The casinos and horse tracks in New Jersey won a total of $264.5 million in July after reopening. These figures were recorded in the CoronaVirus outbreak, a figure that went down by 21% compared to what was recorded a year ago. However, this comes as a relief to the gambling industry after several months of inactivity. Recent figures produced by the state Division of Gaming Enforcement are reflections of the first month of operation. This is besides being allowed to operate at 25% of their normal capacities.
Casinos Hoping to Recover Amid the Pandemic
The gambling industry will be hoping to recover as quickly as possible with sports like baseball, hockey, and basketball, resuming their seasons towards the end of the month. Regardless of the challenges resulting from the pandemic, internet gambling revenue more than doubled in July to $87.4 million. On the other hand, the sports betting revenue was recorded at $29.5 million, which was up 65% over July 2019 levels. This indicates that there is still light at the end of the tunnel, as most casinos have had to change their modes of operation to ensure that they still operate within the new rules imposed by the government. Nearly all the casinos currently operating have already put in place measures that will help to prevent the rate at which the virus is spread, and at the same time, continue making profits as before.
Some casinos have also decided to embrace the online market since some of the casino lovers have been reluctant to visit the casinos in fear of contracting the virus. The online platform gives such people a great opportunity to enjoy playing their favorite casino games at the casino websites at home without worrying about the virus.
However, with more countries finding effective ways to deal with the pandemic, more people are now willing to go back to their favorite casinos. Whether this recovery will continue largely depends on the CoronaVirus infection rates in the respective areas.
How Have the NJ’s Casinos Performed Amid the Pandemic?
Out of the nine casinos, only two of them managed to win more than they did a year ago. The Ocean Casino Resort recorded winnings of $26.2 million, which was in upwards of 30.3%. Another casino that recorded more winnings than a year ago was the Golden Nugget casino. It won $40.3 million, which was up by nearly 17%. In July, Ocean was the only casino that recorded an increase in its in-person casino floor winnings. The casino recorded an increase of over 23% to $23.6 million. The casinos were given the go-ahead to resume their operations on July 2 after being shut down by order since March 16. Most of the casinos immediately resumed their operations while some of them took a few days to return to normal operations.
Borgata, on the other hand, chose to resume its operations later as it scrambled to line up additional outdoor dining options. It fully resumed its operations on July 26, which was three days after an invitation-only soft opening. However, despite its physical casino property shutdown, Borgata’s internet gambling and sports betting section continued to operate uninterrupted, helping it to a $26.6 million for the month. This was down nearly 70% compared to a year ago, which was still enough to rank the casino as the third in Atlantic City. The following are the performances recorded by some of the casinos:
- Tropicana won nearly $22.5 million, down 32% from a year earlier
- Harrah’s casino recorded winnings of $21.1 million, down over 29%
- Caesars won $18.2 million, down nearly 27%
- Bally’s won $14.6 million, which was down nearly 20%
- Resorts won nearly $12 million, which was down over 34%
Racetrack’s Performance in New Jersey
In July alone, more than $315 million was wagered on sports in New Jersey, which was up from $251 million in sports the previous year. The Meadowlands Racetrack in East Rutherford made $14 million in sports betting and revenue after paying out winning bets in July. This was up from $9 million a year earlier. On the other hand, Monmouth Park Racetrack in Oceanport made nearly $1.7 million, down from $1.9 million a year earlier. In general, for the first seven months of 2020, the tracks and casinos have made close to $1.3 billion in revenue. This is a reduction by a third of the $1.9 billion they had won within the same period last year.
Is There Any Hope for Casinos Post-Coronavirus?
There is a lot of hope for casinos moving forward. The fact that a few casinos have managed to record high numbers amid the pandemic shows that people are still willing to gamble. If the casinos adhere to the measures put in place by their respective government dealing with the pandemic, the industry will be back to normal within a short time. Most of the casinos have also embraced the online casinos real money space, which has helped them make some profits during these trying times. The online space has seen more people prefer to play their favorite casino games online instead of gathering in a casino and running the risk of contracting or spreading the virus.