Atlantic City Gaming Shows Decline In August
Gaming revenue in in decline in Atlantic City – not a good sign as the state referendum vote approaches in November. Revenue reports from August show a five percent fall in overall gaming win. The good news is one casino remains unaffected by the fall and appears ready to weather the storm, should voters give the go-ahead to casinos in North Jersey.
Despite the report of overall losses from Atlantic City brick-and-mortar casinos, the Borgata has stayed strong. The city's largest casino is actually up 4.5 percent from the year-to-date. If Atlantic City should lose its monopoly on gaming in the state experts predict one or more of the city's three smallest casinos; Resorts, Golden Nugget and Bally's, will be forced to close their doors.
Even before the vote the city will see another casino close. Trump Taj Mahal will make the fifth casino closure the city has seen since 2014 when it closes its doors for good next month.
Adding casinos outside of Atlantic City might not be the bet that wins back revenues New Jersey lost when neighboring states legalized gambling, but one thing is sure: Atlantic City is not winning like it used to. Compared to August 2015, the city's brick-and-mortar casinos are down 6.7 percent.
The decline would have been much more pronounced if New Jersey did not have online gambling to supplement their income. Of the $245.8 million the state gaming won in August, $16.1 million came from online gambling. This shows a 31.6 percent increase in online gaming revenue from the same month last year.