The US casino industry is still in a precarious position. Fortunately, things appear to be improving in most parts of the country. We are continuing to hear more about how devastating the events of last year were for this industry, though. New reports have surfaced that shed light on how much Atlantic City’s casino revenue fell in 2020.
Today, we’ll discuss the revenue figures here. We’ll also talk about how Atlantic City is faring through 2021.
Let’s get into it!
Tourism Numbers are Increasing in Major Casino Hubs
A huge number of US industries have taken massive revenue hits over the past year. Essentially any business that relies on tourism has been suffering. The casino industry, in particular, saw massive revenue declines over the past year.
There have been many reports on these fluctuating revenue figures. Cities such as Las Vegas and Atlantic City were simply unprepared to see their tourism industries come to a screeching halt. To make things worse, no one knew when things would begin to recover.
It’s now clear that this industry is beginning to recover. There has been a major surge of tourism into Las Vegas over the past couple of months. Interestingly, the city is seeing a huge increase of visitors over the age of 50 lately.
Atlantic City is seeing its tourism industry bounce back in a major way, too. The casinos here have been adjusting their hours as a result of this new surge. The entertainment options are increasing and new travel deals are appearing.
It will likely take years for Atlantic City to completely recover. There is a lot happening in this city that will help to speed up this recovery. Several major companies are now choosing to invest in the casino industry here with hopes of seeing a major revenue surge over the next few months.
As the months go on, we’re starting to hear more about the effects that 2020 had on different casino hubs. Here’s a look at how much revenue Atlantic City lost last year.
Here’s How Much Atlantic City’s Casino Revenue Dropped in 2020
Between March and July, the casino industry in Atlantic City was completely shut down. Governor Phil Murphy did not allow any land-based gaming venues to open their doors. Doing so would have likely resulted in a spike in infections.
Officials in Atlantic City immediately began complaining about the regulations set in place. Tens of thousands of individuals were left without work due to the casino shutdowns. Many businesses were forced to shut their doors, too.
New reports have just surfaced that show Atlantic City’s casino revenue dropped by an astounding 80% over the course of 2020. Overall, the casinos here reported $117.5 million in gross operating profits last year. That is down considerably from the $594 million earned the year prior.
James Plousis, chair of the New Jersey Casino Control Commission, spoke about this situation to the media this week.
“Atlantic City and its casinos endured their most challenging year in history,” he said. “Yet, through responsible management, the casinos proved that in-person gaming could happen safely. As tourists return to the shore, they can have every confidence Atlantic City is safe for the summer.”
Plousis is correct in his assertion that Atlantic City is poised for a comeback. As we mentioned earlier, gaming revenue here is gradually increasing throughout the year. As vaccine distribution increases, tourism will surge and the economic situation here will improve. Stay tuned for updates!
2021 is Shaping Up to be Huge for the US Sports Betting Industry
The casino industry may take years to completely recover. Things are beginning to recover in a big way, yet no one can accurately say when this will be completely recovered. The sports betting industry, however, continues to surge.
The US Supreme Court struck down PASPA back in May of 2018. This decision gave every state in the country the ability to legalize sports betting. More than half the country has already chosen to do so.
It seems as if 2021 will be the most successful year for the sports gambling industry to date. All professional sports are up and running again and fans are beginning to be allowed back inside arenas. There are likely to be millions of Americans that choose to bet on sports for the first time this year.
February ended up being a poor month for this industry. Winning Super Bowl bets led to revenue declines for many states. March is expected to be a fantastic year for this industry and many expect states to set new records.
Atlantic City’s casino revenue is beginning to increase. The sports betting industry set in place here will help to make up for some of the losses. It is finally looking like the gambling industry is ready to recover.
Are you surprised to see how much casino revenue dropped in Atlantic City last year? Let us know in the comments section below!