The New York Times recently ran an article reporting that revenue from casinos in a number of states plunged in March due to the effects of the coronavirus. Authorities forced casinos and other players of entertainment to shut down mid-March, leaving numbers tumbling, as states fought to control the spread of the pandemic. On the flip side, online gambling numbers grew in New Jersey.
According to the article, casino and sports betting revenue in New Jersey fell over 44% year-on-year in March, to just $163 million. This was the sharpest fall in the four-decade-old gambling history in the Garden State.
Overall, sports betting revenue dropped by 58% to $13 million. The total bet on sports was $182 million.
All nine of the Atlantic City casinos showed a decline in revenues. Bally’s took the brunt of the blow, with 64% decline to $5.5 million. The Golden Nugget’s strong online gambling platform helped offset the land-casino operation
New Jersey’s remote gambling figures increased sharply as gamblers took their gaming business online, with their favorite casinos closed until further notice. Casinos operated by Atlantic City casinos won $65 million online – a whopping 65% increase year on year.
The New York Times quoted gambling historian, David Schwartz as saying that the negative numbers were not unexpected, and would probably continue after restrictions were lifted in New Jersey and across the rest of the United States.
“While there will be some revenue coming in from online sources, the cessation of live casino gaming caused numbers to sharply plummet, and they will take some time to increase, even after the shutdowns end,” said Schwartz.
Also commenting was the chairman of the New Jersey Casino Control Commission, James Plousis, who said that, at this time, the paramount concern for all casino licensees in the state was the safety of employees and customers.
Other states also posted radically declining numbers:
- Indiana casinos – drop of 55% year-on-year to $98 million
- Maryland casinos – drop of 58% year-on-year to $69 million
- Michigan casinos – drop of 59% year-on-year to $57.4 million
