Following ten years of grappling with financial shortfalls, Atlantic City has finally returned to profitability, largely due to the surge in internet gaming.
The New Jersey gaming sector, which had witnessed a decade of declining income, finally saw a slight 1.5% rise in 2016. This expansion was primarily driven by the flourishing online gambling industry, which enabled Atlantic City’s casinos to experience their first revenue growth in ten years.
In 2016, Atlantic City’s seven casinos generated $2.6 billion in gaming income, representing the first year of growth since 2006 when the city had 12 casinos and earned a record $5.2 billion.
Internet gambling revenue in New Jersey soared to $1.967 billion in 2016, a 32% leap from the preceding year. Casino games contributed $1.702 billion of that total, a 36% increase, while poker revenue experienced a substantial 11% rise, reaching $26.5 million.
Focusing solely on physical casinos, revenue dipped slightly in 2016, a number affected by the shutdown of the Taj Mahal casino, which resulted in a $65 million loss. Only two casinos saw their profits shrink in 2016, with Resorts Casino decreasing by $1.6 million to $358 million. However, without the contribution of internet gambling, the market overall would have undergone a 0.3% year-over-year decrease.
Concurrently, in Pennsylvania, the second-largest gaming market in the United States, revenue is anticipated to expand by 1%, reaching $3…
The year 2016 saw the video game sector soar to new heights, generating a staggering $2 billion in earnings. Nevada, renowned for its opulent casinos and status as the country’s gambling hub, also had cause for jubilation. Having been significantly impacted by the 2008 economic downturn, the state’s gaming establishments rebounded, ultimately returning to a state of financial gain.
