Atlantic City Casino Revenue January 2019
Posted By admin On 06/04/22ATLANTIC CITY, N.J., Feb. 14, 2019 /PRNewswire/ - BonusSeeker reports online casino gaming revenue was up over 16 percent in January compared to the prior month, according to figures released. The nine casinos in the city reported a total gaming revenue of $270.5 million or more in January of 2020, which indicates an increment of $50 million. This translates to a 22.6 percent jump over the revenue accrued in January 2019 as per data by the New Jersey Division of Gaming Enforcement.
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- The revenue total for 2019 marks the first time that casinos in Atlantic City have won over $3b from gamblers since 2012. By 2014, the region was plagued with problems as four casinos shut down and thousands of jobs were lost. Another casino closed by 2016, leaving only seven in operation.
- Much of the rise was due to a 62% increase in revenue from online casino gaming, and a first full year of sports betting revenue of $299 million. But importantly, traditional brick-and-mortar casino revenues were up 7%, to $2.7 billion.
- Two reopened casinos and half a year of sports betting helped push Atlantic City's casino revenue up 7.5 percent in 2018 to nearly $2.86 billion, state gambling regulators said Monday.
ATLANTIC CITY, N.J. (AP) — Two reopened casinos and half a year of sports betting helped push Atlantic City’s casino revenue up 7.5 percent in 2018 to nearly $2.86 billion, state gambling regulators said Monday.
But the news was bad for most of the casinos that existed before the Hard Rock and Ocean Resort casinos opened in June. Of those seven casinos, six won less in 2018 than they had in 2017, the latest of several recent indications that concerns about whether Atlantic City was re-expanding its market to an unsustainable size were valid.
Sports betting saw the casinos and two racetracks take in $1.24 billion since the first wagers were taken in June. For the less than six months that sports betting was legal last year, it generated just over $94 million in revenue for casinos and tracks. The state got $10.4 million in sports betting taxes.
Ocean Resort is the former Revel, which closed in 2014; Hard Rock is the former Trump Taj Mahal, which closed two years later. Both reopened the same day last year, June 27.
After a brutal stretch that saw five casinos shut down between 2014 and 2016, Atlantic City had been doing reasonably well as a slimmed-down market with less competition and a boost from internet gambling. Increased competition from casinos in neighboring states including Pennsylvania and New York cannibalized Atlantic City’s casino revenue, helping lead to the shut downs.
When plans were announced for Hard Rock and Ocean Resort to open, elation about the restored jobs, tax revenue and additional weekend hotel rooms was tempered by concern that Atlantic City might be making the same mistake twice in having more casinos than the market can support.
James Plousis, chairman of the New Jersey Casino Control Commission, noted that 2018 was the third straight year that Atlantic City’s gambling revenue increased. But he did note the impact on the older casinos from the arrival of the two newcomers.
“While the city had a good year, market adjustments from competition occurred and will continue into 2019,” he said in a news release. “The continuing strength of internet gaming plus a growing sports wagering market will provide the industry with tools to compete.”
Of Atlantic City’s seven casinos that operated before the two new additions last year, only the Golden Nugget showed a revenue increase for the year. It was up 13.7 percent to $327.8 million.
Even the Borgata, Atlantic City’s perennial market leader, saw its casino revenue decline in 2018. It was down 4 percent to $771.1 million.
Tropicana was down 2.5 percent to nearly $381 million, but it remained the city’s No. 2 casino in terms of gambling revenue.
Resorts was down 3.3 percent to $184.2 million; Harrah’s was down 8.4 percent to almost $333 million; Bally’s was down 9.1 percent to nearly $192 million, and Caesars was down 13.5 percent to $281.3 million.
Hard Rock won $166.7 million from late June through the end of the year, while Ocean Resort won $101.1 million during that same period.
Ocean Resort changed hands last week, with an as-yet unannounced company assuming a majority ownership stake in it in return for making a $70 million investment to help keep it running. The ownership change was widely seen as another indication that the market was not ready for the kind of expansion it underwent last summer.
Internet gambling took in nearly $300 million last year, an increase of 21.6 percent over 2017 and one of the true bright spots for New Jersey’s gambling market. Of the two internet-only gambling entities in the state, Resorts Digital was up 76.3 percent to $75.7 million, and Caesars Interactive-NJ was up 5.9 percent to $45.5 million. The Golden Nugget won $104 million online last year, about twice what its nearest competitor, the Borgata, did.
Among racetracks offering sports betting, the Meadowlands earned $31.3 million in sports betting revenue, and Monmouth Park earned $12.4 million.
(©Copyright 2018 by The Associated Press. All Rights Reserved.)
Trey Killian@treykillianFebruary 18Atlantic City Casino Revenue January 2019 Calendar
th, 2020 - 12:27pm@treykillianGambling in Maryland had another strong month for revenue, as the state’s six casinos combined to bring in around $145.5 million in January 2020. That figure represents an increase of 6.2% from January a year ago, though it’s a little down from December.
Atlantic City Casino Revenue January 2020
Maryland generated $149.1 million in casino revenue in December 2019 to cap a great phenomenal calendar year. Between video lottery terminals and live table games, the six casinos brought in a whopping $1.757 billion in Gross Terminal Revenue from January to December 2019.
January’s figure to kick off 2020 was down about 2.6% from December despite all but one Maryland casino growing in revenue.
MGM National Harbor Leads the Way
The leader was MGM National Harbor with $58.2 million as it continues to set the standard for the state’s other gambling facilities. Revenue was up 4.1% from January 2019 at MGM while the second-highest earner, Live! Casino & Hotel was up 11.8% with $51.7 million generated.
MGM remained the revenue leader but Live! maintains its distinction as the largest Maryland casinos, offering a state-leading 3,853 slot machines as well as 193 table games.
Maryland’s third ranked casino in revenue, Horseshoe Casino Baltimore, was the only one of the six to experience a year-to-year decline as its $19.3 million represented a 4.4% decrease. The state’s other three casinos, Rocky Gap, Ocean Downs and Hollywood Casino Perryville, all saw revenue percentages increase by double digits.
As these casinos continue to rake in the revenue several facilities, including MGM, have recently been at odds with Maryland’s racetracks and other gambling locations. The casinos believe they should be granted exclusivity to offer sports betting and have been recently pushing legislators to make that happen.
With the potential for even stronger revenue as an incentive, Maryland’s casinos are looking to maximize on the state’s growing friendliness towards wagering on sporting events.
Maryland Casinos Contributing to Education
The high revenues furthered the cause and efforts of Maryland’s casinos to bolster community programs, most notably public education.
A sizable portion of all casino revenue generated in Maryland is customarily funneled towards education funding, and January was no different. Around $60.2 million of the month’s casino revenue was distributed to the local community including $45.2 million exclusively for the Education Trust Fund.
Check out states where online casinos for real money is legal.
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@treykillian<p>Trey Killian covers the gambling and casino industries in the U.S. A budding reporter, Killian is a graduate of Marquette University and writes about a range of topics, including but not limited to digital casino gaming, online poker and industry news.</p>... Read More<p>Trey Killian covers the gambling and casino industries in the U.S. A budding reporter, Killian is a graduate of Marquette University and writes about a range of topics, including but not limited to digital casino gaming, online poker and industry news.</p>... Read MoreARTICLES YOU MAY LIKE
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