Atlantic City’s casino industry started off 2024 on a slightly rocky note as the latest quarterly report showed a surprising dip in profits. According to data released by Play NJ, a leading online gambling news website, casino profits in Atlantic City dropped by 10% compared to the same period last year.
This unexpected decline in profits comes as a surprise to many industry experts and analysts who had previously predicted a strong start to the year for the city’s gambling sector. The dip in profits is especially concerning given the recent efforts by Atlantic City to revitalize its image and attract a new wave of visitors to its casinos.
The quarterly report reveals that total casino profits in Atlantic City for the first quarter of 2024 stood at $253 million, down from $281 million during the same period in 2023. This decline is largely attributed to a decrease in revenues from slot machines and table games, which are the main sources of income for the city’s casinos.
Despite the overall decrease in profits, there were some bright spots in the report. Online gambling revenues continued to show strong growth, with a 15% increase in profits compared to the first quarter of 2023. This suggests that the trend of online gambling’s popularity is here to stay and could potentially offset some of the losses seen in other areas of the industry.
Furthermore, sports betting revenues also saw a modest increase of 8%, indicating that the sports betting market in Atlantic City is still experiencing healthy growth. This is likely due to the continued expansion of sports betting options and partnerships with major sports leagues and teams.
Industry experts are optimistic that the dip in profits seen in the first quarter of 2024 is only temporary and that the casino industry in Atlantic City will bounce back in the coming months. With new developments and attractions in the pipeline, such as the opening of new hotels and entertainment venues, there is hope that the city’s casinos will be able to attract more visitors and increase their profits in the near future.
Overall, the quarterly report paints a mixed picture for Atlantic City’s casino industry, with some areas showing strong growth while others experience a decline in profits. It remains to be seen how the city’s casinos will respond to these challenges and whether they will be able to recover from the recent setback.
