AC Casino Revenue Took a Dive in November
The AC Casino revenue report for the month of November was released earlier this week. As predicted by many, the casino experienced a plummet in its revenue, which could continue over the next few months.
For the longest part of this year, Atlantic City’s casino industry has seen a massive dip in revenue. While things got better in summer, many projected that November would generate a large drop in revenue. This was, however true as the reports from the AC Casino states that its revenue for November sustained a drop of 10%. Nine casinos in the city generated revenue of $260.86 million in November, which is low in comparison to the $288.6 million pulled in November 2019.
A gaming analyst at Stockton University, Jane Bokunewicz, stated that the land-based gaming gained ground in September through to October and that the November drop can be attributed to the beginning of the second-wave of Covid-19 and the New Jersey Executive Order 194, which was swung into effect on November 12, which saw indoor food and beverage options to close from 10 P.M to 5 A.M. He further stated that the travel restrictions and incessant warnings of large gatherings were also a factor, giving that the holiday bump during Thanksgiving weekend has always been a busy time for casinos.
The New Jersey sports betting revenue for November, on the other hand, realized a whopping $931.6 million, which is a new monthly record. The sports betting industry has had a very lucrative run this year.
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Warnings of Upcoming Shutdowns in New Jersey
New Jersey was one of the first states to call and implement the shutdown protocol due to the early hard hits it suffered during the pandemic. As new cases reduced, the lockdown loosened, and some businesses returned to about 80% scale with their doors open for business again.
However, in recent months, there’s talk of a second wave, which has been seen with the increase in the infection rates. The state Governor, Phill Murphy, had announced a new set of regulations to be adhered to throughout the state. These regulations took a toll on businesses, even though a mass lockdown as earlier ordered was not in play. But that could fast be the case as cases are on the rise, and officials of New Jersey have gone public preparing its residents for a possible shutdown in the coming weeks (possibly after the holidays) if the infection rates continue to increase.
With another shutdown looming, it will be extremely difficult for the casinos in Atlantic City. It could deal with the industry with a big blow, as many casinos have found it difficult to bring bettors through their doors for the most part of the year. With the lockdown mostly likely possible, the casinos in the state are preparing to shut their doors again to the public while hoping they would be some sort of compensation from the state to help them stay afloat in these times.
Harrah is the second casino in Atlantic City to resume its live poker gaming options this year. They are set to begin accepting guests on December 26 in the World Series of Poker-branded room. With the fear of the possible shutdown in the state, many fear that these plans may be cut short.