Atlantic City casinos profits plunge 80% in 2020

Atlantic City casinos profits plunge 80% in 2020

With casinos closed for more than three months, profits plunged in Atlantic City in 2020.

US.- According to the state Division of Gaming Enforcement, Atlantic City’s nine casinos collectively posted $117.5 million in gross operating profits in 2020, down from nearly $594m in 2019.

James Plousis, chair of the New Jersey Casino Control Commission, said: “Atlantic City and its casinos endured their most challenging year in history. Even after being allowed to reopen in July, the casinos’ earnings were limited by travel restrictions, limited amenities, and cancelled entertainment.

Y”et, through responsible management, the casinos proved that in-person gaming could happen safely. As tourists return to the shore, they can have every confidence Atlantic City is safe for the summer.”

Disappointing figures for sports betting and casinos in February

New Jersey’s gambling figures were down in February despite the Super Bowl and an increase in casinos capacity limits.

According to figures released by the New Jersey Division of Gaming Enforcement, the state’s sports betting handle in February was $743m, down from $996m in January. However, that was a substantial increase on the $200m wagered in February 2020.

The state’s casinos and racetracks took $46m in revenue, up from $17m in February 2020.

Internet gambling performed strongly, up by 80 per cent year-over-year. The boost in igaming helped replace revenues lost in sports betting and from land-based casinos.

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