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Atlantic City’s Casinos have performed stupendously and recorded three-year gaming revenue growth only to hit by the pandemic. The winning streak is obviously left broken in 2020.

The New Jersey Division of Gaming Enforcement announced that nine casinos of the city generated $147.1mn in December for both motor-and-brick slots and table games. This is a 29.5% decline on a year-on-year basis. However, it did not much change from the tally of November 2020.

The slot revenue of December was down by 34.4% year-on-year and generated $98.4mn, and the table games slid by 16.8% to $48.7mn. Except for Hard Rock Atlantic City which managed an improvement of 1.7%, to $26.3mn.

Caesars Entertainment’s Harrah’ property crashed by 52.7% to just $12.1m. Golden Nugget declined by 42.9% to $8.2mn. The other Tropicana crashed by 42.2% to $13.6mn, Resorts Casino Hotel declined 41.9% to $7.2mn. The Borgata fell by 27.9% to $39.6mn.

For 2020, the total combined slots and table games revenue hit over $1.5bn, down by 43.7% from 2019. The winning streak stopped with all the nine casinos posted double-digit declines, the highest being Borgata (52.4%) to $337.6mn.

However, the saving grace has been online casinos. Thanks to sports betting and online casinos ensured that total gaming win for December was up by 1.9%. However, it could not save the entire year and the total gaming win for 2020 was down by 19.5% to $2.65bn. Golden Nugget is the only casino with positive growth, rising by 9.8% to $415.5mn. However, only $95mn was earned through slot and table games.

The casinos in Atlantic City were allowed to open from July after were shut down in March for COVID19. However, they are still operating at 25%. With the current scenario going on, it does not look like, the casinos will go back to normal anytime soon.

Inspirational Link: https://calvinayre.com/2021/01/13/casino/atlantic-city-casinos-gaming-revenue-decline-2020/

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