Atlantic City Casinos suffer 23% decline in revenue in July, win totals $248.6 million

Atlantic City Casinos suffer 23% decline in revenue in July, win totals $248.6 million

Gambling and entertainment facilities in Atlantic City won $248.6 million in the month of July, with their total gross gaming revenue (GGR) derived from diverse operations representing a year-on-year decline of 23 per cent.

According to fresh stats, Atlantic City casinos derived their July GGRs from brick-&-mortar facilities, online casinos and land-based as well as mobile sports betting, after welcoming back gaming enthusiasts last month following remaining shuttered for several months due to COVID-19 crisis.

Revenue at the city’s nine physical properties slipped nearly 47 per cent, with their gaming floors keeping $147.4 million of patrons’ gambling money. Internet-based gaming kept on playing a significant role with online casinos generating $87.5 million. It was the only encouraging figure for the city’s casino industry as it represented a premium of 122.5 per cent on July last year’s win.

Atlantic City casino sportsbook revenue was reported at $13.7 million. Two racetrack books, viz. Meadowlands’ FanDuel and Monmouth Park’s William Hill, generated $15.7 million in sports betting income. It is worth-mentioning here that FanDuel is the richest sportsbook operator in the state, and it generated more than $14 million in sports betting win in July.

While the decline in revenue may be discouraging for many, it is not as bad as it could be because the nine casinos are operating under strict corona virus-induced regulations, including occupancy limit of 25 per cent. Apart from various restrictions, limitations on national and international travel are also hampering the industry’s recovery.

James Plousis, Chairperson of New Jersey Casino Control Commission, said, “Visitors are again enjoying the playground by the sea that is Atlantic City. While public health remains a concern, the tourism and gaming sector has started on the road to recovery. I know that Atlantic City is resilient, and given time, it will rebound.”

Atlantic City casinos swung back to business on 2nd of July, just ahead of the holiday summer weekend. The gaming and entertainment properties were forced to suspend all of their operations in March as part of the government’s efforts to curb the spread of the deadly infection that infected millions of people and claimed hundreds of thousands of lives across the globe. Borgata, MGM Resorts casino in the Marina District, remained shuttered after New Jersey Governor Phil Murphy extended COVID-19 restrictions on indoor dining and consumption of alcoholic beverages. The MGM property eventually opened on 23rd of July.

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