Atlantic City’s casinos and racetrack sports betting saw a 31 per cent increase in revenues in August, compared to last year with GGR reaching $426.7m, up from $326.3m in August 2020.
Casino win for August was $262.4m compared to $199.1m in August 2020. All nine casinos saw revenue increases compared to 2020 with Borgata leading with casino win of $52m, followed by Hard Rock at $52.4m and Ocean Casino at $45.7m.
Golden Nugget’s win increased by over 70 per cent to $15.8 million compared to 2020. with Tropicana jumping 44 per cent to $38m, and Resorts over 35 per cent to $18.6m.
Internet gaming win was $113.2m in August compared to $87.8m in the prior period, reflecting an increase of 29 per cent. Sports betting revenue was $52m for the month.
For the year-to-date period, the Industry’s Total Gaming Revenue was $2.99bn compared to $1.62bn, reflecting an increase of 84.8 per ent. Internet Gaming Win increased 44.8 per cent to $866.1m when compared to the prior period. Sports Wagering Gross Revenue was $475.3m.
Due to COVID-19, Atlantic City Casinos closed on March 16, 2020 and began reopening on July 2, 2020 with operating restrictions. Internet Casino Gaming and
Online Sports Wagering operations continued, though most sports wagering events were cancelled during that timeframe. As a result, Casino Win and Sports Wagering Gross Revenue for the year-to-date period ended August 2021 are not directly comparable to 2020.
For the month of August 2021, total gaming taxes were $42.1m. Total gaming taxes reflect eight per cent of taxable casino gross revenue, 15 per cent of Internet gaming gross revenue, 8.5 per cent tax on casino and racetrack sports wagering gross revenue and 13 per ecnt tax on casino and racetrack sports wagering Internet gross revenue. In addition, the casino industry incurred $6.4m in 1.25 per cent Additional Tax on sports wagering gross revenue and Investment Alternative Tax Obligations (which reflects 1.25 per cent of casino gross revenue and 2.5 per cent of Internet gaming gross revenue). For the month of August 2021, the Racetrack Economic Development Tax of 1.25 per cent of racetrack sports wagering gross revenue was $375,023.
Jane Bokunewicz, coordinator of the Lloyd Levenson Institute at Stockton University, said: “Peak summer in the resort produced promising revenue returns for the city’s casinos. If pandemic mitigation efforts are successful in lowering transmission rates into the fall and winter and live events continue to return to the resort, we can expect a strong (off-peak) season fueled by continuing demand for experiences.”