Atlantic City: Casinos in the upswing

The gambling industry in Atlantic City has been declining for years, but now the casinos are back on the up. This emerges from a report by the Gaming Commission of the US state of New Jersey. In this way, the nine casinos of the gaming metropolis in the past May were able to generate growth again for the first time after Ellenlanger.

Best result in nine years

The nine casinos in Atlantic City generated one with shared forces in May 2023 Sales of $ 233.0 million And thus recorded an increase in growth compared to the previous year of 9.3 percent.

But not only the fifth month of the current year symbolizes the economic recovery of the badly battered gambling industry in the coastal city. According to the report of the gambling commission, the entire first half of the year was a complete success compared to the first five months of last year. Overall, the city’s gaming facilities were able to take around $ 1.08 billion in gross games-one Growth of 20.7 percent.

James Plousis, President of the Gambling Commission, was very satisfied in view of the burgeoning recovery phase and the recovering gambling industry. In his opinion, the latest developments are the evidence that the long Suffer and crisis is finally over. In the past nine years, the casinos in Atlantic City have not been able to have such profits.

Boomphase. According to the report of the gambling commission, the current boom not only includes the casinos in Atlantic City, but also affects all areas of industry. In the collective, all segments in the past May were able to generate a total of $ 430.6 million. This corresponds to an increase of 15.1 percent.

Online gambling is growing

At around 55 percent, a large part of the sales in May go to the nine casinos account. This remains the inpatient gaming segment The measure of all things in Atlantic City. However, there are sometimes large differences in the generated income of the respective casinos.

die Most gross games could generate the Borgata – around 63.4 million. The hard rock is in second place with $ 41.5 million. The rest of the field, consisting of Ocean, Tropicana, Caesars and Harrah’s, settles away between 20.3 and 25.3 million. The weakest result achieved the Golden Nugget and the Bally’s. With $ 13 million, both casinos form the bottom.

Although half of the income is attributed to the inpatient segment, the impressive gambling temples of the coastal city are not solely responsible for the positive economic result. That is long ago Online gambling and sports betting important top performers became in the local industry. In particular, digital gambling offer was able to achieve enormous growth.

In May alone, $ 1,36.0 million decreases to online casinos. With growth of 25.7 percent, the digital segment has its Position in the industry thus expanded. The development potential does not seem to be exhausted. In the first five months, the growth is strong 30 percent.

Sportwetten in Atlantic City. The US sports betting market is still relatively young and is in the development phase. Accordingly, the bookmakers and betting shops in Atlantic City cannot yet keep up with the numbers of online casinos. Nevertheless, the segment is also well recovered. The market participants were able to generate around 61.6 million. Compared to the previous year, this corresponds to growth of 16.4 percent.

Get out of the crisis?

For the gambling industry in Atlantic City, 2023 is likely to be balm for the soul. The former gaming metropolis has been struggling with declining sales, dwindling visitors and financial bottlenecks for years. This development affects not only the industry itself, but the entire city, there The gambling is the driving economic engine.

When Corona pandemic in 2019 brought the global hustle and bustle completely over several months, Atlantic City threatened Supergau. The casinos could not receive any guests, tourism broke completely away and the economy threatened the collapse.

During this time, politics acted as a helping hand and tried to limit damage. Die Effects of pandemic However, were devastating. Some of the city’s casinos signaled early on that the current development would mean that. In order to save the gaming facilities and thus economic strength and workplaces, the government of New Jersey decided one Decree of wealth tax.

Tax redistribution. Phil Murphey, Governor of New Jersey, said goodbye to a new law called “Casino Adi Bill” in December 2021 that a tax relief for the gambling facility in Atlantic City provided. The law included the elimination of classic wealth tax and a tax redistribution. As a result, the nine casinos save $ 55 million annually.