Onerous Rock Atlantic Metropolis President Joe Lupo to Head NJ On line casino Affiliation


Posted on: November 3, 2021, 01:30h. 

Final up to date on: November 3, 2021, 02:35h.

Onerous Rock Atlantic Metropolis President Joe Lupo has been appointed the brand new chief of the On line casino Affiliation of New Jersey (CANJ).

Hard Rock Atlantic City casino Joe Lupo
Joe Lupo, the president of Onerous Rock Atlantic Metropolis, is taking the realms of the On line casino Affiliation of New Jersey. The commerce group works on behalf of the state gaming trade. (Picture: On line casino Affiliation of New Jersey)

Following Terry Glebocki’s shock resignation final month as CEO of Ocean On line casino Resort and her position as CANJ president, the commerce group that represents Atlantic Metropolis’s 9 casinos within the Trenton capital has chosen Lupo to guide the group ahead.

Lupo has 35 years of expertise within the US gaming trade. Previous to his arrival at Onerous Rock in Atlantic Metropolis, the gaming govt served Onerous Rock Worldwide because the president of the Seminole Onerous Rock Lodge & On line casino in Tampa.

Lupo additionally beforehand labored for MGM Resorts and Boyd Gaming. The Onerous Rock AC boss thanked his predecessor for her management throughout a most tough time.

The CANJ advocates on behalf of the Atlantic Metropolis on line casino trade “by supporting laws and initiatives that advance the continued revitalization of Atlantic Metropolis right into a world-class vacation spot.”

Important Time

COVID-19 is actually not over, and the fiscal well being of Atlantic Metropolis casinos re;most important in peril. Gross working earnings for the 9 casinos tumbled 80 p.c in 2020 to only $117.5 million. Their collective internet income dropped 40 p.c to $1.86 billion.

Gross working revenue, the New Jersey Division of Gaming Enforcement (DGE) explains, displays earnings earlier than curiosity, taxes, depreciation, amortization, affiliate prices, and different miscellaneous bills as mirrored on every on line casino licensees’ earnings assertion. It’s a widely-accepted measure of profitability within the Atlantic Metropolis gaming trade.

One challenge Lupo may steer the CANJ in the direction of is revising how on line casino revenues are reported to the DGE. At present, gross gaming income (GGR) from iGaming and on-line sports activities betting is grouped into an Atlantic Metropolis on line casino’s complete win.

Lupo factors to the truth that a lot of the iGaming and on-line sports activities betting earnings is shared with a on line casino’s third-party interactive suppliers, and due to this fact reduces its total backside line.

“We have to see town revitalized, and it’s not going to occur when the media is reporting will increase once they add in on-line income that’s going to third-party corporations that don’t have any stake within the Atlantic Metropolis recreation,” Lupo stated earlier this yr.

“Why the numbers aren’t reported with extra transparency, I’ll by no means know,” Lupo stated to On line in July.

Election Setback

Lupo’s appointment as CANJ president got here the identical day New Jersey voters rejected an effort by the trade to broaden sports activities playing within the state.

Yesterday, New Jersey voters stated sports activities betting on school athletics within the state ought to stay off-limits. Sportsbooks can even stay prohibited from providing odds on school sports activities going down elsewhere throughout the nation. That’s if the competitors entails a New Jersey college.

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