Casinos in Atlantic City have in a third month row recorded huge revenue collections thanks to the online gaming sector.
Just like was the case with the month of February, online gaming sector took the lead.
However, this is happening when one of the oldest gaming facilities in Atlantic City was given away to a new owner.
Just last week, Atlantic Club was given away to another owner. The club, which one time was owned by Steve Wynn is now in the hands of a different operator.
The total revenue collection for the month of February was $205.36 million. Compared to what Atlantic City collected in February a year earlier, market observers say that this time, there was a gain, although small, of about 0.3%.
However, if you remove revenue that was collected from Trump Taj Mahal in New Jersey, which was shuttered, the remaining gaming facilities’ aggregate percentage gain grows to about 6.6%.
This could not be the case were it not be for online casinos in New Jersey. From the records, casinos in New Jersey contributed $18.7 million.
Slot machines did a good job because they also collected about 1.5% of the total revenue collected in Atlantic City. It was not the case with table games, which went down thus did not help much in the revenue that was collected.
Borgata gaming resorts once again emerged the top collecting approximately $62 million. The money came from iGaming as well as ordinary casino games
Position two was taken by Tropicana, which had an aggregate revenue collection of $31.5 million. The recent statistics is a clear indication that gaming resorts make real money online casino gambling sites.
Atlantic City’s Way Forward
Although five casinos have so far been shut down in the past three years, East Coast, which is considered the ‘gambling capital’, is still vibrant.
In fact, the city is in the verge f finding the best solution to some of the few issues that are affecting collections. But the current state of gaming facilities is not bad at all. Revenues have shown some sort of stability in the recent past and if things continue this way, AC will soon have a new record on revenue collection.
Because of such promising prospects, serious industry developers are looking for ways to capitalize on the current thirsty for social amenities by renovating former gaming facilities.
Besides, others are reinstating shuttered projects and revamping them. Still, others are renovating demolished projects into new resorts and building new ones.
For instance, Glenn Straub has moved in to grab TEN, formerly Revel and is in the process of transforming it into a modern facility with bicycle endurance courses and ropes for family affairs. The Showboat has also been reopened. It is now a modern hotel.
And now that Atlantic Club has a new owner, it will resurface into something great, with a completely new look.