Atlantic City, NJ casinos rebound to pre-pandemic levels
The Atlantic City casino industry continues to deliver. It’s a great comeback story.
New Jersey’s Division of Gaming Enforcement has released full 2021 financial results, demonstrating that the industry has in fact exceeded pre-pandemic levels.
Besides. eight of Atlantic City’s nine casinos made gross operating profit last year.
Here is the breakdown of gross operating income by year, for the last three years.
- 2021 = over $766 million.
- 2020 = $117 million.
- 2019 = over $593
These improved results are key with New York State and New York City casinos lurking around the corner.
The Commonwealth of Pennsylvania devastated Atlantic City, taking away significant numbers of convenience gamblers when they approved legalized gambling.
Atlantic City has about three years to pull itself together. As we reported recently, the casinos are doing their job. These numbers prove it again.
Atlantic City’s administration and school board must improve dramatically before it’s too late.
Stockton University is doing its part, with a $270 million investment in Atlantic City’s present and future.
Stockton contributes materially to making Atlantic City a college town.
The Stockton 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 aggressive competition from New York City, which wants it badly.
If Atlantic City succeeds in shutting down its municipal and school operations, all will be well.
otherwise, 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 era of 2008 when several casinos closed, tens of thousands of jobs were lost and Atlantic County had the highest unemployment rate and the highest rate of foreclosures from America.
Atlantic City has so much to do. For example, Atlantic City has the largest midweek airshow in America. More than 500,000 spectators converge each August on the Atlantic City boardwalk and beach and along the beach communities.
On Wednesday, August 24, 2022, the 19th Annual Atlantic City Airshow will take place.
Showcase events like this demonstrate that when the Greater Atlantic City community comes together, the region is an unstoppable force of human nature.
Over 20 million visitors come to Atlantic City each year. It’s more than just visiting The Magic Kingdom at Disney World.
Atlantic City has successfully reinvented itself many times since 1854. It may happen again in this generation.
Everyone will have to work together.
THE SOURCE: (2021 financial results) New Jersey Division of Gaming Enforcement.