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Atlantic City, Casino

Atlantic City’s Casino Revenue Fell by Over 80% Last Year

James MurrayBy James Murray

Atlantic City Casinos

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!

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Atlantic City, Casino

Atlantic City’s Tourism Rates Could Soon Begin to Surge

Nickolas BransonBy Nickolas Branson

Atlantic City Casinos

Atlantic City, like all other major casino destinations, is continuing to work on bringing in more tourists. It hasn’t been easy lately, yet there are some signs that things are beginning to improve. New reports claim we could see a major surge in Atlantic City’s tourism rates soon.

That’s fantastic news for the casino companies here. Many of the other non-gaming businesses that rely on tourism have reason to be excited. Today, we’ll discuss what will help Atlantic City bring in more visitors.

Here’s what we know!

New Jersey’s Sports Betting Industry is Still Thriving

New Jersey was one of the first states to formally legalize sports betting after PASPA was struck down in mid-2018. This has proven to be a fantastic decision for the state. This industry is helping to bring New Jersey an extraordinary amount of revenue each month.

Amazingly, these revenue figures seem to be increasing. The state set new sports betting handle records throughout 2020. It now seems destined to do the same in 2021. January proved to be a very successful month for the casinos in Atlantic City that operate sportsbooks.

These sportsbooks managed to bring in a total of $86.2 million in revenue that month. In total, $958.7 million was placed on sports in January. That includes both land-based and online sports wagers. The latter is proving to generate far more revenue.

New Jersey is now closing in on a historic $1 billion sports betting handle. Most analysts now feel that this state is the sports betting capital of the US. It is drawing in a huge number of sports bettors from New York who only need to cross into the New Jersey border to make bets on their favorite teams and players.

New York is currently looking into the legalization of online sports betting. This would likely result in a slight drop in New Jersey’s monthly revenue figures. It will take a lot for any state to surpass New Jersey’s industry, though.

Sports betting is helping many companies in New Jersey cope with the drop in tourism. Fortunately, it seems that a surge of new visitors to this city could be just around the corner.

Here’s Why Atlantic City’s Tourism Rates Could Soon Increase

Atlantic City is a city that relies heavily on tourism. When the casinos shut down in March of 2020, many of the businesses here immediately began to suffer. Tourism rates have been slowly increasing here over the past few months.

Land-based revenue is still far behind what it should be, though. Casinos are doing what they can to change this trend. Until the city sees a major surge of tourism, however, the revenue earned from brick-and-mortar casinos will remain low.

There are many that now believe tourism rates in Atlantic City are about to surge. Recently, Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism conducted a poll asking people if they planned to visit Atlantic City. The results are giving the companies in this city reason to celebrate.

More than 70% of those polled revealed they expected to make a trip to this city in 2021. Over 42% claim they have already made a trip here. As more restrictions are lifted, more people around the country are becoming interested in visiting this casino hub.

Jane Bokunewicz, one of the coordinators of this poll, offered some insight into what is leading to this tourism boost.

“The casinos and other dining and entertainment venues have done a good job implementing COVID-19 safety measures while also still providing the experiences visitors expect when they come to Atlantic City,” she said. “Even as restrictions are gradually lifted, and more people get a vaccine, the venues will still have to demonstrate that they are taking all necessary precautions to make visitors feel welcomed and safe.”

Will Atlantic City see 2019-level tourism rates soon? Probably not. If all goes according to plan, however, there will be a significant boost in tourism here over the next few months.

Las Vegas Casinos Prepare for Easing of Restrictions

Atlantic City isn’t the only major casino hubs with high expectations. Over in Las Vegas, casino companies are preparing for a new wave of tourism over the summer. If all goes according to plan, Governor Sisolak will once again announce a new easing back of the regulations here.

This is looking more likely every day. In mid-February, Sisolak began allowing casinos in Las Vegas to begin operating at 35% capacity. Restaurants can also now begin operating without requiring reservations.

Sisolak continues to ease back on restrictions. Much like Atlantic City, this is resulting in a major tourism boom. If infection rates continue to drop, many of the most popular entertainment options in Las Vegas will be given permission to resume, as well.

There are some exciting venues scheduled to open their doors in this city soon. That includes the Virgin Hotel-Casino. Virgin has invested a tremendous amount of money into this casino and hope its opening will help to boost tourism in las Vegas.

Resorts World Las Vegas will be opening its doors this summer. At $4.2 billion, it is the most expensive casino-resort even built in Las Vegas. There will be many interested in seeing this new venue open after years of construction.

Do you expect to see tourism rates in Atlantic City increasing soon? Let us know in the comments section below!

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Atlantic City, Casino

Hard Rock Atlantic City is Giving Out Big Employee Bonuses

Nickolas BransonBy Nickolas Branson

Hard Rock Atlantic City

Atlantic City’s casino industry has been through a lot lately. The same can be said for the thousands of individuals that work inside these venues. Fortunately, news is now breaking that Hard Rock Atlantic City plans to give out an incredible $1 million worth of bonuses to its employees.

It’s great news for the workers here. Atlantic City still has a long road to get back to normal, though. Today, we’ll discuss Hard Rock’s plans and look at how some of the other casinos in New Jersey are faring right now.

Let’s get into it!

New Jersey’s Casino Revenue is Down, Sports Betting Revenue is Up

Back in the 1980s, Atlantic City developed into one of the country’s premier gambling destinations. Major developers moved into the city and opened world-class casinos. Tourism numbers began to boom and revenue was increasing every month.

Things began to decline throughout the 90s and by the mid-2000s, this city was struggling immensely. Many of the casinos here were forced to permanently close their doors. There was a time when it seemed like Atlantic City would never recover.

Incredibly, things began to turn around in mid-2018 when the Supreme Court removed PASPA, giving New Jersey the ability to finally legalize sports betting. Many sportsbooks almost instantly began operating. This led to a surge of new tourism and valuable revenue for the casinos here.

Unfortunately, 2020 halted much of the progress the casinos have been making lately. For several months of the year, the casinos here were forced to completely shut down. When they finally did reopen, they were forced to operate at a limited capacity and with intense regulations set in place.

Casino revenue remains low here. Sports betting, however, has been on a steady rise in New Jersey. Online sports gambling has been surging particularly high lately. The state’s sports betting operations are expected to bring in a huge amount of revenue as Super Bowl LV approaches.

Hard Rock Atlantic City continues to struggle. Despite that fact, the casino plans to give its guests bonuses over the next few weeks.

Hard Rock Atlantic City Employees Are Set to Receive Bonuses

Casino workers have been under some serious stress lately. A huge number of them were laid off after the casino shutdowns in March. Many casinos are now reopened, yet continue to see low visitation rates.

The Hard Rock Hotel-Casino in Atlantic City opened its doors again over the summer. Since that time, Hard Rock has been working hard to bring in more players. It hasn’t been easy and no one seems to know when things will begin to return to normal.

This week, news broke that Hard Rock Atlantic City is set to give out $1 million worth of bonuses to its employees. More than 2,000 of the casino’s employees are set to receive one of these bonuses. It comes as a thank-you to the workers who have worked during these difficult times.

Hard Rock Chairman Jim Allen spoke about the company’s new plans to the media this week.

“We believe that this continued support of our employees, and our belief that this will continue to enhance our respect and appreciation that we’ve provided to them and that they have given back to us, will continue to grow customer service in the property, and more importantly, continue to separate us from the rest of the industry,” he said. “We know Atlantic City still has a great history behind it, and still has a better history in front of it.”

It has been confirmed that these bonuses will be reflected in the paychecks distributed this week. The specific amounts will vary depending on every worker’s position. It’s a fantastic move for Hard Rock and one that its employees can appreciate.

Officials within Hard Rock are optimistic that things will improve as the year goes on. Just about all of the other casino companies are hopeful of this, as well.

NJ Casinos Hope for a Tourism Boom by Summertime

2020 seemed to prove how vulnerable the US casino industry really is. If tourism stops, casinos are unable to bring in players. That is exactly what happened in places like Macau, Las Vegas, and Atlantic City.

Casinos are still doing everything they can to bring in more players. Boosting tourism isn’t as easy as it might sound at a time like this, though. Many major casinos are now hoping that with effective vaccine distribution, travel will begin to surge around the country.

No one seems to know what to expect. Some feel that vaccine distribution will end up allowing more to take trips. Some analysts believe most will want to travel within the US and to fun entertainment hubs such as Atlantic City.

There are some who are less optimistic, though. New variants of the virus spreading around the country cast doubt on vaccine efficacy. That could lead to additional surges around the country and more travel restrictions being set in place.

It’s a difficult time for the entire casino industry. Fortunately, there are some good things taking place with casinos in different parts of the country. Hard Rock Atlantic City is even working hard to give its employees bonuses right now.

When do you expect Atlantic City to return to normal? Let us know in the comments section below!

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Atlantic City, Casino

Entertainment Options in Atlantic City Are Still Being Offered

Nickolas BransonBy Nickolas Branson

Atlantic City Boardwalk

Atlantic City is one of the country’s premier tourism destinations. Unfortunately, there’s been a significant drop in visitors throughout the year. Casino companies here are now doing everything they can to boost tourism numbers. We’re now seeing an increase in entertainment options in Atlantic City appearing.

This city, like many others like it, finds itself in a very difficult position. There doesn’t seem to be one clear answer on how to fix this situation. Now is a great time to look at what is happening here.

Let’s check it out!

New Jersey’s Sports Betting Industry Continues to Thrive

Many credit New Jersey for being one of the states responsible for getting the Supreme Court to strike down PASPA. Almost immediately after the court’s decision, New Jersey worked to get its sports betting operations up and running. There are now many different online and land-based sportsbooks operating in the state.

This has ended up being an extremely valuable industry during 2020. The land-based casinos over in Atlantic City are having a hard time bringing in players. Online sports betting options, however, have reached a new level of popularity this year.

All of these internet sportsbooks are bringing the state much-needed revenue. Throughout the year, these sportsbooks have set record-handle earnings. This was true once again during the month of November.

That month, all of New Jersey’s sportsbooks saw $931 million in bets placed. It’s a staggering number that shows how quickly this industry is growing. During October, this state saw $803 million in sports bets. Casino revenue, unfortunately, took a major dive last month.

It may be a while before the land-based sportsbooks here get back to a level they were in 2019. Casino companies in the state are now focusing almost primarily on offering more internet sports betting options. It will be interesting to see whether or not revenue from this industry continues to increase as 2021 begins.

Some experts predict that next year will be a great one for the casinos in New Jersey. We’re beginning to see more of these casinos here increase their entertainment options.

Casinos Begin Offering More Entertainment Options in Atlantic City

Tourism figures in Atlantic City have been bleak for much of 2020. There’s no real way to fix things, as intense travel restrictions remain in place throughout the country. It could be months before we begin seeing travel become more widespread.

Under normal circumstances, there are a huge number of fantastic shows and events taking place in Atlantic City. Many were forced to be canceled back in March and have yet to resume.

Fortunately, we’re seeing a slight increase in the number of entertainment options in Atlantic City lately. In recent months, Resorts Atlantic City has started offering a wide range of new electronic roulette games and fun “slots tournaments” that take place every weekend. Hard Rock Atlantic City has started offering live music performances again.

Every casino is taking its own approach to getting back to normal. All are trying to ensure their guests can have fun in the safest possible setting. Resorts AC CEO Mark Giannantonio is hopeful that 2021 proves to be a better year for the industry.

“By next summer, hopefully there already is a vaccine, and we’ll all feel a lot better than we did before,” Giannantonio said. “But this town has always been about evolution. And as crazy as this has all been, our casinos have proven once again that we are adaptable.” 

That might be the best way to describe casino companies this year. Adaptable. Without the ability to change with the times, these properties would already have gone under. Other casino destinations are taking their own approaches to get things back to normal.

Some US Casino Destinations See Major Revenue Drops

This has been the toughest year for casino companies in history. Some parts of the country have casino industries that are faring better than others. Those with regulated online gambling options, in particular, seem to be handling this situation the best.

Things have been far from ideal over in Las Vegas. The casinos in this city have seen major drops in their revenue and visitation rates over the past few months. As a result, many have recently closed their operations during the weekdays.

In November, the casinos in Las Vegas managed to bring in just $639.8 million. The ones located on the Las Vegas Strip saw just $349.8 million in revenue. It’s one of the worst months thus far in 2020.

Massachusetts is also home to a struggling casino industry. All of the casinos here reported extremely low earnings during the month of November. In fact, MGM Springfield had its worst month since opening to the public in 2018.

It’s a tough situation for casinos around the world. Hopefully, the distribution of vaccines helps to bring major casino destinations more visitors next year. Stay tuned for updates.

Do you plan to check out any of the entertainment options in Atlantic City next year? Let us know in the comments section below!

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Atlantic City, Casino

AC Casino Revenue Plummets in November

Nickolas BransonBy Nickolas Branson

Atlantic City Casinos

Atlantic City is doing everything it can to attract new gamblers right now. It hasn’t been easy, particularly with the intense regulations set in place by New Jersey state officials. This week, reports on AC casino revenue for the month of November were released.

As many predicted, the casinos here saw a major dip in revenue. It’s an unfortunate trend that could continue for months. Today, we’ll talk about exactly how much money the casinos in Atlantic City managed to bring in last month.

Let’s get into it!

New Jersey Officials Warn Of Upcoming Shutdowns

The state of New Jersey was hit extremely hard early on in the pandemic. This was one of the first states to implement intense shutdown measures. As the summer continued, these regulations began to loosen and many businesses opened their doors again.

Infection rates have begun to skyrocket here in recent months. As a result, Governor Phil Murphy announced a new set of regulations throughout the state. It took a major toll on businesses, yet another mass shutdown like the one seen back in March was not ordered.

That could change soon. Cases have continued to climb and state officials are now warning that shutdowns could be just around the corner. Murphy has indicated that this could take place shortly after the holidays.

This will make things extremely difficult for the casinos in Atlantic City. As many are aware, these gambling venues have struggled to bring in players throughout 2020. Another major shutdown could prove to be devastating for this industry.

Unfortunately, this seems more likely than ever. Casino companies in the state are now gearing up to close their doors once again. Hope is that the state finds a way to compensate these casinos for their trouble.

Even without a full shutdown, this industry is hurting. We’re beginning to hear how much money the casinos in Atlantic City brought in during November.

November’s AC Casino Revenue Drops Once Again

Throughout 2020, Atlantic City’s casino industry has seen massive revenue drops. Things began to improve as summer progressed, yet seems to be falling apart throughout the fall months. Many felt that November would see a large drop in revenue.

These predictions ended up being correct. New reports claim that AC casino revenue for the month of November dropped by 10%. The nine casinos in this city managed to bring in $260.86 million last month, down considerably from the $288.6 million in November of 2019.

Jane Bokunewicz, a prominent gaming analyst at Stockton University, offered some insight into what led to this major revenue decline to the media.

“Land-based gaming had gained ground in September and October. But, the start of a ‘second wave’ of COVID-19, followed by N.J. Executive Order 194, which, effective Nov. 12, required indoor food and beverage options to close between 10 p.m. and 5 a.m., likely contributed to the decline in November,” she said. “A much-needed holiday bump from Thanksgiving weekend, usually a busy time for casinos, was limited this year by travel restrictions between states and stern warnings about family gatherings.”

It’s not all doom and gloom, though. To the surprise of some, New Jersey’s sports betting revenue saw another monthly handle record at $931.6 million. The state’s online sports betting industry has proven to be hugely lucrative throughout the year.

The online gambling platforms in Atlantic City have helped to bring in some much-needed revenue. Of course, things are still far from perfect here. Many now fear that December could end up being an even worse month than the previous three.

We’ll continue offering updates on AC casino revenue throughout the winter!

Harrah’s Atlantic City is Set to Reopen Poker Tables

As we already mentioned, all of the casinos in Atlantic City have been working hard to bring in players this year. It hasn’t been easy, though, as many casinos have been forced to halt offering their most popular games. That includes Harrah’s Atlantic City, which shut down its live poker games back in March.

New reports claim that Harrah’s Atlantic City is set to begin offering its poker gambling options soon! The World Series of Poker-branded room here will officially begin accepting guests again on December 26. This will make Harrah’s the second casino in Atlantic City to resume its live poker gaming options this year.

This room is expected to remain open every day from noon to 4 am. Some fear that the proposed casino shutdowns by Governor Murphy could throw a wrench in these plans, though.

Officials within Harrah’s are trying to make things as safe as possible. Poker tables will be limited to just eight players. Polycarbonate dividers will also be installed at the tables to separate players.

We’ve seen AC casino revenue plummet in recent months. Things could continue to get worse throughout early 2021. That isn’t stopping casino operators like Harrah’s from trying to bring in new players right now.

Are you surprised to see casino revenue drop again in Atlantic City? When do you expect things to turn around here? Let us know in the comments section below!

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Atlantic City, Casino

Atlantic City’s Third-Quarter Revenue Fell by 37%

James MurrayBy James Murray

Atlantic City Casinos

New Jersey’s casino industry is one of the biggest in the United States. Unfortunately, the events of 2020 have been extremely hard on the casino companies operating here. New reports have just come out that show Atlantic City’s third-quarter revenue fell by 37% this year.

It’s an astounding drop to see. Unfortunately, some believe that the year’s fourth-quarter earnings may drop even more. Today, we will take a look at which properties managed to bring in the most money.

Let’s get into it!

Governor Murphy Claims New Regulations Could Be Coming Soon

This has been a remarkably difficult year for state leaders around the country. Governors are being forced to implement measures that have a massive effect on the local economy. Trying to protect public safety while keeping the economy afloat is proving to be extremely difficult.

Unfortunately, Governor Phil Murphy has been warning that additional regulations could soon be on their way. New Jersey has been seeing a sharp increase in Covid-10 cases recently. This past Monday, an additional 4,790 cases were recorded in the state with 16 new deaths.

Murphy has already implemented several new regulations over the past few months. Many of these have targeted casinos. Earlier this month, he started ordering casino restaurants to stop offering indoor dining past a certain time.

Many now fear that the casinos in Atlantic City could be forced to completely shut down. Several different states have recently shut down their casinos. Unless New Jersey’s infection rate begins to drop, this could be coming here, as well.

More regulations will have a serious impact on the casino industry here. As many know, the casinos in this state have been hurting badly over the past nine months. No one knows how things will look in the future.

We’re now beginning to see how much money the casinos in New Jersey lost over the months of July, August, and September.

Here’s Where Atlantic City’s Third-Quarter Revenue Stands

Many analysts have been eagerly waiting to see how the casinos in New Jersey managed to fare during 2020’s third quarter. We’ve seen several other major casino destinations release their revenue reports recently. This week, New Jersey did the same!

Things are about as bleak as many predicted. The casinos in New Jersey saw a massive 37% drop in revenue during the year’s third quarter. Capacity limits and other intense regulations have contributed to this large drop in earnings.

Overall, the casinos in this state brought in just $150.5 million over the months of July, August, and September. The vast majority of casinos here saw a large drop in earnings. Only the Ocean Casino Resort, previously one of the worst-performing casinos in the state, saw a revenue increase.

Jane Bokunewicz, coordinator of a gambling and tourism institute at Stockton University and respected gaming analyst, spoke about this drop to the media this week.

“The data released today confirms what many have already suspected: The current public health crisis has both suppressed consumer demand for brick-and-mortar casino gaming and related amenities, and increased the costs of operating these services,” she said. “This is a devastating equation for casino operators and their employees.”

Hard Rock Atlantic City’s gross operating profit fell by 14.3%. Tropicana AC saw a massive 43.8% drop in revenue. It’s an extremely difficult time for all of the casinos operating in the state of New Jersey.

We’ll continue offering updates on any additional regulations placed here over the next few weeks!

Nevada Casinos Are Now Limited to Just 25% Capacity

Things aren’t much better over in Nevada. This state remains the biggest casino destination in the country. Unfortunately, casino revenue has been dropping considerably this year and is likely to drop even further over the next couple of months.

Over the weekend, Nevada Governor Steve Sisolak announced a new set of regulations on different businesses. Many of these regulations are directly targeting casinos. Under the new state rules, Nevada’s casinos can only operate at 25% capacity.

Sisolak understands the impact of these new regulations. He also understands that something needs to be done to lower infection rates in the state. It seems likely that these new rules will have an impact on tourism into the city.

The new rules put an end to all of the major entertainment shows in Las Vegas. Many of the major casino-resorts on the Las Vegas Strip were set to resume their big shows. These will now be put on hold for at least the next three weeks.

The US casino industry is being put to the test like never before. Hope is that new regulations help to lower infections around the US. Stay tuned for more news on the casino rules being set in place over the rest of the year!

Are you surprised to see where Atlantic City’s third-quarter revenue stands? When do you think things will begin to improve here? Let us know in the comments section below!

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Atlantic City, Casino

The Sale of Bally’s AC Has Officially Concluded!

James MurrayBy James Murray

Bally's Atlantic City

Back in April, news broke that Caesars Entertainment was selling Bally’s Atlantic City to Twin River Holdings. It was one of the largest acquisitions for Twin River as a company in its history. New reports claim that the sale of Bally’s AC has now officially concluded.

Twin River is now going by Bally’s name. This company has worked hard to expand around the United States over the past few years. Today, we’re going to talk about what this sale means for Atlantic City moving forward.

Let’s get into it!

Caesars Entertainment Has Undergone Some Major Changes Recently

The name Caesars is synonymous with flashy hotels and casinos. This company was founded back in 1990 and quickly took control over some of the biggest and best gambling venues in the country. Over the past decade, however, the company began seeing large revenue declines.

In 2019, news broke that Eldorado Resorts paid an astounding $17 billion to acquire Caesars Entertainment. It was the largest casino sale in history. As many expected, however, it took more than a year for this deal to go through.

In order to gain approval from state gambling commissions and the SEC, both of these companies needed to make some major changes. Much of that centered around casino sales. Commissions wanted to ensure that this merged company would not form a monopoly.

This merger has been completed and things seem to be running smoothly. Not long ago, the new Caesars purchased Willaim Hill for more than $3 billion. This was done in an effort to break into the fast-growing US sports betting industry.

Caesars has also sold many of its properties recently. To the surprise of analysts, the company allowed Twin River to take control of its Bally’s brand name. Twin River is now known as Bally’s Corporation and is focused on expansion, too.

We’re set to see some big changes with Bally’s casino in Atlantic City sometime in the near future.

The Sale of Bally’s AC Has Finally Concluded!

As we just mentioned, Caesars Entertainment has gone through several major casino sales over the last year and a half. The company announced it was selling Bally’s Atlantic City to Twin River Holdings back in April. This sale was instrumental in Caesars getting its merger approval from the New Jersey Gaming Commission.

A major casino sale like this cannot happen overnight, though. There were several hoops that both Caesars and Twin River (now known as Bally’s Corporation) needed to jump through. Fortunately, this sale has now officially concluded.

The acquisition price for this venue was $25 million. That’s a good deal when considering the venue is situated in one of the country’s biggest gambling destinations. Historically speaking, however, Bally’s Atlantic City is one of the worst-performing casinos in New Jersey.

Officials within Bally’s Corporation are confident they can turn things around. Earlier this month, the company pledged to invest more than $90 million towards renovations for this venue. The goal is to make this the best new gambling venue in the city.

George Papanier, President and Chief Executive Officer of Bally’s Corporation released a statement this week on the final sale of this venue.

“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory,” he said. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”

This is one of the biggest moves for Bally’s Corporation in years. Atlantic City has been improving massively over the years. 2020 has halted much of the progress being made, yet many analysts expect things to recover next year.

New Jersey’s Online Gambling Revenue is Holding Strong

The country’s land-based casino industry has been hurting badly this year. For months, all casinos around the US were completely shut down. Many, including some of the ones in Las Vegas, have remained closed to this day.

New Jersey started allowing its casinos to open again in July. Like casinos in other states, these venues struggled to attract players. As time went on and regulations were lifted, more people began flocking to Atlantic City.

Land-based casino revenue remains low, even with the uptick in tourism. Fortunately, New Jersey has a regulated online sports betting and casino gambling industry. These online gaming platforms are bringing the state some much-needed revenue right now.

New Jersey is proving how valuable these online gambling options can be. In October, for example, the state broke its own all-time revenue record for sports betting and online casino gambling. Many other states are now looking more into the regulation of these gambling options.

Many expect additional regulations to begin hitting the casinos in New Jersey. Earlier this month, Governor Murphy began ordering casino restaurants to close at night. He has warned that if things do not recover, the casinos here may be forced to shut down again. With the sale of Bally’s AC now finalized, everyone hopes that things are better here by the time the venue’s renovation is complete.

Are you excited to see what Bally’s Corporation does to its new casino in Atlantic City? Do you think the casinos in New Jersey will need to shut down again? Let us know in the comments section below!

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Atlantic City, Casino

Atlantic City Casino Restaurants are Ordered to Shift Hours

James MurrayBy James Murray

Atlantic City Casinos

The US casino industry continues to get hit with tough regulations. Most recently, state officials in New Jersey have begun setting new rules towards the casinos in Atlantic City. Moving forward, Atlantic City casino restaurants will need to close their indoor operations by 10 pm every night.

It’s a tough blow for these venues. Fortunately, the state isn’t requiring a complete shutdown. Today, we’re going to talk about why these new rules are being set in place.

Let’s get into it!

Sports Betting Remains Hugely Profitable for New Jersey

Many credit New Jersey with helping to revolutionize the US sports betting industry. Almost immediately after PASPA was struck down back in 2018, this state officially legalized and regulated this industry. It’s already proving to be hugely profitable for the state.

We’ve been covering the growing sports betting revenue figures in New Jersey for months. To the surprise of many, these figures have increased throughout 2020. The sportsbooks here have seen their handle hit all-time records in both August and September.

It’s fantastic news for the state. New Jersey taxes sports betting revenue at 8.5% for land-based bets, and 13% for online sports wagers. As more revenue comes in, the state earns more money via taxes. This money goes to fund various public projects.

NFL betting is helping to fuel much of this revenue increase. We’re now in week 10 of the regular season. A huge amount of money is being placed on the regular-season games every single week.

Sports betting has helped to lessen the blow that casinos are feeling this year. As many already know, casino revenue has been much lower in 2020 than it was last year. No one can accurately say when land-based casinos will begin seeing their revenue figures reach pre-pandemic levels.

This week, a new regulation was announced that could have an effect on tourism rates in Atlantic City.

Gov. Murphy Orders Atlantic City Casino Restaurants to Change Hours

New Jersey was one of the worst-affected states from the pandemic early on. For months, nearly the entire state went into lockdown in an attempt to lower infection numbers. This proved to be devastating for Atlantic City and the thousands of individuals employed here.

Finally, in July, Governor Murphy gave the green light for the casinos in this city to begin operating again. As the weeks went on, more of the gambling properties began opening their doors. Today, all of New Jersey’s casinos are operational again.

Unfortunately, New Jersey has once again begun seeing a large spike in Covid-19 cases. As a result, the Governor has been forced to implement heavier restrictions. News has just broken that, beginning on Thursday, all Atlantic City casino restaurants will need to close their indoor operations by 10 pm.

This could affect tourism rates into the city. Many complain this measure does not make sense given the relatively low infection rates in Atlantic City. The Chamber of Commerce Southern New Jersey offered a statement on this new measure to the media this week.

“The CCSNJ respects Gov. Murphy’s decision to enact additional restrictions as the state again sees COVID-19 cases rise. However, the CCSNJ is disappointed that the governor has once again taken a statewide, one-size-fits-all approach, refusing to consider the vast disparities in health metrics throughout different geographical areas of the state,” the statement said. “The health and safety of New Jersey residents should always be the first priority, but there is no harm in assessing the data and making smart health and economic decisions that do not treat every area of the state similarly when the health data supports that approach.”

Casinos may be thankful that another shutdown wasn’t ordered. For now, these venues can continue operating at limited capacity. We’ll offer more updates on the situation here over the next few weeks.

Are More Regulations Coming to Las Vegas?

In some ways, Las Vegas has been the city hardest-hit by the pandemic. So much of the economy here relies on tourism. Even today, tourism numbers are down considerably from what they were in 2019.

The casino companies operating here are certainly feeling the effects. Many have been forced to lay off thousands of employees. Some, including Encore Las Vegas, have started changing their operating hours as a way to save money.

Many fear that new regulations will soon be announced here. Infection rates have been increasing in recent weeks. State leaders will need to weigh the pros and cons of implementing health protocols.

Doing so could prove devastating for the gambling and tourism industry in Las Vegas. We’ll need to wait and see what ends up taking place in this city. Hopefully, the casinos can remain open while keeping things as safe as possible for employees and patrons.

Beginning on Thursday, all Atlantic City casino restaurants will need to stop operating indoors at 10 pm. This measure will remain in place until further notice.

Are you surprised to see more regulations set in place in New Jersey? Do you think this new rule will affect tourism here? Let us know in the comments section below!

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Atlantic City, Casino

Atlantic City Casinos Tell Governor: We Need Conventions

Brian WalkerBy Brian Walker

View of Atlantic City
A group composed of local officials, casino executives, and labor unions have asked Gov. Phil Murphy to ease restrictions on indoor gatherings so that conventions, meetings, and trade shows can resume in Atlantic City and so restaurants can accommodate more customers.

According to the group, if the current restrictions will be retained, businesses will incur significant losses, more jobs could be lost, and the economy will take longer to recover.

Said Assemblymen Vince Mazzeo and John Armato in a letter to the Governor:

“Without the convention and meeting industry, the negative economic impact to both large and small businesses, including lost wages, will be devastating to the market and residents of Atlantic City and Atlantic County,”

Added Mark Gianntonio, President and CEO of Resorts Casino Hotel:

“The casino industry has developed the most stringent health and safety protocols with the guidance of top healthcare experts. We have successfully and safely welcomed back indoor dining, and now is the time to begin to safely welcome back the convention and meeting business.”

Time of the Year For Conventions

November is traditionally the the time of year when Atlantic City is busy hosting multi-day conventions, bringing in thousands of visitors who would stay in hotels, patronize local restaurants and shops, and even finding their way to Atlantic City casinos. But because of the COVID-19 pandemic, conventions are still prohibited right now.

On a normal year, the New Jersey State League of Municipalities’ and New Jersey Education Association would be in AC holding their conventions this month. However, they have resorted to holding virtual conventions due to the pandemic. Those are just the tip of the iceberg.

Lost Economic Activity

According to an estimate from Meet AC, the sales and marketing organization of AC’s resorts, more than $182M in economic activity has been lost up to last week from cancelled conventions and meetings this year. This figure does not even include the canceled events at the casinos and the $112M that Atlantic City casinos lost during their forced closure from March to June this year.

The resorts have struggled with the 25% restriction in their properties and the total absence of conventions. Casino gaming has not returned to pre-pandemic figures mainly due to the restriction of travel and fear of contracting the COVID-19 virus. Because of this, Atlantic City casinos have been forced to cut jobs to mitigate losses. Last month, Atlantic City’s casinos reported a net decrease of 17.5% in employment versus 2019 figures.

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Atlantic City, Casino

Lucky Gambler Hits Massive Jackpot at Hard Rock Atlantic City

James MurrayBy James Murray

Casino Slot Machines, Hard Rock Atlantic City Logo

New Jersey’s casino industry is gradually improving as the months go on. Many are now heading to the casinos in Atlantic City to test their luck at the slots and table games. Today, news broke of one lucky player hitting a massive jackpot at Hard Rock Atlantic City.

This is likely one of the biggest casino jackpots hit in New Jersey this year. Today, we’ll take a look at how it was won. We’ll also talk about how Atlantic City is faring so far this year.

Let’s get into it!

Online Casino Gambling Grows More Popular Around the US

The US casino industry remains in a difficult position. Most casinos in the country are now open, yet many are seeing massive revenue losses this year. Certain states are faring better than others, though.

It’s no surprise that most are focused on the success of Nevada. This state remains the biggest gambling destination in the world. Cities like Las Vegas are now working hard to attract new players, yet tourism rates and casino revenue remains far lower this year than it was in 2019.

Some states’ casino industries are doing great, though. Colorado reopened its casinos back in May. Some that time, revenue from the industry has increased with each passing month. Sports betting revenue is surging here, too.

All land-based casinos are hurting right now. Interestingly, the popularity of online casino gambling sites has been surfing this year. It seems that many people now prefer to make their wagers from home, rather than inside a crowded casino.

There are a huge number of great internet casino platforms now available throughout the country. Several states are now pushing to regulate this industry. A few already do and are earning a huge amount of revenue each month.

Land-based casinos are doing everything they can to bring in more players. This week, one of the most popular casino-resorts in Atlantic City announced a huge jackpot winner.

New Jersey Resident Wins Huge Jackpot at Hard Rock Atlantic City

For the past few years, Atlantic City has grown to become one of the biggest and best casino destinations in the United States. The legalization of sports betting here seems to have brought new life to the city. Tourism started booming here and many casinos underwent major renovations.

There are many popular gambling venues in this city. There’s no doubt that the Hard Rock Atlantic City is one of the biggest and best. It was originally opened as the Trump Taj Mahal, but was converted to the Hard Rock brand in 2018.

This venue has been open for months and is seeing a steady increase in players. One lucky gambler from South New Jersey has just hit a massive $1.3 million jackpot while playing Texas Hold’em inside this casino. This gambler, named James, spoke about the win to the media this week.

“It is surreal to have hit a $1.3 million jackpot, especially because playing cards is a little different than laying pipe,” James said. “We plan to take care of our family, put money away for our kids and my wife deserves a nice trip.” 

This jackpot was one of several earned at the Hard Rock Atlantic City this week. These types of jackpots are likely to entice new gamblers. Hope is that other casino-resorts in the city begin seeing a surge in new players soon, as well.

Unfortunately, some analysts predict that winter will prove to be extremely difficult for the casinos here.

What to Expect in Atlantic City Over the Next Few Months

For months, health experts around the country have been warning that this winter will be one of the toughest in recent memory. Most expect to see a massive surge in Covid-19 cases. That could result in many cities and states being forced to shut down again.

Another shutdown would be devastating to casino companies. Many seem to be barely hanging on as it is. Officials in Atlantic City believe things will be tough this winter, yet don’t expect the type of shutdown seen this summer.

Las Vegas would be hit hard from another casino shutdown, as well. Casinos here are still seeing major dips in revenue and it’s unclear when things will return to normal. Several casinos here are being forced to close permanently.

Even the major casino-resorts are being impacted. Earlier this week, Wynn Resorts announced that the Encore Las Vegas would now only open for four days a week. This rule will remain in place until tourism rates increase in the city.

Now might be the perfect time to visit these gambling destinations like Las Vegas and Atlantic City. No one knows how things will look in the future. One lucky gambler just earned a huge jackpot at Hard Rock Atlantic City and you might be next!

Do you plan on gambling in Atlantic City this fall? Which casino do you plan on visiting? Let us know in the comments section below!