Atlantic City, New Jersey – The bustling and vibrant city known for its iconic boardwalk and lively casinos is facing a period of stagnation in its gambling revenue, with numbers barely budging through the first half of 2024.
Despite a recent influx of visitors and a slight uptick in tourism, the city’s 9 casinos have struggled to generate significant revenue growth in the face of increasing competition from neighboring states and the rise of online gambling platforms.
According to recent data released by the New Jersey Division of Gaming Enforcement, Atlantic City’s casinos reported a total gaming revenue of $1.45 billion in the first six months of 2024, a mere 0.3% increase from the same period last year. This marks the sixth consecutive year of stagnant or declining revenue for the city’s gambling industry.
Experts attribute this lackluster performance to a variety of factors, including the saturation of the regional gambling market, the proliferation of sports betting options in nearby states, and the ongoing impact of the COVID-19 pandemic on travel and tourism.
“The Atlantic City casino market is facing stiff competition from surrounding states, particularly Pennsylvania and New York, which have seen significant growth in their own gambling industries in recent years,” said Dr. Sarah Johnson, a professor of economics at Rutgers University. “Additionally, the advent of online gambling has allowed players to access a wide range of betting options from the comfort of their own homes, further reducing the need for physical casino visits.”
In response to these challenges, Atlantic City’s casinos have been exploring new ways to attract visitors and boost revenue. Many have invested heavily in renovations and expansions, offering new dining options, entertainment experiences, and amenities to entice guests.
“We’re always looking for ways to stay ahead of the competition and provide our guests with a world-class gaming experience,” said Mark Smith, CEO of the Ocean Casino Resort. “We’re constantly innovating and introducing new features and attractions to keep our customers engaged and coming back for more.”
Despite these efforts, Atlantic City’s gambling industry still faces an uphill battle to reverse its revenue decline and regain its status as a premier destination for gaming enthusiasts. As the city looks towards the future, stakeholders are exploring new strategies to revitalize the industry and ensure its long-term sustainability.
“Atlantic City has a rich history and a unique appeal that sets it apart from other gambling destinations,” said Johnson. “By leveraging its strengths and focusing on innovation and customer experience, the city can position itself for a successful and prosperous future in the evolving gambling landscape.”
With the second half of 2024 underway, all eyes are on Atlantic City’s casinos as they work to navigate the challenges ahead and chart a path towards growth and prosperity in the years to come.
