New Report Indicates iGaming has Helped Atlantic City Revenues
From 2006 until 2014, the casino revenues in Atlantic City were struggling. It was during this time frame that four casinos shut down and the city was struggling to gain a solid foothold. A new report published by the American Gaming Association (AGA) has revealed the struggle of New Jersey’s casinos and easily points to online gaming as the resurrection needed for the overall gambling industry.
Crawling Out of a Hole
Since 2015, the casinos in the state have been able to crawl out of a deep hole consisting of low revenue earnings. Online casinos have helped to boost the land-based casinos and now both are helping each other states afloat. Currently, the casino revenues for land-based operations are at an increase. since 2013, the state’s casinos have launched online gaming sites and apps which has brought the gaming world to a larger audience.
Online casinos have reached revenues of over $1 billion since launching and sportsbooks are already at the $200 million mark. Players are enjoying the online aspect of casino, poker and sports betting, which is bringing the sectors back to the forefront.
From 2009 until 2015, Atlantic Casinos were struggling. A huge decrease in revenues was present and four casinos had shut down by 2014. In 2016, a fifth casino closed. However, two venues would reopen as something new by 2018. The former Revel is now the Ocean Casino Resort while the former Trump Taj Mahal is the Hard Rock Atlantic City.
It seems that once the online casino industry was solidified, the land-based industry was able to see a boost. Going back ten years, the area of Atlantic City was home to just seven casinos. Now, the region has 10 casinos and is showing no signs of slowing down.
Hand in Hand
The report by the AGA shows that online gaming and land-based venues really go hand in hand. By working together, the two industries can support each other. Across the United States, individuals states have been considering online gaming, be it casino and poker or sports betting. One of the issues that has caused a holdup is how the land-based industry of the given state will be affected by the new online gaming options.
Just by looking at New Jersey, lawmakers as well as operators should be able to see the turnaround that has happened in Atlantic City. As a whole, the state has benefited and many states often look to model their gambling legislation after the Garden State.
Proponents of online gaming often point to New Jersey as a prime example of how the land-based industry and online options can work together. So far, any argument of how the land-based industry could be affected has been shut down just by looking at what New Jersey has done.
It will be interesting to watch as the next year goes by to see how the state continues to flourish. There has been talk of reviewing the industry as it stands and putting restrictions so that Atlantic City will not suffer from a setback as it did a few years ago.
Lawmakers and operators seem to be open to a review so that they can continue to be successful. Any changes made would be reviewed thoroughly before being made. Hopefully, however the industry proceeds they will continue to stay on track with revenues in the positive.