In a surprising turn of events, Atlantic City Casino hotels have reported a 6.5% loss in revenue for the month of September. This news comes as a shock to many in the industry, as the summer months are typically a peak time for tourism and revenue in Atlantic City.
According to a report released by the New Jersey Division of Gaming Enforcement, the total revenue for the nine Atlantic City casinos was $275.7 million for the month of September, down from $294.8 million in the same month last year. This marks the first time that the casinos have reported a year-over-year decline in revenue since the pandemic began.
One of the major factors contributing to this decline in revenue is the ongoing COVID-19 pandemic. Despite a surge in cases earlier in the year, Atlantic City had been seeing a steady increase in tourism and revenue throughout the summer months. However, with cases on the rise once again, many potential visitors may have been deterred from traveling to the area.
Additionally, the lack of international tourism has also played a role in the decrease in revenue. With travel restrictions still in place for many countries, Atlantic City has seen a significant drop in visitors from abroad, impacting the overall revenue for the casinos.
Some analysts believe that the recent decline in revenue may be a temporary setback for the Atlantic City casinos, as the industry continues to navigate the challenges posed by the pandemic. With new safety measures in place and a vaccine on the horizon, there is hope that tourism and revenue will rebound in the coming months.
Despite the loss in revenue, there are still some bright spots for the Atlantic City casinos. Online gambling revenue saw a significant increase in September, with a total of $87.6 million generated, up from $41.1 million in the same month last year. This surge in online gambling revenue has helped to offset some of the losses from the traditional brick-and-mortar casinos.
Overall, the Atlantic City casinos are facing a challenging road ahead as they work to recover from the impact of the pandemic. With new safety measures in place and a vaccine on the horizon, there is hope that tourism and revenue will bounce back in the near future. In the meantime, the industry will continue to adapt and innovate in order to survive and thrive in the face of adversity.
