Are Atlantic City Casinos off to a Good Start in 2020?

On Feb 13, 2020

The Casino Association of New Jersey (CANJ) announced that Atlantic City is off to a solid start to 2020, according to the most recent Division of Gaming Enforcement (DGE) gaming revenue results report. January marked 20 consecutive months of gaming revenue increases for Atlantic City.

“2020 is off to a promising start for Atlantic City,” said Steve Callender, President of the Casino Association of New Jersey. “The city continues to see increased sports betting and tourism, two important economic drivers. I look forward to a year of continued progress in 2020.”

The DGE report released on Wednesday indicates that January gaming revenue for Atlantic City was $270.5 million. This reflects a 22.6 percent increase over the same period last year. Other highlights from the DGE report include:

• Online gaming revenue was over $55 million, up 64 percent over January 2019
• In January 2020, the industry generated nearly $25 million in taxes and fees collected by the state
• Sports wagering revenue was over $23.4 million, up nearly 140 percent from January 2019

The casino industry in Atlantic City is coming off of another year of growth in 2019, which was the first full-year of sports betting. The Big Game generated increased tourism for the casinos this month, reinforcing the impact sports betting has on the casino resorts.

“January saw promising increases in gaming revenue over last year and continues to build on the positive trends set forth in December, when traffic at the Pleasantville toll was up 6.4% for the month,”  said Rummy Pandit, Executive Director at The Lloyd D. Levenson Institute of Gaming Hospitality & Tourism. “Gaming, hospitality and tourism position Atlantic City as a strong economic driver for the greater Atlantic county, region and the state, with sports betting and non-gaming activities making healthy contributions towards that end.”

The casino industry continues to work to solidify the seaside resort’s comeback by diversifying Atlantic City’s offerings, as well as investing hundreds of millions of dollars in redevelopment projects and non-gaming services to attract new visitors. The industry’s efforts have advanced the revitalization of Atlantic City, transforming the city into a business conference destination and first-class resort that features great restaurants, entertainment and shopping.

To access more business news, visit NJB News Now.

Related Articles: