The Jersey Shore’s gaming hub has finally emerged from a prolonged downturn after a 10-year period, and the resurgence can be attributed to the growth of internet-based wagering.
Following a decade of diminishing returns, the Garden State’s gaming sector experienced a modest yet noteworthy uptick of 1.5% in 2016. Atlantic City’s gambling establishments, once emblematic of the city’s economic woes, are rebounding due to New Jersey’s flourishing digital gaming sector.
The remaining seven casinos in Atlantic City collectively generated $2.6 billion in earnings, marking the first upswing since 2006 when the city boasted 12 casinos and achieved a record-breaking $5.2 billion.
Internet-based gambling in New Jersey yielded $1.97 billion in 2016, a substantial 32% surge from the previous year. Casino games witnessed a 36% leap to $1.7 billion, while poker contributed $26.5 million, an 11% rise.
It’s noteworthy that income solely from brick-and-mortar casinos actually experienced a slight dip in 2016 if the $65 million from the now-shuttered Taj Mahal casino is excluded. Only two casinos reported revenue declines in 2016, with Resorts Casino Hotel experiencing a $16 million decrease to $358 million. Nevertheless, without the impetus from online gambling, the overall market would have registered a 0.3% year-on-year decline.
In the Keystone State, the nation’s second-largest gambling market, revenue projections indicate a 1% growth to $3…
The gaming sector experienced a significant financial upswing in 2016, generating a substantial $2 billion in revenue. Nevada, widely recognized as the gambling epicenter of the United States, proclaimed a return to profitability for the first time since the economic downturn of 2008, signaling a positive trend for the industry.
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