Atlantic City Casino Growth is Expected to Slow
Atlantic City is the home of casino gambling on the East Coast. The Boardwalk hasn’t been having the best of years since the last recession, but things have changed in the last year since sports betting became legal and Nucky Thompson would be proud.
Atlantic city casino revenue rose by over 20% in June – that’s double-digit year-on-year revenue growth for thirteen straight months on the bounce. The spike in revenue is down to the the legalization of sports betting in June 2018, so the huge rises might be coming to an end.
The Division of Gaming Enforcement data shows that total revenue of over $278 million, which is a whopping $46 million more compared with June 2018. Atlantic City casino year-on-year revenue in 2019 is up 21% at $1.53 billion. Atlantic City has truly cemented its place as a leading gaming and entertainment resort on the East Coast, and we hope the trend continues well into the future.
Online betting has had a notable impact on casino revenues, with $217 million coming from New Jersey online betting skins and generating an increase of 56% over June 2018. Atlantic City casinos secured over $4 million from sports betting and generated approximately $42 million over the past 12 months
The new openings of Ocean Casino Resort and Hard Rock Casino last year also had an impact on tourism. Borgata Casino will spend $12 million on a brand new Moneyline Bar and Sportsbook to cater for the increased sports betting demand. The local new Jersey betting market will stabalize at some point, once sports betting revenues become part of the norm, but having sports betting available across Atlantic City will mean even more people will want to visit during holidays and big sporting events every year.
We will continue to keep track of developments in Atlantic City – a key part of the East Coast betting environment.
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