Atlantic City’s gambling industry enjoys stead wind this summer. The legalization of sports betting offered exciting opportunities for existing and newly-launching casinos. This uplift was felt throughout the boardwalk with almost every casino reporting year-over-year growth.
In fact, this is one of the brightest moments for AC gaming, as the collective revenue rose above the $300 million mark for both July and August.
Indeed, land-based casino revenue swelled up 20.7% after two new casinos opened doors in late July. The Hard Rock Casino (previously Taj Mahal) and Ocean Resort Casino (previously Revel) have contributed greatly by driving new business into the gaming industry.
August was a good month for online gaming as well. With the launch of numerous sports betting apps and updates to existing online casinos during the month, online gaming revenue increased by 16.6%.
Newly Opened Locations Drove the Biggest Growth To The Market
Both Hard Rock Atlantic City and Ocean Resort Casino have risen from the ashes of their unsuccessful predecessors and have made significant progress during their first months in the market.
For August, Hard Rock Atlantic City generated ~$30 million in revenue and Ocean Resorts added another ~$20 million. This ranks them respectively 4th and 7th across all nine casinos in Atlantic City, which considerable given their lifetime.
Bally’s and Resorts are the least profitable reaching only around $18 million and $17million respectively.
It’s also important to note that the new locations are actually driving new business. The ~$50 million in collective revenue from Hard Rock and Ocean Resort comes on top of the existing market.
Indeed, all other casinos have experienced just 2% loss of revenue for August, which means that the newcomers have contributed to the total revenue increase by 22.7%.
Hard Rock Casino Is Fighting For Second Place
Hard Rock has generated revenues of $32.4 million in July and $30.8 million in August.
While technically at fourth place, Hard Rock AC is losing by a hair-thin margin to more established competitors Tropicana and Harrah’s which have reported revenues slightly above $30 million.
Still, that’s nowhere near the Borgata. The casino reported more than $70 million in revenue for July and August, which solidifies its 1st place for years to come.
Ocean Resort Showed Biggest Growth Between July And August
Ocean Resort is understandably fighting in the lower bracket, as the casino cannot rely on the same level of popularity as the former Taj Mahal.
Currently, Hard Rock AC is drawing in high profile bands and playing host to massive concerts which drives considerably more business to the casino and reinforcing the brand’s value and reach.
That said, Ocean Resort reported the biggest growth between July and August – up by almost $4 million from $15.8 million to $19.6 million. None other casino showed such improvement and most even reported slight dips in revenue for the same period.
There is more to come out of NJ gaming and players should stay tuned to the new developments in land-based and online gaming platforms.