Casinos rebound with strong results

HOME Lifestyle Borgata Seizes Phil Ivey’s 2019 WSOP Winnings August 27, 2019, 8:43 am After a lengthy legal process that spanned more than five years, the Borgata has managed to snatch the first chunk of what it is owed by poker pro Phil Ivey. Borgata Hotel Casino & Spa features some of the finest slot machines in Atlantic City including Poker, Progressive, Reel, Novelty, and Video slots!

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The New Jersey Division of Gaming Enforcement has released figures showing that the nine casinos operating in Atlantic City won $3.29bn from gamblers in 2019, which represents an increase of 15.1% from 2018. Eric wasserson poker.

Online gaming and sports betting played a huge role in the yearly gains. When sports betting revenues of $300m are added to the total, the total revenues jump to $3.46bn.

Difficult few years for the market

The revenue total for 2019 marks the first time that casinos in Atlantic City have won over $3b from gamblers since 2012. By 2014, the region was plagued with problems as four casinos shut down and thousands of jobs were lost. Another casino closed by 2016, leaving only seven in operation.

first time that casinos in Atlantic City have won over $3b from gamblers since 2012

Revel has since shuttered, leaving Borgata as the most modern resort in Atlantic City. Borgata’s 2014 gaming revenue was up 4.2 percent compared to 2013. It was up 8.3 percent in 2015.
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The Trump Taj Mahal and the Revel Casino were two of the gaming venues that closed between 2014 and 2016. Both had reopened by 2018.

The former Trump property is now the Hard Rock Atlantic City. The Revel operates as the Ocean Casino Resort. Last year was the first full year in which the two casinos operated, bringing added jobs and revenue.

While it was good to have two new casinos in the mix, they did eat into the profits of the existing seven casinos. The first three quarters of 2019 saw a decrease in cumulative gross operating profits of $484m. This was a decrease of 4.5% compared to the same window in 2018.

According to Rummy Pandit, a gambling analyst with Stockton University, Atlantic City has been able to successfully diversify their gambling offerings. Online gaming and sports betting now account for over 18% of gambling winnings in Atlantic City.

Breaking down the figures

Online gambling continued to thrive in 2019, generating $482m in revenue. This was an increase of over 61% from the previous year. For the sports betting industry, the wagers continue to roll in month after month.

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In December 2019, close to $558m was wagered on sports in the state. This was the second-best month for the region, falling just short of the $563m wagered in November.

The two dominating casinos in New Jersey continue to be the Borgata and the Golden Nugget. The Borgata earned $797.8m for the top spot, with a 3.5% increase from 2018. The Golden Nugget came in second with $378.4m in earnings, just over 15% more from the year prior.

Starlight casino shuttle schedule. five Atlantic City casinos reported a decrease in revenue last year

While the collective total was a positive, five Atlantic City casinos reported a decrease in revenue last year. The largest drop was seen by the Tropicana, at just over 8% to $349.5m. Harrah’s dropped 6.1% with $312.6m in earnings.

Bally’s earnings of $181.5m represents a decrease of 5.4% from 2018. Caesars and Resorts had the smallest decrease at 3.7% and 3.2% respectively. Caesars earned $270.9m in 2019, while Resorts brought in $178.4m.

It was a sweet week for several Borgata slot players who struck it big at the premiere gaming destination in Atlantic City. Five players won over $175,000 in jackpots, including almost $150,000 during the last weekend in August alone!

Daniel Cavanagh hit big on Lightning Link on August 23, winning over $27,000 playing the $.10 denomination. Later in the week on August 28, a South Park, Pennsylvania native won $100,000 on Wheel of Fortune on a $50 bet. Dragon Link also paid out big on August 29, when Marilyn Iorio hit a $18,698 jackpot on a $3.00 bet!

On August 30, Borgata slot players took home two big wins. A Lightning Link player scored a $17,637 jackpot playing a $.50 bet, and a Coyote Queen player won a $14,534 jackpot on a $5.00 bet. August 31 also had two big winners: a player won over $15,000 playing 5 Dragons Grand on a $3.00 bet, and another won a $30,280 jackpot on Fu Dao Lee with a $1.28 bet!

Want to try your luck at being the next big jackpot winner? Borgata is home to some of the most diverse slots and slot games in Atlantic City. Offering hundreds of slot options, Borgata is also home to some of the highest jackpots in Atlantic City. Accepting denominations as little as a penny or as large as five hundred dollars, you can enjoy classic slot games, video slot games, or jump into your favorite movie or TV show with themed gaming. Join M life Rewards to earn more when you play with us. Good luck from Borgata!

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