Atlantic City is Bouncing Back
Summer has been hot all over, but the hot streak has been exceptional for the gambling destination of Atlantic City. The spot has seen two new casinos open their doors to the public over the summer and the legalization of sports betting. As a result, the total revenue brought in at Atlantic City is now sitting at over $302 million. For comparison, the same report last years showed a gaming revenue of $267.9 million. These numbers reflect a 12.8-percent increase over on year. After some tough years in the city, the revenue increase is obviously a most welcome bit of news.
New Casinos Contribute
Taking a closer look at the two new casinos shows the obvious contribution to Atlantic City revenue. The Hard Rock casino boasts 2,000 hotel rooms to accommodate its guests. Games on the casino floor feature over 2,100 slot machines and dozens of table games. Not far away, the Ocean Resort and Casino has impressive accommodations of its own. A venue with over 130,000 square feet for casino games and nearly 1,400 rooms for lodging are just part of the experience at Ocean Resort and Casino.
Together, the two casinos have earned $49.8 million in July of 2018. It’s been a solid few months for the casinos, but most of the credit goes to Hard Rock. The venue also plays host to live shows nearly every day of the year and was able to bring in $32.7 million in just the month of July. Officials believe that the rekindled competition from the new casinos has been a boost for the Atlantic City economy.
A Shaky Start to the Year
Things did not look so great before the opening of Hard Rock and Ocean Resort and Casino. Atlantic had experienced a significant drop in its revenue for the first quarter of 2018. The revenue was 11.7 percent less than the same time during 2017, which was a cause for concern among experts in the casino industry. A contributing factor to the drop is the growing competition out of state from casinos such as the Sands Bethlehem and the Valley Forge Casino Resort in Pennsylvania. The presence of convenient online casinos also drew players away from land-based casinos in Atlantic City.
Sports betting legalization came at just the right time. New Jersey, the home state of Atlantic City, was one of the leading voices in the fight to have the Professional and Amateur Sports Protection Act overturned. Now that the Supreme Court of the United States has made sports betting legal, the state is taking full advantage of the decision to breathe new life into the industry. Experts predict that sports betting across the nation can generate as much as $150 billion. Atlantic City had $3.8 million from its new sports betting options in July.
Boost From Casinos Online
Online casinos are also growing in the Garden State. July 2018 revenue topped out over $25 million and a large portion came from the Golden Nugget Casino Online. Golden Nugget’s internet platform brought in $9.3 million, which is a new record for a New Jersey online casino.