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BUSINESS Wednesday 15 January 2020
A25

Rebounding Atlantic City casinos

see $3.3B revenue in 2019

By WAYNE PARRY revenue increase is a posi- New Jersey had a banner
Associated Press tive," said David Schwartz, year at sports betting, with
ATLANTIC CITY, N.J. (AP) a gambling historian with nearly $4.6 billion wagered
— Atlantic City's casinos the University of Nevada on pro and college games.
won almost $3.3 billion from Las Vegas. "Right now the The state won a landmark
gamblers in 2019, helped industry should be in 'grow- U.S. Supreme Court case in
by surging sports and inter- the-market' mode rather 2018, clearing the way for
net bets as the seaside re- than seeking to consoli- all 50 states to offer legal
sort continued to rebound date profits, so a decrease sports betting should they
from a mid-decade melt- in profits isn't necessarily so choose. Since the first
down that saw five casinos the worst news we could bets were taken in New
close. get. Overall, what Atlan- Jersey in June 2018, more In this June 20, 2019 photo, a dealer throws the roulette ball dur-
Figures released Tuesday tic City needs right now is than $5.8 billion has been ing a game at the Hard Rock casino in Atlantic City, N.J.
Associated Press
by the New Jersey Division to improve its image and wagered on sports, put-
of Gaming Enforcement marketing and become a ting the state right behind
show the nine casinos col- destination in a crowded Nevada in the race to lead
lectively won $3.29 billion in Northeast casino market." the burgeoning market.
2019, an increase of over Rummy Pandit, a gambling The Meadowlands Race-
15% from 2018. analyst with Stockton Uni- track in East Rutherford,
When an additional $300 versity, said Atlantic City just outside New York City,
million in sports betting has successfully diversi- was the runaway leader in
revenue is added to the fied its gambling offerings, sports betting revenue with
equation, the casinos and particularly through sports just under $150 million. It is
two racetracks that offer betting and internet gam- partnered with the FanDu-
sports betting won $3.46 bil- bling. Those two products, el sportsbook.
lion last year, a figure that developed since Novem- The other racetrack to offer
does not include money ber 2013, now account for sports betting, Monmouth
from horse racing bets. more than 18% of Atlantic Park in Oceanport, won
It marked the first year since City's winnings, he said. nearly $26 million in sports
2012 that Atlantic City's ca- The news was not all posi- bets. Resorts Digital, which
sinos had won more than tive. Five of the nine casi- is affiliated with the Draft-
$3 billion from gamblers. nos won less money in 2019 Kings online sports book,
That was right before a than they did in 2018. Tropi- won nearly $80 million on
brutal stretch from 2014 to cana was down 8.2% to sports.
2016 that saw five of the $349.5 million; Harrah's was Internet gambling also con-
then-12 casinos shut down, down 6.1% to $312.6 million; tinued to be a bright spot in
and more than 11,000 jobs Bally's was down 5.4% to 2019, with $482 million won
lost. $181.5 million; Caesars was online from gamblers, an
The reopening in 2018 of down 3.7% to $270.9 mil- increase of more than 61%
the former Trump Taj Ma- lion; and Resorts was down over 2018. In the month of
hal as Hard Rock and the 3.2% to $178.4 million. December, nearly $558 mil-
former Revel as the Ocean The Golden Nugget was lion was wagered on sports
Casino Resort has brought up 15.4% to $378.4 million. in New Jersey, the second-
added revenue and jobs It finished the year as the best month ever, trailing
to the market. No. 2 casino in Atlantic City only November's total of
But those same two new in terms of revenue. The nearly $563 million.q
casinos also are diluting the perennial leader, Borgata,
profitability of the seven ca- was up 3.5% to $797.8 mil-
sinos that were in business lion.
before they reopened. For There was no year-to-year
the first three quarters of comparison for the new-
2019, the nine casinos re- est casinos, which had not
ported a cumulative gross been open for a full year
operating profit of $484 mil- in 2018. For 2019, Hard
lion, down 4.5% from the Rock won $350 million, and
same period in 2018. "The Ocean won $238 million.