It is good news for Pennsylvania as the state, with its fast-growing gambling industry, has now surpassed famous New Jersey in the annual casino revenue and is now considered the second-largest betting hub in the US. Nevada holds the top spot.
According to the Pennsylvania’s Gaming Control Board, gross casino revenues for the state increased by 4.4 percent, hitting $3.16 billion. The state was able to surpass Atlantic City even though it has less casinos that New Jersey and has not been in the gambling business nearly as long. New Jersey, on the other hand, as reported revenues for its world famous Atlantic City casinos are down 8 percent, coming in at $3.05 billion.
New Jersey is not going down without a fight as its Governor Chris Christie as said that he wants to revitalize Atlantic City and still opposes expanding gambling to go outside of the city. For last year, Atlantic City’s casinos have now reported $3.3 billion. This represents a decrease of some 37 percent from its high of $5.2 billion way back in 2006. This was also the year that Pennsylvania slots first opened in that state. No information was given as to how exactly the Christie plans to bring back customers to AC. But knowing the Governor, it is all but certain that he is working on an aggressive plan of action to help stabilize and expand business and revenues in Atlantic City.
These new numbers only press home the many challenges that New Jersey Governor Chris Christie is facing as he plans to boost the gambling and tourism industries in the city. The fact that the city has seen year after year declines does not help. Superstorm Sandy added more problems as it caused a stiff decline in revenues as well. And add to all of that the fact that New York, Pennsylvania and Maryland are all expanding their gambling operations and it is easy to see why AC is struggling.
Many experts say that Pennsylvania represents a good growth story and that if it continues to manage its gambling operations as it currently does, it should only increase in status.
On the other hand, casino revenues for New Jersey are now being reported as having decreased for six straight years. In 2011, Pennsylvania was ranked third in the US in terms of casino spending. It was behind both Nevada and New Jersey. This is according to information put out by the American Gaming Association. That, of course, has all changed now as it moves up the chain to take second place over New Jersey. Whether or not it can keep that position next year, or years beyond, is yet to be seen, but there are high hopes that it will continue to expand its gambling revenues as time goes by.
Currently, the state of New Jersey has some 12 casinos since the newly opened Revel came onto the scene last year. Pennsylvania currently has casinos numbering 11. According to reports, Parx Casino and Racing had the most in earnings totaling almost $500 million.