With the first week of the new year underway, Atlantic City, NJ is grappling with some long-standing issues including sports betting and some new ones too. There are nine major casinos in Atlantic City, and state gaming officials say, some are very fragile. The casinos and gaming providers in the ‘city by the sea’ are worried as more states embrace legalized sports betting. The past year was the first year that all nine casinos were operating in Atlantic City.
The newly remodeled and renamed Hard Rock Casino was formerly ‘The Trump Taj Mahal’, before the now President Trump filed for bankruptcy and the casino closed. The Ocean Casino Resort was formerly Revel, both opened late in 2018. The additional casinos being operational in 2019, boosted in-person revenue. However, gaming officials are openly asking how the city will fair now that sports betting is up and running in different parts of New Jersey. There are also neighboring states that offer sports betting too.
Brick & Mortar Casinos In Atlantic City Saw An Increase In Revenues In The Year 2019
Gaming officials believe that the addition of the two casinos being operational during the last part of 2018 and for the full 2019 resulted in increased revenue. There was an increase of gaming revenue of $3 billion in 2019, which also included sports betting revenue. That’s the good news, with the good comes the bad. Overall profits for Atlantic City, was down by 4.5% or $484 million dollars.
The reason say gaming officials is because of the two additional casinos up and running, that made competition right in the city, not to mention the other issues. These same gaming officials are saying that ‘how the gaming industry in Atlantic City navigates everything, will determine how 2020 will be. David Schwartz, an expert gaming historian, is a professor at the University of Nevada, Las Vegas. Schwartz says, “I think we will see the city continue to adjust the new gambling landscape.”
Sports Betting & Online Gambling Will Continue To Grow Across The Country Says Schwartz
Schwartz, “Sports betting and online gambling will continue to grow in importance. Anything that gives people a reason to visit Atlantic City in person, when there are plenty of places closer to home to gamble, including home, will be key.” There is a silver lining in the clouds for Atlantic City, the two new casinos brought in over 6,700 new jobs. All of the jobs have been filled, and those were jobs that didn’t exist before they opened.
There have been huge amounts of revenue brought into New Jersey during 2019 from online and sports betting, Over a half-billion dollars in 2019. However, experts point out that, those profits have to be disbursed between several partners. Some of them are sportsbooks and technology companies, so it’s nor pure profit. The casinos in Atlantic City will continue to have to come up with innovative ideas, to bring more people into their casinos, or else some may fail said, Schwartz.
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Check out our sports betting guide. Each sport has their own types of bets available, but there are plenty of options that come with all sports. It’s important to know what types of bets are available in order to choose the type that is the best for you.
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