What a difference a year makes.
On Wednesday, the New Jersey Division of Gaming Enforcement published their monthly report, which shows Atlantic City casinos saw an increase in revenue of over 20 percent for the month of November.
The total November revenue for gambling operators in Atlantic City last year was $206.4 million, and this figure increased to $247.7million for November 2018.
In total, annual gambling revenue in Atlantic City for the same 11-month period is up 6.5 percent in 2018. The city’s casino industry reported a total of $2.6 billion earned for 2018 compared to $2.45 billion in gambling revenue for 2017.
“November was another strong month for the casino industry,” said James Plousis, chairman of the Casino Control Commission. “The stage is set for 2018 to be the third straight year of growth in Atlantic City.”
This a positive sign for Atlantic City casino industry. Despite the Trump Taj Mahal Casino Resort closing, revenue has increased every year since 2016, growing by 1.5 percent that year and 2.2 percent in 2017.
This is partly due to two new casinos, the Hard Rock Hotel& Casino and Ocean Resort Casino, opening within the city this year, bringing the total to nine for 2018.
The launch of Atlantic City sports betting statewide in June 2018 likely played a pivotal role in revenue growth.
Rummy Pandit, executive director of the Lloyd D. LevensonInstitute of Gaming, Hospitality,
“There are new market segments coming into the city,” Pandit said. “There could be some novelty(related to the new openings and sports betting), but I don’t necessarily believe it will taper off. The market is going to continue to grow because we’re offering a destination resort.”
Since sports betting became legal everywhere in New Jersey back in June, nearly $1 billion in wagers have been placed. In that time, Atlantic City has earned $40.8 million in revenue from compared to the $73.2 million generated at sportsbooks outside of the city and across the state.
Pandit predicts the annual Atlantic City gambling revenue most likely won’t hit the $3 billion amount for 2018 but said the casino industry will “absolute” eclipse that mark next year, giving the city its fourth year of consecutive growth at the end of 2019.