Atlantic City casinos rebound, up 31% from a year ago – CBS Philly


ATLANTIC CITY, NJ (AP) – Atlantic City casinos and racetracks are convincingly recovering from financial woes caused by the coronavirus pandemic, receiving 31% more in August than a year earlier, after COVID- 19 closures have ended.

Figures released Thursday by the New Jersey Division of Gaming Enforcement show that the nine casinos and three racetracks that offer sports betting earned $ 427.6 million in August, up from $ 326.3 million in August 2020, the first full month of casino operations restored after 31/2 month shutdown due to virus.

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The improvement has been considerable, covering all three main categories.

In-person gaming revenue was $ 262.4 million, up almost 32% from August 2020; Internet gambling revenue was $ 113.2 million, up 29% from the previous year; and sports betting revenue amounted to $ 52 million, also up nearly 32%.

“The peak of summer at the resort has produced promising revenues for the city’s casinos,” said Jane Bokunewicz, coordinator of the Lloyd Levenson Institute at the University of Stockton, which studies the gambling industry in New York. Jersey.

“If pandemic mitigation efforts are successful in reducing transmission rates in the fall and winter and live events continue to return to the resort, we can expect a strong season (off peak ) fueled by a continued demand for experiments, ”she said. “The start of the NFL season earlier this month is sure to boost sports gaming revenue in the fall.”

“As of August 2020, all Atlantic City casino hotels were open, but business was affected by capacity restrictions and other limitations,” added James Plousis, chairman of the New Jersey Casino Control Commission. “These results show that casino hotels have made great strides in building customer confidence since their reopening.”

All nine casinos posted revenue increases in August from the previous year, led by the Golden Nugget, which rose more than 70% to $ 15.8 million. Tropicana rose nearly 44% to $ 38 million; Resorts grew more than 35% to $ 18.6 million, and Hard Rock rose 33% to $ 52.4 million.

Hard Rock’s in-person casino winnings increase reached nearly $ 13 million, the highest total in Atlantic City in August.

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Joe Lupo, the president of the casino, said he expected a big increase due to the fact that as of last August the casinos were operating under state-imposed occupancy limits, which are no longer in effect. square.

But he warned that the market was down 8.4% from August 2019, before the pandemic hit. It still “shows the impact of COVID and the need to recognize opportunities to work together for the growth and improvement of the city,” Lupo said.

The Ocean Casino Resort rose almost 32% to $ 35 million. A casino spokesperson said Ocean had broken seven of its own monthly records, including winnings; the amount of money collected in slot machines; winnings at slot machines and table games; and Internet earnings.

Borgata rose more than 31% to $ 94 million; Harrah’s rose almost 31% to $ 28 million, and Caesars rose almost 17% to over $ 25 million.

Bally’s was essentially flat, up just over $ 366,000 from the previous year.

Players spent $ 664.6 million at sporting events in August. So far this year, over $ 6.1 billion has been wagered on sports in New Jersey.

Among Internet-only entities, Resorts Digital grew nearly 24% to $ 34.5 million; Golden Nugget Online Gaming Grows Almost 8% to Almost $ 30 Million; and Caesars Interactive NJ grew almost 7% to almost $ 10 million.

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