New Jersey still has momentum
We all saw New Jersey rise like the Phoenix from the ashes in 2018. This when the U.S Supreme Court gave the green light to legalize and expand betting on sports. And most industry experts agreed. Nothing could stop the state from getting back on track and lighten up the somewhat dampened spirit that hovered around the garden state and more precisely Atlantic City. Yet, no one could have predicted the challenges that laid ahead in early 2020. Still, despite the massive hurdle thrown at New Jersey and its big tax revenue earner, gambling it all seems ok regarding the circumstances. In fact, some casino and resort properties at Atlantic City are actually trending in the right direction. Which made perfectly clear after the year wrapped up and the New Jersey Division of Gaming Enforcement (NJDGE) released its figures.
Close to a Billion in sports trade
Indeed, according to the NJDGE reporting, New Jersey closed 2020 and the month of December with $996 Million worth of sports betting. Sure, it’s an overall loss of around 17% if compared to other years. Although, if all things take into consideration, it is an impressive figure. Where all the casinos have the online portion to thank for maintaining the interest and income. Meaning, all things included, online and brick and mortar. And all its products like video slots, table games, and, of course, sports betting the revenue in 2020 landed somewhere around $2.88 Billion. So, even if things could improve and show a much higher number. The Garden State is doing exceptionally well. However, one location did better than others. In fact, only the golden goose of Atlantic City did better this year than in 2019.
No one nudges the nugget out of place
On a strict revenue base and percentage value. The only casino property that earned more in 2020 than the previous year is, yes you know the answer, Golden Nugget. That actually increased its revenue by 10%, translating into about $415 Million in gains. After that is a somewhat sombre reading, with all properties showing negative numbers. First is Harrah’s Resort with 46.8% ($166.3 Million), Resorts 43.8% ($100.2 Million) and Caesars equal 43.8% ($152.3 Million). Closely pursued by Tropicana 33.8% ($231.5 Million), Borgata 27.6% ($577.3 Million), Hard Rock 17% ($290.5 Million). And finally Ocean Casino Resort and its negative 10.1% ($214.1 Million). Nevertheless, 2020 is going to get put in its own category as the years unfold. And we can say with the utmost certainty, it can only get better from here on, in New Jersey and the bright lights of the Boardwalk in Atlantic City.