state. Stay tuned for updates on the revenue situation here!
Tourism Rates are Beginning to Surge in Las Vegas
The city of Las Vegas was impacted more than any other city by the events that unfolded in 2020. The pandemic showed how vulnerable much of this city’s economy really is. The tourism industry was shut down for much of the year and is just finally beginning to recover.
It now appears that this summer will be one for the ages in Las Vegas. A huge number of people have been stuck at home for the past year. Many are looking forward to taking part in the festivities Las Vegas is beginning to offer.
Many are also looking forward to the opening of Resorts World Las Vegas. This gambling cost $4.2 billion to construct. That makes it the most expensive casino-resort ever built in the city. It’s officially slated to open its doors on June 24.
Tourism numbers are already increasing in this city. Hotel-casinos across Las Vegas are already reporting a massive surge of visitors. When nightclubs and more amenities begin opening around the city, tourism rates will continue to increase.
There are some big changes coming to Las Vegas over the next few months. Many of the biggest casino-resorts in this city are already operating at 100% capacity. We’ll be sure to report on the revenue figures here throughout the rest of the year.
Are you surprised to see where New Jersey’s casino revenue stands right now? Let us know in the comments section below!