Published on: December 16, 2024, 02:48h.
Last updated on: December 16, 2024, 02:48h.
Atlantic City casinos saw a positive turn in November after a two-month decline.
The New Jersey Division of Gaming Enforcement (DGE) reported that the nine Atlantic City casinos generated $223.9 million in revenue from slots and table games last month, showing a 4% increase year-over-year.
Five of the nine casinos saw improved results in November 2024 compared to 2023. Borgata led the way with a revenue increase of over 11% to $57.5 million.
Hard Rock followed with $44.3 million, up 7%, and Ocean with $34 million, up 8%.
According to James Plousis, chair of the New Jersey Casino Control Commission, the favorable calendar with an extra weekend day in November 2024 contributed to the boost in revenue.
The additional Saturday helped Atlantic City casinos achieve their “highest November result in 11 years.”
Resorts marked a nearly 12% gain to $14 million, while Golden Nugget also saw an increase in revenue, climbing 7% to $11.7 million.
Bally’s, Caesars, Harrah’s, and Tropicana experienced year-over-year revenue declines ranging from 6% at Harrah’s to over 10% at Bally’s.
iGaming and Sports Betting Growth Continues
New Jersey’s iGaming and sports betting markets maintained their momentum in November.
Online casino GGR from slots and table games reached $214 million, showing a 25% increase. Sportsbook revenue also saw a 24% rise.
Online casinos achieved another record-breaking month, marking the fourth consecutive month with new highs in iGaming revenue exceeding $200 million.
Thanks to iGaming and sports, New Jersey reported a total gaming revenue of over $556.9 million in November 2024, the highest in 11 years.
The ongoing success of online gaming and sports betting contributed to the best November monthly result in over a decade,” Plousis stated.
New Jersey’s top gaming official also announced that year-to-date revenue has surpassed $5 billion for the second consecutive year.
2024 – A Year of Success
By the end of November, gamblers in New Jersey had generated over $5.77 billion in revenue through both in-person and online gaming, matching the total revenue for 2023.
While online gaming continues to flourish, the land-based casinos in Atlantic City have faced challenges this year. Revenue from the casinos in Atlantic City for the first 11 months of 2024 totaled $2.58 billion, showing a 1.1% year-over-year decrease of about $29.7 million.
Industry leaders emphasize that iGaming revenue differs from in-person revenue as online income is shared with partners like DraftKings and FanDuel, and online players do not contribute to additional revenue streams like hotel stays or dining.
The challenges in legacy play have led casino leaders to push back against legislative efforts to ban indoor tobacco use on casino floors, citing potential negative impacts on their businesses, including layoffs and potential closures.