Atlantic City Casino Revenues Increase by 23%
The impressive 23% Atlantic City casino revenue increase has made headline in the US gambling industry. The 23% has proofed that the industry in Atlantic City has started the year on the right foot. The gambling-friendly city extended its streak of gaming revenue increase to a whopping 20 consecutive months in January. January is the seventh consecutive month where the city has hit double-digit growth.
Casino Association of New Jersey President, Steve Callender said “2020 is off to a promising start for Atlantic City. The city continues to see increased sports betting and tourism, two important economic drivers. I look forward to a year of continued progress in 2020.” Callender is also the senior vice president of Eastern regional operations for Tropicana Atlantic City’s parent company, Eldorado Resorts.
Atlantic City Gaming Revenue
There are currently nine casinos in Atlantic City. Total gaming revenue reported from all nine casinos was more than $270.5 million in December. That is nearly a $50 million increase over January 2019, according to data released by the state Division of Gaming Enforcement on Wednesday.
The city has had a few new improvements that can be thanked for the increased revenue. The two newest properties in the city, Ocean Casino Resort and Hard Rock Hotel & Casino Atlantic City, are part reason why the revenue has fluctuated. The casinos ranked third and sixth in the industry in their total revenue from tables and slots.
How the Increase was Calculated
There are a few gambling aspects that impacted Atlantic City casino revenue. Online gambling saw an increase of 64% which is more than $21 million. Sports betting revenues increased by 139.9% with a reported $23.4 million. Slot machines and table games also saw an increase in revenues. The casino games were up 8.3% industry-wide.
The increase in Atlantic City casino revenue has betting experts believing the city, could one day come head to head with the largest gambling state where earnings are concerned. With the current trajectory of gaming earnings in New Jersey, the state could eventually surpass Nevada’s rank as the nation’s highest earning gambling state.