The past couple of years have been very interesting for the casino operators in New Jersey. The growth of online gambling now seems to be taking a toll on the casinos in Atlantic City. Some even feel this could eventually lead to many of the casinos here permanently closing down.
Officials in New Jersey are working to protect the state’s land-based casino industry. Now is a great time to talk about how these properties might fare in 2022.
Let’s get into it!
Online Gambling is Taking a Toll on the Casinos in Atlantic City
New Jersey has been one of the country’s major gambling hubs for decades. Atlantic City is home to many popular casinos. These gambling venues helped to draw in tourism from throughout the east coast and generated major tax revenue for New Jersey.
Some of the casino owners here have recently complained about the high tax rates set on their properties. An amendment to the PILOT bill was eventually introduced as a way to lower these tax rates. This amendment was approved last week in an attempt to protect the casinos here from possible closures.
New Jersey’s casino industry continues to face challenges. Many analysts are pointing toward the growing popularity of online gambling in the state. This form of gambling seems to be taking away from the revenue earned inside land-based properties.
Both online casino gambling and online sports betting are legal and regulated in New Jersey. Due to the Covid-19 pandemic, more residents in the state are choosing to gamble online, rather than inside a land-based property. It’s becoming a bigger problem for the casinos here and officials continue working to fix this issue.
It is an unusual time for the entire US gambling industry. Let’s take a quick look at how states in the northeastern area of the country are changing their gambling regulations.
Competition in the Northeastern Gambling Industry is Increasing
For years, Atlantic City was the only real gambling destination in the northeastern US. This small city is still home to a large number of popular casinos. Several other states in this region have expanded their gaming industries in recent years and competition is quickly growing.
Pennsylvania is now home to a massive gambling industry. A variety of popular tribal and commercial casinos are currently operating here. Sports betting is allowed in this state, too. Pennsylvania is also one of the few states to allow both online casinos and internet sportsbooks to operate.
New York once had some of the strictest gambling regulations in the country. Things have changed and both casinos and sports betting are now allowed here. Many are pushing hard to see a Class III casino opened in New York City in the near future.
Smaller states in this region including Maryland and Connecticut are expanding their gambling industries, as well. State leaders across the region are recognizing how much revenue can be earned. More gambling options are appearing in these states every month.
There is no doubt that Las Vegas remains the country’s biggest and most profitable gambling hub. Here’s a quick look at how this city might fare over 2022.
Analysts Expect Another Great Year for Las Vegas Casinos
Las Vegas has been on a roller coaster ride over the last few years. Throughout 2020, it appeared that the city’s casino industry was on the brink of collapse. Things completely turned around in 2021 and the casinos here set new monthly revenue records on several occasions.
Most analysts are expecting another solid year for this city’s casino industry in 2022. Casinos here continue working to provide a pre-pandemic experience for their patrons. That includes removing many of the intense regulations set in place in 2020.
Much of this depends on how the pandemic unfolds next year. New variants continue to surface, causing cases to rise and more health restrictions to be set in place. Even the best experts cannot predict how the pandemic will unfold next year.
2021 proved that Las Vegas can thrive even during these uncertain times. Just about everyone expects 2022 to be an even better year for the city’s gambling industry. Stay tuned for revenue reports to surface here as the months go on!
How do you think the casinos in Atlantic City will fare next year? Does online gambling threaten the properties here? Let us know in the comments section below!