Atlantic City Casino Revenue Continues TumbleMoney Won From Gamblers Drops By 10.9 Percent In First Half Of Year |
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Atlantic City casinos just had a rough second quarter and look to be en route to another disappointing year.
According to financial reports filed with the Division of Gaming Enforcement, the area’s 12 casinos reported total revenue of $1.9 billion for the first half of 2013. That figure marked a 9.9-percent decline when compared to the same period in 2012.
Gaming revenue, or the amount won from gamblers, was a large factor in the overall decrease.
That revenue was $1.367 billion from Jan. 1 to June 30 this year, while it was $1.536 billion during the same period in 2012. That marks a 10.9-percent decline.
Last year, the state was overtaken by Pennsylvania as the second-best gambling market in the United States. Nevada is still tops, with more than $10 billion in casino revenue annually.
Pennsylvania took in $3.16 billion from gamblers last year, while New Jersey reported $3.05 billion. The year 2013 could see Atlantic City dip below the $3-billion mark.
According to the Associated Press, the city’s 12 casinos reported a profit decrease of a whopping 45 percent in the second quarter of this year, when compared to quarter no. 2 in 2012. Those figures were about $65 million and about $118 million, respectively.
The brick-and-mortar casinos in Atlantic City perhaps should have their hopes up, though.
Online gambling was legalized in the Garden State earlier this year, after signature by Gov. Chris Christie. Regulators there hope to have games launch by the end of November.
A total of 37 firms have expressed interest so far in offering web games. The most recent news of an applicant was for Las Vegas-based Wynn Resorts.
All but a couple of the casino firms in the area have partnered with a technology provider for Internet betting. In New Jersey, a wide array of casino games is legal on the Internet.
The state will likely partner with Nevada, which also has legal web betting, in order to create greater liquidity for the industry and boost profits for all firms involved. It’s unclear exactly when that will happen, but at least one casino executive thinks sometime in 2014 is a good bet.
For more news from New Jersey, check out its state page.
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