Evolution to Establish $75 Million Live Casino Dealer Studio Campus in Atlantic City
Evolution, a company from Sweden, intends to construct a $75 million complex in Atlantic City. The complex will host live dealer casino games for several online gaming companies in New Jersey. Evolution is a prominent player in the US iGaming market, collaborating with various platforms in New Jersey through business-to-business deals.
At present, Evolution has real-life dealers operating live studios within Hard Rock, Ocean Casino Resort, and Tropicana resorts. These dealers facilitate table games for internet gamblers. To create a dedicated studio, Evolution has targeted a site at 2301 Fairmont Avenue, which is currently an empty parking lot. However, it requires the endorsement of the Casino Reinvestment Development Authority (CRDA) for this project.
The CRDA is a government agency responsible for managing land-use and construction activities within Atlantic City's Tourism District, and it also owns the property that Evolution plans to redevelop.
Cooper Levenson, a legal firm with a focus on casinos and iGaming, represents Evolution in this operation. Lloyd D. Levenson, the firm's partner, is renowned for his support of the Atlantic City gaming industry. Levenson has been a significant donor to Stockton University, whose institute, LIGHT, specializes in Gaming, Hospitality, and Tourism.
Currently, Evolution employs around 850 employees in Atlantic City. There could be far more, but it's restricted by the limited space at the three casino resorts. If the CRDA hands over the roughly one-acre plot to Evolution, the company hopes its workforce would swell to almost 2,000 employees by 2029.
Under New Jersey's online gaming law, live dealer operations must be conducted solely in Atlantic City, a measure meant to buck online gambling's economic impacts on the city.
Seven states in the US legalize online casino gambling- And they are Connecticut, Delaware, Michigan, Pennsylvania, Rhode Island, West Virginia, and New Jersey.
Online gaming revenue has spiked in New Jersey, from $482.7 million in 2019 to $970.2 million in 2020, due to the pandemic. A further 41% hike occurred in 2021, generating $1.36 billion. As iGaming win increased 22% in 2022 to $1.66 billion, it rose another 16% in 2023 to $1.92 billion. From April 2024, iGaming has witnessed a 21% escalation.
The state receives 15% of the gross iGaming revenue, earning $288.5 million last year. Even though online gaming revenue has increased by 300% since 2019, traditional gaming, such as slots and table games at the nine Atlantic City casinos, grew feeble, from $2.68 billion to $2.84 billion (a meager 6% boost).
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Source: www.casino.org
