Atlantic City, NJ Casinos Rebound To Pre-Pandemic Levels
The Atlantic City Casino industry continues to deliver. This is a great comeback story.
New Jersey Division of Gaming Enforcement has released full 2021 financial results, which demonstrates that the industry actually surpassed pre-pandemic levels.
Additionally. eight of the nine Atlantic City casinos achieved a gross operating profit last year.
Here is the breakdown of gross operating profit by year, for the past three years.
- 2021 = more than $ 766 million.
- 2020 = $117 million.
- 2019 = more than $ 593
These improved results are critical with New York state and New York City casinos lurking around the corner.
The Commonwealth of Pennsylvania devastated Atlantic City, by taking a significant number of convenience gamblers away when they approve legalized gambling.
Atlantic City has about three years to get its act together. As we have reported recently, the casinos are getting their job done. These numbers further prove it.
The City of Atlantic City administration and the Board of Education must dramatically improve before it is too late.
Stockton University is doing its part, with a $ 270 million investment in Atlantic City’s present and future.
Stockton is materially contributing to make Atlantic City a College - University town.
Stockton’s phase II expansion project is progressing on schedule to open by summer, 2023.
All of these components are directly connected and critical and must come together in order to stave off the aggressive competition from New York, who wants it bad.
If Atlantic City successfully buttons down it’s city and school operations, things will be fine.
if not, you can expect a minimum of 1-2 Atlantic City casinos and other local entities to face significant economic crises.
We must never forget the 2008 era, when multiple casinos closed, tens of thousands of jobs were lost and Atlantic County had the highest unemployment rate and highest home foreclosure rate in America.
Atlantic City has so much going for it. For example, Atlantic City stages the largest midweek airshow in America. More than 500,000 spectators converge each August on the boardwalk and beach of Atlantic City and up and down the down beach communities.
Wednesday, August 24, 2022 will be the 19th annual Atlantic City Airshow.
Showcase events like this demonstrates that when the Greater Atlantic City community cones together, the region is an unstoppable force of human nature.
More than 20 million visitors come to Atlantic City each and every year. That’s more then visit Disney World’s The Magic Kingdom.
Atlantic City has successfully reinvented itself multiple times since 1854. It can happen again in this generation.
It will require everyone working together.
SOURCE: (2021 financial results) New Jersey Division of Gaming Enforcement.
Atlantic City's Firsts Throughout History