- Atlantic City Casino Revenue November 2018 Calendar Printable
- Atlantic City Casino Revenue November 2019
- Atlantic City Casino Revenue November 2018 Calendar
- Atlantic City Casino Revenue November 2018 Philippines
- Atlantic City Casino Revenue November 2018 Events
When it comes to revenue and operating profits, 2018 was a mixed bag for Atlantic City casinos. The market saw net revenue grow from $2.7 billion in 2017 to $2.9 billion in 2018. That’s an increase of 7.5%. At the same time, gross operating profits decreased by 15.4% in 2018. AC casinos pocketed $688.6 million in gross operating profits in. Atlantic City casinos reported revenue and profit gains in both Q4 and FY19, although things have fallen off a cliff since the pandemic took hold. 26 November 2020. While Ocean Casino.
Atlantic City is doing everything it can to attract new gamblers right now. It hasn’t been easy, particularly with the intense regulations set in place by New Jersey state officials. This week, reports on AC casino revenue for the month of November were released.
As many predicted, the casinos here saw a major dip in revenue. It’s an unfortunate trend that could continue for months. Today, we’ll talk about exactly how much money the casinos in Atlantic City managed to bring in last month.
Let’s get into it!
New Jersey Officials Warn Of Upcoming Shutdowns
The state of New Jersey was hit extremely hard early on in the pandemic. This was one of the first states to implement intense shutdown measures. As the summer continued, these regulations began to loosen and many businesses opened their doors again.
Infection rates have begun to skyrocket here in recent months. As a result, Governor Phil Murphy announced a new set of regulations throughout the state. It took a major toll on businesses, yet another mass shutdown like the one seen back in March was not ordered.
That could change soon. Cases have continued to climb and state officials are now warning that shutdowns could be just around the corner. Murphy has indicated that this could take place shortly after the holidays.
This will make things extremely difficult for the casinos in Atlantic City. As many are aware, these gambling venues have struggled to bring in players throughout 2020. Another major shutdown could prove to be devastating for this industry.
Unfortunately, this seems more likely than ever. Casino companies in the state are now gearing up to close their doors once again. Hope is that the state finds a way to compensate these casinos for their trouble.
Even without a full shutdown, this industry is hurting. We’re beginning to hear how much money the casinos in Atlantic City brought in during November.
November’s AC Casino Revenue Drops Once Again
Throughout 2020, Atlantic City’s casino industry has seen massive revenue drops. Things began to improve as summer progressed, yet seems to be falling apart throughout the fall months. Many felt that November would see a large drop in revenue.
These predictions ended up being correct. New reports claim that AC casino revenue for the month of November dropped by 10%. The nine casinos in this city managed to bring in $260.86 million last month, down considerably from the $288.6 million in November of 2019.
Jane Bokunewicz, a prominent gaming analyst at Stockton University, offered some insight into what led to this major revenue decline to the media.
“Land-based gaming had gained ground in September and October. But, the start of a ‘second wave’ of COVID-19, followed by N.J. Executive Order 194, which, effective Nov. 12, required indoor food and beverage options to close between 10 p.m. and 5 a.m., likely contributed to the decline in November,” she said. “A much-needed holiday bump from Thanksgiving weekend, usually a busy time for casinos, was limited this year by travel restrictions between states and stern warnings about family gatherings.”
Atlantic City Casino Revenue November 2018 Calendar Printable
It’s not all doom and gloom, though. To the surprise of some, New Jersey’s sports betting revenue saw another monthly handle record at $931.6 million. The state’s online sports betting industry has proven to be hugely lucrative throughout the year.
The online gambling platforms in Atlantic City have helped to bring in some much-needed revenue. Of course, things are still far from perfect here. Many now fear that December could end up being an even worse month than the previous three.
We’ll continue offering updates on AC casino revenue throughout the winter!
Harrah’s Atlantic City is Set to Reopen Poker Tables
As we already mentioned, all of the casinos in Atlantic City have been working hard to bring in players this year. It hasn’t been easy, though, as many casinos have been forced to halt offering their most popular games. That includes Harrah’s Atlantic City, which shut down its live poker games back in March.
New reports claim that Harrah’s Atlantic City is set to begin offering its poker gambling options soon! The World Series of Poker-branded room here will officially begin accepting guests again on December 26. This will make Harrah’s the second casino in Atlantic City to resume its live poker gaming options this year.
This room is expected to remain open every day from noon to 4 am. Some fear that the proposed casino shutdowns by Governor Murphy could throw a wrench in these plans, though.
Officials within Harrah’s are trying to make things as safe as possible. Poker tables will be limited to just eight players. Polycarbonate dividers will also be installed at the tables to separate players.
We’ve seen AC casino revenue plummet in recent months. Things could continue to get worse throughout early 2021. That isn’t stopping casino operators like Harrah’s from trying to bring in new players right now.
Are you surprised to see casino revenue drop again in Atlantic City? When do you expect things to turn around here? Let us know in the comments section below!
This week's installment of Inside Gaming shares the latest revenue figures from Atlantic City, reports on yet another state jumping into the sports betting game, and notes a ten-figure sale of a Detroit casino.
October Another Positive Month for Atlantic City Casinos
Gaming revenue continues to trend upward for Atlantic City casinos, according to the latest monthly revenue report from the New Jersey Division of Gaming Enforcement. Collectively revenue in October was up 15.8 percent year-over-year, with casinos together reporting total gaming win of $234.3 million compared to $206.4 million in October of last year.
Atlantic City Casino Revenue November 2019
That makes five straight months of monthly revenue increases for New Jersey. Through 10 months the total gaming revenue this year in the state totals $2.387 billion or 6.3 percent more than the $2.246 billion from this point a year ago.
Just over $200.6 million of the revenue total came from the casino win (up 8 percent year-over-year), with a little more than $26.7 million of it coming via online gaming (up just over 30 percent).
Increasing the total further was revenue from sports betting (only introduced in mid-June of this year), with sportsbooks in New Jersey realizing a bit over $6.9 million in sports wagering gross revenue for the month. Meanwhile the two racetracks, Meadowlands and Monmouth Park, added another $4.7 million in sports betting revenue to push the state's total close to $11.7 million.
Atlantic City Casino Revenue November 2018 Calendar
That collective win from sports wagering was down from September's more than $23.9 million. That said, more was bet on sports in October in New Jersey, with the monthly handle totaling $260.7 million compared to $183.9 million in September.
Both the increase in online gaming revenue and the introduction of sports betting helped fuel the overall gain. Also, the addition of two new casinos — the Hard Rock Atlantic City and Ocean Resort Casino (both of which opened in late June) — especially helped ensure the overall increase. Only one of the seven casinos in operation a year ago saw an increase in casino win in October, the Tropicana Atlantic City (up 2.1 percent).
Atlantic City Casino Revenue November 2018 Philippines
The Hard Rock Atlantic City's combined gaming revenue (casino and internet) was a little more than $24.2 million in October, while the Ocean Resort Casino's was just over $14.5 million.
First Sports Wagers in Pennsylvania Placed at Hollywood Casino
You can now add Pennsylvania to the list of states offering sports betting. The Hollywood Casino at Penn National Race Course took sports bets yesterday afternoon during a 'live wagering test day,' reports The Inquirer.
Described by The Inquirer as a 'stealth launch,' William Hill USA is operating the sportsbook at Hollywood with the test period designed to make certain operations run smoothly and correctly follow all regulations.
Hollywood Casino is one of six Pennsylvania casinos who have filed for sports betting licenses over the last couple of months, with Valley Forge Casino Resort the latest having only just applied on Thursday. Others include Harrah's Philadelphia, Parx Casino, Rivers Casino Pittsburgh, and SugarHouse Casino. The licenses come with a $10 million fee, plus a 36 percent tax rate on revenue.
Last fall the state passed legislation significantly expanding gambling in Pennsylvania, including opening the door to 10 new 'mini-casinos' and more online gambling. Also included in that bill was a provision to legalize sports betting should the U.S. Supreme Court rule in favor of lifting the federal prohibition against doing so, something SCOTUS did by ruling in favor of New Jersey's appeal against the law in late May.
We were tallying here last week the list of states now offering sports betting which has now reached seven: Delaware, Mississippi, New Jersey, New Mexico, Nevada, Pennsylvania, and West Virginia.
Jack Entertainment Sells Greektown Casino in Detroit for $1B
This week the Detroit Free Press reported that Jack Entertainment, the Detroit-based gaming company founded by businessman Dan Gilbert, had sold the Greektown Casino-Hotel in Detroit for a hefty price tag of $1 billion.
The purchasers are the casino operator Penn National Gaming and the real estate investment trust VICI Properties. VICI Properties adds to a portfolio of gaming facilities that includes Caesars Palace in Las Vegas. In October 2017, VICI Properties completed a spin-off from Caesars Entertainment Operation Company.
Speaking to the Detroit Free Press, Gilbert clarified that 'even with $400 million in debt' on the casino, 'the sale will allow Gilbert to deploy hundreds of millions of dollars into his many other projects.'
Gilbert spoke of plans for several ventures, including many in the Detroit area. He would not confirm rumors of plans to buy the Detroit Tigers.
Greektown Casino-Hotel first opened in 2000, with Gilbert and partners purchasing the property in 2013. The casino features 100,000 square feet of gaming space, including 2,800 gaming machines, dozens of table games, and a poker room, with several restaurants and shops on site as well as a 400-room hotel.
Pending review by regulators, the sale should be finalized in 2019.
Speaking of other ventures for Gilbert, the entrepreneur also this week acquired the free reference websites dictionary.com and thesaurus.com for an undisclosed amount. In a press release, Gilbert cheekily commented on the larger context of the acquisition.
'From the genesis, we admit to invariable conjecture in the unmitigated competency of online mechanization to ameliorate the total sum of completed undertakings throughout our mortal existence,' noted Gilbert, adding that 'cognition and discourse are conjointly associated.'
Atlantic City Casino Revenue November 2018 Events
Photos: 'Guitar at the main entrance of Hard Rock Hotel & Casino, Atlantic City, New Jersey' (adapted), Wcam, CC BY-SA 4.0; 'Ocean Resort Casino in Atlantic City, New Jersey' (adapted), Farragutful, CC BY-SA 4.0.
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IndustryNew JerseyAtlantic CityHard Rock Atlantic CityOcean Resort Casinosports bettingonline gamblingPennsylvaniaHollywood CasinoDetroitMichiganGreektown Casino-HotelJack EntertainmentDan Gilbert