Like all other major casino destinations, Atlantic City took a major hit over the months of April, May, and June. It was the only three months that casinos here were forced to shut down since the first one opened back in 1978. This week, reports were released that show exactly how much Atlantic City’s casino revenue fell during 2020’s second quarter.
Obviously, casinos in this city saw their earnings plummet. Things have improved since that time, however, and quarter three of this year is expected to be considerably better.
Let’s take a look at how this city’s casino industry fared over the past few months.
Casinos in New Jersey Continue Working to Draw Visitors
New Jersey was one of the first states to take a major hit due to the coronavirus now spreading around the world. Infection rates began to surge here and Governor Phil Murphy eventually ordered all casinos around the state to close down. It was unclear how long this shutdown would last for.
As time went on, Atlantic City started to suffer more and more. A huge number of people in this city rely on casinos for employment. Many local businesses also rely on the tourism that casinos generate to function.
After months of back and forth, state leaders agreed to allow casinos to reopen over the Fourth of July weekend. Several of the top casino-resorts here immediately opened their doors when allowed to. Others took their time to assure things would run as smoothly as possible.
The Borgata Hotel-Casino, Atlantic City’s biggest revenue-generator, opened its doors at the end of July. All casinos in this city are now focused on boosting rates of tourism. This has become much easier said than done.
Many residents of New Jersey and nearby states are unwilling to make the trip to a casino amid the pandemic. Things are still not completely safe inside these gaming venues, even with the safety measures set in place. As a result, revenue here remains considerably lower than it was in 2019.
Things are far better now than they were over April, May, and June, though.
Looking Back Atlantic City’s Casino Revenue During This Year’s Second Quarter
It’s now safe to say that the second quarter of 2020 was the worst in history for the US land-based casino industry. In some states, casinos were shut down for all three months. Some allowed their gaming venues to open at the end of the quarter.
New Jersey is in the latter category. It wasn’t until July that casinos were allowed to reopen, meaning land-based casino revenue was non-existent during this time. This week, the New Jersey Division of Gaming Enforcement released its quarterly revenue report.
During 2020’s second quarter, Atlantic City’s casino revenue fell by an astounding 85%. Casinos here brought in a net revenue of just $121 million during this time. That’s down from the $796.8 million brought in during the same time last year.
Casino Control Commission Chairman James Plousis claims it’s impossible to even compare this year’s earnings to 2019 due to the pandemic.
“It is also noteworthy that, during this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests,” Plousis said. “That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.”
He’s certainly right about the massive effort it took to get casinos here operational again. Even today, casinos in this city are working to improve safety measures for patrons and employees. Most of these casinos are also putting special attention on their online gambling operations, too.
Online Gambling Is More Popular Now Than Ever Before in New Jersey
The world’s gambling industry is changing day-by-day. Prior to March, land-based casino revenue was surging and exciting new casino-resorts were being built around the US. Nowadays, online casinos seem to be the most popular option for most gambling fans.
More people see how convenient and easy online casinos make gambling. As of now, New Jersey is one of the few states with a regulated internet casino industry. This regulation is paying off massively, helping casinos companies to stay afloat while bringing the state valuable revenue.
Not long ago, the American Gaming Association released a report showing how much online gaming revenue has grown in 2020. In regulated markets, revenue from these online gambling options has increased by 80%. This may continue to increase, despite many land-based casinos now open around the country.
Other states are taking notice. Several lawmakers have begun presenting bills to legalize and regulate their online casino and sports betting industries. Several prominent analysts expect a surge of new online gambling regulations to begin appearing around the country.
Fortunately, Atlantic City’s casino revenue is beginning to increase with casinos now reopened. That’s great news for residents and employees in the area. Make sure to stay tuned for updates on the casino earnings here over the next few months.
Do you plan on visiting Atlantic City anytime soon? Let us know in the comments section below!