Atlantic City casinos continue to perform well
During August the casinos of Atlantic Casino continued their upward trend. For over a year now they have increased their income every single month. Over the last 12 months, they have increased their revenue by more than 15%, which shows that there are no signs of slowing for the gaming industry in Atlantic City.
Almost every area of gambling has increased within Atlantic City, which has allowed New Jersey to get a much larger amount of tax revenue. The fastest-growing areas are internet gambling and sports betting. There was an almost 70% increase in internet gambling over the previous 12 months and sports betting saw a more than 100% increase over 12 months. This shows that New Jersey is definitely a growing market at the moment.
The total revenue for the gambling industry for the year up to August is at more than $2.3 billion. This is up more than $400 million from the total for the same period in 2018. It equates to a more than 20% increase in revenue over this time. The individual breakdowns show that casino gaming is still the most popular method of play within the industry accounting for more than $1.8 billion of the total. Internet gambling brought in almost $300 million and sports betting was just slightly over $150 million. This shows the market is currently in a very healthy position.
Increases over summer
The total revenue increase for the summer is at almost 12% compared to the total from last year. A press release from Atlantic City said that they were very happy with the current health of the market. They feel that the current market is extremely competitive and this allows the market to thrive and benefit the customers too. They are also happy with the innovation shown by gambling operators to ensure that they have been able to keep up with the way the market has been evolving.
There was also a statement made by a local university that covered the gambling and iGaming industry. They said that the recent revenue increases are just continuing a trend that Atlantic City has been on for more than a year. It’s positive and is currently showing no signs of slowing down or even levelling off. Because the operators within the market have continued to show they can change as the market does they have been able to strengthen Atlantic City as one of the most popular gambling destinations for out of state visitors.
Room for more growth
The New Jersey casino association have also expressed their joy at the current trend. Even though 2018 was their previous best year on record, 2019 is currently beating it in every possible way. On top of this, the number of casinos in the city has increased with two more opening up. Added to the overall growth of the market sports betting has also become legal which has made a lot of black market revenue suddenly become available to the legal gambling market.
The statement said that during the summer this year, Atlantic City has set new records. It’s not just about the level of revenue that has been set, it’s also about the other ways it benefits the city. Employment levels are higher, more tourist income is earned and the tax revenue goes towards helping the city’s infrastructure. It’s a positive impact and they hope that it’s something that will continue.
The most impressive performance in terms of iGaming was by the Golden Nugget casino. They signed a deal with BetFair and were able to increase their revenue by almost 85%. This made them the top-performing online casino for the last month.
New revenue streams
The area that offers good levels of growth over the last year is sports betting. As a new market area, it means that more new revenues are being created, with DraftKings leading the market in this area.
Not all success
The only casino that didn’t show an increase in revenue to the same point last year is Harrah’s Resort. They showed a small drop of almost 1% compared to 12 months ago, although they still brought in almost $300 million over the course of the month.