There is cause for celebration over in Atlantic City as the east coast gaming hub posted August revenues up 22.5 percent on the same month last year.
Whilst the opening of two new properties this summer and the recent introduction of sports betting clearly had an effect on the increased figures there were still a number of other encouraging stories from existing premises, something that is breeding positivity in the city.
“With the new casinos that opened in June and the addition of sports wagering options, including online alternatives, the gaming industry has experienced growth rates in July and August that have not been achieved in years,” commented David Rebuck, director of the New Jersey Division of Gaming Enforcement. “It is an exciting time for Atlantic City and we look forward to continued revenue growth going forward.”
The main worry around new market competition was the threat of cannibalisation. Whilst four venues did indeed post drops in casino win during the month these losses only totalled a combined $4.5m, whist the Ocean Resorts and Hard Rock venues brought in $50.4m. The result of this is that an extra $45.9m in casino win came into the city on August last year, a clear indication that the opening of the new properties has brought in levels of visitation and spend that greatly outweigh that which they took from the existing player base.
Year to date Atlantic City has counted $1.86bn in total gaming revenue, a three percent increase on 2017.