Atlantic City Casinos Report Lowest Profit Since 1991

Unlike online casinos, land-based gambling venues in New Jersey are becoming less popular.

While internet gambling in the US state of New Jersey is growing, last year’s profits for Atlantic City’s land-based casinos are disastrous. Figures are showing the state’s gambling venues have recorded the lowest annual profit in 23 years. In fact, it’s for the first time since 1991 that casino revenues have dropped below $3 billion.

In 2013, casinos in New Jersey made a total profit of 2.87 billion, with revenues going down by 6.2% from the previous year. It looks like 2006 was the best year for gambling in Atlantic City, as profits then reached a peak of $5.2 billion.

Land-based casinos less popular

The Borgata Hotel and Casino is New Jersey’s top earner, with total venues reaching $617 million. However, the figure does not reflect a significant growth for the business, as profits have only gone up by 0.7% since 2012.

Harrah’s came in second, but the casino only made about half of its main rival’s total income. Also, the business saw a painful 10.7% decrease on a year-to-year basis. Caesars is the state’s third most profitable casino, reaching a total revenue of $336.4 million over the last year.

With the Atlantic Club Casino Hotel now closed, there are only 11 gambling venues left in New Jersey. Gamblers now have the option to play in online casinos, as state officials changed American gambling laws to allow internet gambling in the state.