[ad_1]
ATLANTIC CITY – Casino sales increased by more than 20% in June compared to the same period last year, marking the 13th month of double-digit percentage growth.
However, the overheating period is coming to an end as June will be the last full month when revenue reports compare a market with seven casinos and limited sports betting to a market with nine casinos and legal sports betting.
The figures released Friday by the State Division of Gaming Enforcement show that the sector has reported gaming revenue of $ 278.14 million for the month, more than $ 46.7 million compared to June 2018.
"This is an exciting year in Atlantic City, and the positive momentum continues," said James Plousis, chairman of the state's state casino control commission.
With the double opening of the Hard Rock Hotel & Casino of Atlantic City and the Ocean Casino Resort on June 27th and the addition of the legalization of the sports game in New Jersey two weeks earlier, the increase in supply and gambling options has contributed to the growth of the market each month. However, industry experts believe that the market will begin to stabilize as soon as the July income figures are released.
"Atlantic City's revenues continue to grow and resist in the gaming sector, strengthening its position as the first gaming station for East Coast players," said Rummy Pandit, Executive Director of the Gaming Institute. , hospitality and tourism Lloyd D. Levenson at Stockton University. "This is a trend that we should expect until 2019 and beyond, but comparisons from one year to the next and one from the next. months to the next will probably be less pronounced. "
Bob Ambrose, a gaming consultant and adjunct professor in casino management at Fairleigh Dickinson University, said that even though it is likely that the gaming market is stabilizing, the economic diversification of Atlantic City into its together is a pattern of persistent optimism.
"I think we'll see a level of consistency moving forward, maybe (without) those strong double-digit spikes we saw last year," he said.
Over twelve months, Atlantic City casinos' revenues increased by 21%, with a total of $ 1.522 billion worth of games until June.
The Borgata Hotel Casino & Spa is the only casino to have recorded an increase in its earnings for a full month in terms of revenue, a combination of revenue generated by table games and slot machines. It was also the busiest month in Borgata's history in terms of casino winnings and table sales.
Capital investments in Borgata, such as the $ 12 million injection for the construction of the new Moneyline Bar & Book and the Level One Cocktail Lounge, demonstrate the institution's commitment to becoming the market leader, said Mike Woodside, vice president of marketing for Borgata.
Hard Rock ranked second in the market for gaming revenue, behind only Borgata, with $ 32.57 million.
Ocean Casino Resort, which underwent a change in property management earlier this year after underperforming most of 2018, recorded its best month so far in June. Total revenue from gaming, slot machines and hotel occupancy rates have all been the highest in the history of the property, resulting in sustained profitability, said Mike Donovan, director of marketing and Executive Vice President at Ocean.
Internet gaming revenue continued to be a growth area for Atlantic City casinos, with a 67.8% increase across the market. Much of this growth is attributed to Golden Nugget Atlantic City and its Internet gaming partners, which generated $ 13.6 million in revenue in June, representing approximately 46% of the casino's total monthly revenue. .
"Golden Nugget's ability to generate nearly 50% of its revenue through its online casino without cannibalizing its traditional operations is a reminder to the lawmaker and casino owner of the state that continue to assume it's not possible, "said Steve Ruddock, chief online games analyst for PlayNJ.com. "Online and retail games are not just compatible, they are mutually beneficial."
Until June, the games on the Internet generated $ 217.5 million for Atlantic City casinos and their online partners, an increase of 55.8% over the same time period. 39, last year.
The majority of wagering and sportsbook revenue continued to be generated via online and mobile platforms in June. Nearly 83% of all sports bets placed in June across the state were made online or on mobile.
Atlantic City casinos reported revenue of $ 4 million from sports betting in June. Since the beginning of the year, the Atlantic City casinos have generated nearly 42 million dollars of sports betting. Statewide, which includes the two licensed circuits offering legal sports betting, generated more than $ 109 million until June.
[ad_2]
Source link