Atlantic City, New Jersey has persevered through rough times in the past. It has also found ways to reinvent this coastal gambling town over the years. The fruits of their recent efforts have created steady revenue growth for the past few years. After a blistering start to 2020 with January’s results, the numbers were even better this past February.
The highlight was a double-digit percentage gain in gaming revenue over the same time frame last year. The area’s nine casino resorts have been on a two-year hot streak in terms of posting steady gains. What made last month so special was the biggest gain in the past 10 years.
How Did The Atlantic City Casinos Post The Best February Gain Since 2011?
As the coronavirus continues to shut most of the country down, AC is counting on its booming online casino business. Whether or not it can fill the potential void in live on-site casino gambling remains to be seen.
Looking back a month, the casinos took in a combined $275.1 million in total gaming revenue. The numbers were released by the state Division of Gaming Enforcement. These same figures represented an actual gain of 18.4 percent over last February’s numbers.
The state’s Casino Control Commission Chairman is James Plousis. He was quoted as saying:
Atlantic City reported strong results in February. Which were aided by the calendar and its rare fifth Saturday. Revenue from slots, table games, internet wagering and sports wagering all grew. Internet wagering results were prominent and sports wagering handle already surpassed $1 billion for the year. These gaming options are providing important revenue streams while broadening the industry’s appeal.”
This February marked the 21st consecutive month where gaming revenue posted an increase compared to the previous month. This includes the Atlantic City casino industry as a whole. The numbers date back to June of 2018. This is when two new casinos opened their doors for business:
- The Hard Rock Hotel & Casino Atlantic City
- Ocean Casino Resort
Both properties are located on the famed AC Boardwalk. The were both revitalized casino projects from shuttered gaming failures.
Rummy Pandit is the executive director for the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University. It was noted by the institute that February’s gain was the highest for that month since 2011. At that time, 11 casinos were operational in the South Jersey gaming locale. Pandit went onto add:
“The wintry weather that likely suppressed visitation, and in-turn land-based gaming revenues, in past years was not as much a factor in February 2020. The especially mild weather, and efforts by city business to bring more shoulder season entertainment to the resort, has led to increases in visitation.”
The institute expects strong results from the first quarter profit numbers. The fourth-quarter numbers from the final quarter in 2019 are due in April. Casino win revenue from table games and slots in February was up 11 percent. Bally’s Atlantic City and Resorts Casino Hotel were the only two properties reporting a decline.
• Source: Atlantic City casino revenue up 18% for best February since 2011 From Pressofatlanticcity.com On March 12, 2020.