Atlantic City casinos endured a most hard and unprecedented 2020, and pandemic concerns lingered into 2021. But the IX gaming resorts get more than rebounded inwards the latter constituent of the year.
Brick-and-mortar 144 gaming revenue (GGR) inwards Oct totaled $237.5 million. That’s a 27 percent earn on October 2020, and a 15 percent premium compared with the same month in 2019.
Slot machines on the factual IX gambling casino floors were predominantly responsible for the October rise. The terminals kept o'er $179.3 zillion of gamblers’ bets in conclusion month, which is considerably higher than the $147.5 one thousand thousand that the machines won inwards October 2019. Table games won $58.2 million.
Atlantic City has in effect extended its impulse from the summer into the come season. Five cassino hotels surpassed their brick-and-mortar results from Oct 2019 and the other IV were within striking distance,” said Saint James the Apostle Plousis, chairman of the New island of Jersey Casino Control Commission.
Internet gaming continues to tucket despite the strong homecoming of retail romp inwards Atlantic Ocean City. In fact, October circle a young iGaming GGR record, as the interactive platforms won $127 million.
With revenue included from gambling casino and horse racetrack sports betting, Oct ’21 GGR from all verticals totaled just shy of $448.7 million. That is $110.6 trillion better than finally October.
Property Payment Reductions
There’s an effort underway in the capital of New Jersey majuscule to trim how often holding task payments that the Atlantic Ocean City casinos testament live required to pay off inwards the coming years.
Under their stream PILOT (payment-in-lieu-of-taxes) arrangement, instead of paying holding taxes based on their assessments, the niner resorts collectively assure New Jersey and Atlantic County that they testament pay at least $120 million. That list climbs based on the preceding year’s sum GGR.
For instance, if the casinos study a summate 2021 GGR betwixt $3.4 billion and $3.8 billion, they’re on the crotchet for $165 million.
Year to date, casino GGR from all verticals stands at $3.49 billion. But a large chunk of that revenue comes from iGaming and online sports betting. Outgoing Senate President Stephen Sweeney (D) has heeded the gambling casino industry’s asking to have revenues derived online – which is shared with their third-party operators – follow stripped from the holding defrayment calculation.
January through October, iGaming GGR is at approximately $1.15 billion. Casino sportsbooks feature also won $243 trillion inward 2021. Sports betting revenue is not broken pull down past the state’s Division of Gaming Enforcement, but the vast chunk of it comes online.
Critics Will Likely Emerge
Atlantic City casinos reason that their iGaming and nomadic sportsbook revenue shouldn’t follow included inwards the PILOT calculation. That’s because their interactive partners, same DraftKings and FanDuel, don’t have got any tegument inward Atlantic City. They accept their portion of the profits elsewhere.
But with Atlantic Ocean City casinos experiencing regular best than pre-pandemic market place conditions, that could be a toughened sell. Dennis Levinson, Atlantic’s county executive, says amending the PILOT fee structure testament hurt residents.
The loss inward holding taxation succour could be inward the millions of dollars,” Levinson said recently.
Plousis added inward his Oct 2021 GGR remarks that Atlantic City casinos are faring well, and that should go on to be expected.
“All of the operators have got the tools that are requisite to successfully compete inward this market,” Plousis said.