2020 has not been a good year so far to some enterprises as most of them reported declines their revenue earnings and other challenges from the last year’s reports. First was the Australian fire that caused damage to thousands of acres of vegetation and the death of wild creatures. Next was the coronavirus epidemic that has hit the mainland of China, causing havoc in the neighboring countries.
Casinos in China, Macau and neighboring Asian countries are not doing so well and this is not just because of the health concerns, restrictive legislations are also to blame. However, despite this rough start, the Atlantic casinos seem to have a reason to celebrate. That’s according to one news by the gaming website – calvinayre.com
The New Jersey Division of Gaming Enforcement released the Atlantic’s progress revenue report for the month of January on Wednesday. This report shows that all nine casinos in Atlantic City had a combined gambling revenue of $300 million. In particular, these January gains can highly be attributed to the slot games.
The table and slot games earned a revenue of $192 million, an 8.3% increase over January 2019 total. However, this was down from December 2019 total of $208.5 million. Revenue from the slot machines was up 11.3% to $140.3 million. Table games also experienced a rise, though a really minor one, 1.1% to $51.75 million.
When revenue from sports betting and online gambling is added to the January total, the gaming revenue was up an impressive 22.6% to $270.55 million. Borgata continued to be the most favorite game, with total revenue of $54.7 million in January, an 8.5% increase from the same month last year. Hard Rock Atlantic City recorded the highest gains of 38% to $21.5 million. The second highest gainer of the month was Ocean Casino Resort, which experienced a 36.2% rise to $16.9 million.
Even with the promising numbers of January, they were still some losers for the day. Taking the biggest hit was Bally AC, operated by Caesars Entertainment, which experiences an 11.6% drop in revenue to $10.7 million. Other losers were Caesars Atlantic City -2.7% to $17 million, Tropicana -2.7% to $20.4 million and Resorts Casino Hotel -2.6% to $12.3 million.
From the report, one thing was clear, the newest casinos in Atlantic City reported the largest gains in the month of January. This will probably not sit well with some older casino operators in the City, who feel that nine casinos are a bit too much for Atlantic City to handle. With this attitude, it is likely that Bart Blatstein will experience more resistance in his proposal to reopen the Showboat property, which is to be the City’s tenth gaming venue.
Figures for Q4 will not be released until April 8. Already analysts predict that they will not be any different from the previous quarter which showed rare profit gain. The greater percentage of this gain was thanks to the new sports betting and online gambling as well as Hard Rock and Ocean.