Evolution, a top player in the gaming industry, is set to make a big leap in the rapidly expanding online casino world. They’ve announced plans for a new $75 million live dealer studio campus in Atlantic City. This custom-built hub will greatly boost Evolution’s existence in the city while creating hundreds of new jobs.
Evolution’s Dominance in the Live Dealer Market
Sweden-based Evolution reigns supreme in the U.S. live dealer casino industry. With multiple online partnerships across New Jersey, Evolution is a vital player. The company’s partnerships include resorts like Hard Rock, Ocean Casino Resort, and Tropicana. From these places, studios stream live table games. Always at the heart of the action, homeowners become high rollers, with human dealers bringing the casino experience directly to their screens.
A Chance to Revamp Atlantic City
Evolution plans to position their fresh studio at 2301 Fairmont Avenue, an empty parking lot at present. The success of this venture is in the hands of the Casino Reinvestment Development Authority (CRDA). This government agency supervises land use and promotes the Tourism District in Atlantic City. Interestingly, the property Evolution is eyeing for their project is owned by CRDA.
By 2029, Expansion Aims at Adding 2,000 Jobs.
The legal brains behind this project is Cooper Levenson, headed by partner Lloyd D. Levenson. Levenson, a key player in Atlantic City’s casino world, highlighted that the company employs about 850 people. He pointed out the lack of room in casino resorts as a big roadblock to growth.
If the CRDA gives a thumbs up to this project and sells or grants the one-acre plot, Evolution will boost the economy. Imagine 2,000 workers by 2029. Appreciate the large wave of jobs that could boost Atlantic City’s economy. Spark of hope, isn’t it?
New Jersey’s Lucrative iGaming Market
New Jersey is one of just seven states that enjoys the perks of legal online casino gambling, joining Connecticut, Delaware, Michigan, Pennsylvania, Rhode Island, and West Virginia. The iGaming scene in New Jersey is booming, especially since COVID-19 began.
Growth Of Online Gambling Revenue Since 2019
New Jersey’s online casinos have seen huge gross gaming revenue (GGR) increases since they were legalized in 2013. Most of this growth has happened recently. Online GGR has generated over $7 billion since it started, with the majority earned in the last few years. Here are some figures:
- In 2019, Online GGR was $482.7 million.
- In 2020, it more than doubled to $970.2 million because casinos had to close.
- By 2021, it was $1.36 billion, a 41% increase.
- In 2022, it rose 22% to $1.66 billion.
- And by 2023, it further increased by 16% to $1.92 billion.
- Even until April 2024, Online GGR surged by more than 21%.
This fantastic growth means a huge money boost for the state, as New Jersey takes a 15% cut from the gross iGaming revenue—roughly $288.5 million in 2023 alone!
Online Vs. Traditional Casinos
As online gambling prospers, Atlantic City’s conventional casino sector, relying heavily on slots and in-person games, experiences slower growth. Traditional play’s earnings rose only 6% from 2019 to 2023, going from $2.68 billion to $2.84 billion.
This glaring difference shows Atlantic City needs to adjust to today’s evolving game market. The suggested expansion of Evolution’s live dealer studio marks a big commitment to the city’s future, with the chance to boost job numbers and strengthen the economy. Nevertheless, some believe that growing the online segment might risk jeopardizing the city’s established physical casinos.
The CRDA’s verdict on Evolution’s plan will be a critical factor in shaping the future course of Atlantic City’s game industry. This project presents a hopeful prospect for economic revival and employment increase. However, careful thought should be given to the possible effects on the present casinos and the equilibrium between online and physical gaming within the city.
