Atlantic City, once a thriving hub of entertainment and gambling on the East Coast, is now facing a decline in its gaming industry that is part of a vicious cycle leading to further economic downturn. The rise of online gaming, known as iGaming, has become a significant factor in this decline as more and more players are choosing to gamble from the comfort of their own homes rather than visit traditional brick and mortar casinos.
According to a recent report by the CDC Gaming Reports, iGaming revenue in New Jersey, where Atlantic City is located, has been steadily increasing over the past few years. In fact, in 2020, iGaming revenue in New Jersey surpassed $970 million, representing a 101.1% increase from the previous year. This trend is concerning for the city’s traditional casinos, which rely heavily on in-person gambling revenue to stay afloat.
As more players shift towards online gambling, traditional casinos in Atlantic City are seeing a decrease in foot traffic and revenue. This is leading to a situation where the casinos are struggling to stay competitive and are being forced to make difficult decisions, such as laying off employees and cutting costs. Some experts believe that if this trend continues, it could lead to the closure of some of Atlantic City’s iconic casinos, further exacerbating the city’s economic woes.
The decline in Atlantic City’s gaming industry is not only affecting the casinos themselves, but also the surrounding businesses and the local economy as a whole. Many hotels, restaurants, and shops rely on the influx of tourists and visitors that the casinos bring in, and with fewer people coming to Atlantic City to gamble, these businesses are also suffering.
In order to combat this decline, some experts believe that Atlantic City needs to diversify its offerings and appeal to a wider range of visitors. This could involve investing in non-gaming attractions such as shopping, dining, and entertainment options, as well as capitalizing on the city’s beach and boardwalk to attract more tourists.
Despite the challenges facing Atlantic City’s gaming industry, there is still hope for a resurgence. The city has a long history of reinventing itself and has overcome obstacles in the past. With strategic planning and innovative solutions, Atlantic City may be able to overcome this current decline and once again become a thriving destination for gaming and entertainment on the East Coast.
