The Hot revenue streak is over
It’ll come as no surprise to the readers of onlinecasino-nj.com to know that the revenues for March have reached an all-time low in New Jersey this year. But, perhaps when knowing that the pandemic affects the industry nationwide. It’ll give some comfort to those who follow the figures. In fact, it’s not just the Garden State’s numbers that have taken a hit this month. But so are the numbers in our neighboring state Pennsylvania. Indeed. The Pennsylvania Gaming Control board revealed a 51% drop in intake in March. But let’s see how New Jersey is holding up.
Online gambling to save the day
In New Jersey, everyone would have loved to see the gaming revenue continue climbing as they’ve done for the past 21 months. But since Governor Murphy ordered all non-essential venues to close since March 16th. The gambling industry as a whole is feeling the pinch.
Indeed, earlier this week the DGE release the casinos’ intake from March 2020. And the sad reality is that Atlantic City’s 9 casinos revenue decreased by a staggering 42.5% when compared to the same month last year. The massive hit to the numbers is because there simply no games to wager on.
But with that said, the lockdown also means that online casinos revenues are up by a jaw-dropping 65.6% when compared to March 2019. It also means that the online gaming vertical contributed to over 41% of the industry’s total $156.7 Million intake.
Not all is bad
Sure it’s gut-wrenching to see the gambling industry on a down slope in New Jersey. Especially after all the efforts top executives, companies and the DGE put in to revive it. With that said, not all is bad.
In fact, Rummy Pandit of the Lloyd D. Levenson Institute of Gaming & Tourism at Stockton University indicated that Atlantic City casinos are only down by 3.4% YOY when compared to 2019’s income trajectory. According to him the current figures are not catastrophic. He said “The market is resilient. And thus, the recovery should be a lot faster once we get past this period.”
Now, of course, it could take a bit of time for things to get back to normal. But everyone is hopeful that if the casinos reopen for the summer. The income graph would still look promising for 2020 and that puts a smile on most faces.