Atlantic City Casinos Had a Good August
The numbers are in and show that the tourism and gambling destination Atlantic City had an incredible August. This large boost in revenue comes off the back of a sports betting surge in the state of New Jersey. Two new casinos also contributed to the impressive performance of the city’s gambling industry.
The trend started in July as the markets for gambling within Atlantic City reported a total revenue of $299.8 million. Compared to July of 2017, the numbers reflects a major 11.94% increase in revenue year-over-year. While the gambling industry can certainly have “fluke” months that reflect better revenue, August 2018 was a more encouraging sign of a trend. Atlantic City gambling saw a total of almost $300 million and the number is good for a whopping 22.5% increase based on August of 2017.
If sports betting activities are included, the revenue rises to $303.9 million. This additional income is due to the Monmouth Park sportsbook run by William Hill and the Meadowlands FanDuel sportsbook. The revenue brought in from land-based casinos rose by 20.75% and online casinos contributed $24.8 million to the total. Sports betting accounted for a nice $5.2-million cap on the revenue.
The Ocean Resort and Hard Rock Casino both made gambling news headlines as the new venues opened their doors over the summer. However, the casinos’ respective online presence grew as well. Ocean Resort brought in $385,000 from its online casino and the Hard Rock website made $439,000. While Ocean saw a much bigger increase from July to August, the online casino was only open for just under three weeks during the previous month.
Regarding the new land-based casinos, numbers reflect that players prefer Hard Rock to Ocean by far. The Hard Rock Casino in Atlantic City made $30.8 million during August 2018. This number is just bit lower than the $32.4 million gained by Hard Rock in July. Despite its honeymoon phase being over, Hard Rock still ranks 4th in terms of casino revenue in Atlantic City. Ocean Resort hasn’t been as lucky. The casino brought in $19.6 million from August, which makes it the second-lowest earner during the month. This amount is a considerable increase from July, but the Ocean Resort sportsbook revenue also took a massive hit.
Once again, Borgata casino was way ahead of everyone else in terms of revenue. The casino had an August that saw over $70 million in action, while the next casino in line had only $32.1 million.
There were concerns that the two new Atlantic City casinos would not bring in new revenue. Many experts feared that consumer spending would simply be shifted from one venue to another. The other seven casinos in the city did, in fact, experience year-over-year loss of revenue. In July, four of the casinos lost double-digit percentages of revenue but bounced back during August. Considering that the two new casinos raked in a combined $50 million, predictions for Atlantic City’s growth appear to be slightly more optimistic.