Amid cautious optimism about the future and the growth of internet gaming, the results of nine Atlantic City casinos improved in January.
Results at Atlantic City casinos improved in January
New Jersey’s results for January continued to improve, with nine Atlantic City casinos posting a 9.3 per cent increase. January’s results were supported by growing interest in online gambling and interactive sports betting, as well as Super Bowl activity that helped the city maintain its poor results, data released Wednesday showed.
While online gambling was a welcome relief, the total number of in-person players was down 16.7 per cent year-on-year. While many expected January to break sports betting records, the Garden State actually posted just $958.7 million. That’s down from $996 million in December.
The combination of online casino and sports gambling brought in $295.7 million in casino revenue for the first month of the year. However, when the state’s racetrack is included, revenue for the month rose to $346.4 million.
Not all casinos have had it so bad with the player in place. Hard Rock reports that casino revenue was up at least 24 per cent for the first month and total gambling contribution was $33.8 million, or 40 per cent.
Some semblance of normalcy in the AC casino industry
Hard Rock is the only casino in Atlantic City to have grown in four consecutive months, Lupo said. New Jersey Casino Control Commission chairman Jim Plucis explained that revenues are now doing much better.
He explained that any negative comparisons had to do with comparing this year’s figures to January 2020, which was the period before the pandemic. Nevertheless, he expressed cautious optimism. Casinos were working hard to keep staff and visitors safe and Atlantic City was ready to welcome more people.
Another hotel that saw significant improvements in January was the Ocean Casino. The casino collected $26 million, an increase of 31.6 per cent. Ocean general manager Terry Glebocki stressed that the ‘high limit slot machine experience’ is one of the most appealing to players.
Borgata, which has traditionally had some of the best results, was able to generate $75.4 million in total revenue and still show growth of 10.5 per cent for the period. Golden Nugget is restructuring its operations by locating its retail casino operations separately from its newly created interactive division.
Golden Nugget Online’s interactive results rose to $31.3 million. Results for January were down 33.2% to $10.1 million. Caesars Interactive made good use of its online portfolio. The division posted an impressive 74.3% growth in January, but only to $7.3 million. Resorts Digital had revenue of $38.5 million, up 38.7%.
The recovery in New Jersey is still ongoing, but recent results are encouraging. While some cautious scepticism is understandable, the introduction of the vaccine should lead to better personal results. Nevada already sees casino workers as a priority group for the state’s economic recovery.