The story of Atlantic City in New Jersey has been nothing lesser than a roller coaster ride. It was once a thriving city on the East Coast. However, things did not go well as planned for New Jersey. However, Atlantic City then made a turn around in 2017-2019. The casinos started to rebound and were crashing all the records.
But the COVID19 came and dashed all the hopes. The pandemic shut all the casinos in the city. Then the casinos reopened with strict operating conditions and limited capacity. The rules have now been extended for another 30 days.
Phil Murphy, New Jersey Governor, has extended the Anti-COVID19 policies for the next 30 days. He has warned of extending it further as well considering public health emergency. However, he is also confident of the upcoming vaccine that could potentially help the New Jersey state.
Under the policies, the Casinos of New Jersey can only operate under the reduced capacity of 25%. The guests and punters need to wear face masks and table games. Slot machines will not be able to widely available in the pre-COVID era. The slots have been removed to allow social distancing policies.
Last year, Atlantic City’s gambling market, lost 44% of GGR on a year-on-year basis. The GGR dropped from $2.7bn to $1.5bn in 2020 from 2019. In the first three quarters of 2020, the casinos reported gross profit of $68.1mn which was 86% lesser than the same time period of 2019.
With the vaccine been rolled out and a new President in the house, the Governor believes that the change can be seen in New Jersey. There is light after the tunnel after all.