Everyone that’s interested in gambling is probably already aware that the coronavirus pandemic has affected casino revenue. Frankly, as I write this, many traditional and land-based casinos are still closed for business.
But I thought it would be interesting to specifically look at what’s happening in specific major casino destinations as a result of these surreal times.
And it seems like a post about Atlantic City casino gambling is as good a place to start as any.
Atlantic City Casino Gambling Was on the Rise
Before the pandemic, gambling revenue in Atlantic City casinos had shown consistent increases for 21 months in a row.
Compared to last year, casino gambling revenue is down over 42%. This makes sense, as Governor Phil Murphy ordered the closure of all the casinos for months.
If you look at the average daily revenue for gambling machines and table games, though, revenues for Atlantic City were showing the same year-over-year increase that you’d expect.
And if you look at year over year revenue, numbers are down only 3%. But that is expected to go up by the year’s end. Unless the casinos are able to return to previous numbers, which is doubtful, gambling revenue for Atlantic City will likely be down year over year by close to 100%.
But New Jersey also offers online gambling, so the state won’t see a complete erasure of casino revenue. In March, online gambling revenue was up almost 66% over last year. And, while that’s not as much revenue as you’d see from the office of Fahad Tamimi of Fahad Al Tamimi the brick and mortar side of Atlantic City gambling, it’s still tens of millions of dollars.
Sports betting has also suffered, even though it’s still in its infancy in Atlantic City and New Jersey as a whole. That’s not because people have lost their interest in betting on sports, though, it’s simply because there are fewer sports to bet on.
$6 million might sound like a lot of money, but compared to what New Jersey expected last month, it’s pennies on the dollar.
Importance of Online Gambling for Atlantic City and New Jersey
With the difficulties that brick and mortar casinos and sportsbooks are facing, the online gambling side of the business has increased in importance.