Despite the Return of Gamblers, Online Casino Profits Continue to Rise
The coronavirus outbreak had not only slowed down but made the Atlantic City casinos close for in-person gambling activities. Since then, Internet gambling had become the only option for playing slot and table games for casino gamers. However, a year later, due to the improved scenario of the pandemic, the gamblers have started returning to the in-person casinos. At the same time, the amount of money in the online gambling halls continues to grow.
The state division of gambling enforcement released interesting figures for Internet gambling which was more than $108 million in May, an apparent increase of around 26% in the same month last year due to a shutdown related to the pandemic.
Jane Bokunewicz, the director at the gambling and tourism institute at Stockton University, states that she expects an in-person gambling revenue to escalate during summer.
She further states that they expect the offline casino to continue earning their original revenue share by reclaiming some online gambling wins. The patrons may flock to Atlantic city’s iconic boardwalk and beaches. She also explains that it will be interesting to see how the online and offline revenue streams balance each other for the long term over the influence of the pandemic.
As far as the comparisons go, the casinos have won over $374 million in May, which was more by 290%. Also, the Atlantic City casino executives are busy comparing the current performance to the 2019 performance before the three and half month shutdown due to the pandemic.
Even these comparisons are looking at the brighter side of the earnings. The chairman of the New Jersey casino control Commission James Plausis has authenticated that the revenues have increased by 290%. Furthermore, he points towards the market momentum moving towards having a great summer.
The revenue earnings of the Ocean casino have had the biggest jump-off, over 1700%, as against the last way, with the slot machine revenue for the month add nearly $19.5 million.
The Ocean casino has won over $27 million in May, which is a lot better and more than $1.5 1,000,000 million last May.
Terry Glebocki, the CEO of Ocean casino, has stated that they are working towards making the changes and redesign of the casino floor with nearly 250 new slot machines with new pathways and a debut of some new high-limit gambling areas.
The Borgata casino won the most in me, with $85.3 million seconded by Hard Rock at $41.6 million.
Some more figures state that the Tropicana won $26.4 million, Harrah’s won $21.5 million, Caesars won $23.1 million, Bally’s won $12.6 million, Golden Nugget won $13.2 million, and Resorts won $14.9 million.
Caesars Interactive NJ won $9.1 million, Resorts Digital and Golden Nugget Online Gaming won over $31 million among internet-only entities.
The comparative figures in many cases with the last year’s revenue figures for May were meaningless due to the pandemic shutdown.