New Jersey Officials Propose Limiting Number Of Casinos In Atlantic City

New Jersey Officials Propose Limiting Number Of Casinos In Atlantic City

As the casino gambling market is showing signs of saturation some New Jersey officials have come up with an idea to limit the number of casinos in the Atlantic City citing new casinos would be detrimental for the casino gaming industry.

On Thursday, a Rutgers University report was presented to a state Assemble panel that highlighted these concerns.

The press of Atlantic City reports that Jim Johnson, who formerly led Gov. Phil Murphy’s Atlantic City recovery efforts and co-authored the state’s transition report on the resort, has suggested a cap on the number of casino licenses. He reiterated that suggestion Thursday, calling the ongoing health of the existing casinos “a very serious concern.”

“The trend lines suggest things are going to be down” as new casinos continue to open in neighboring states, Johnson said.

“The Atlantic City casino industry is vulnerable to challenges from within and competition from outside the state. The data is really stark.”

In the meanwhile, New Jersey sportsbooks posted record revenue for October. According to the figures released by the state Division of Gaming Enforcement, the total betting handle was $487.9 million in October, up from $445.6 million handle in September.

Mobile sports betting contributed to the majority of the revenue. The state saw $417 million in betting handle from mobile sports betting apps across the state. The figures represent 85.4 percent of the total revenue from sports betting operations in October.

When compared with the revenue generated during the same period the previous year, the state’s sportsbooks reported a 297% increase in October 2019.

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