Published on: September 16, 2024, 04:03h.
Last updated on: September 16, 2024, 04:03h.
Atlantic City casinos needed some luck at the end of summer, and August delivered positive results for the gaming properties along the shore.
The New Jersey Division of Gaming Enforcement (DGE) reported that the nine casinos collectively earned $294 million on their gaming floors in August, showing a 4.9% increase from the previous year, making them $13.7 million richer.
Slot revenue increased by 5.3% to $221.6 million, while table games brought in $72.4 million, a 3.8% rise. James Plousis, chair of the New Jersey Casino Control Commission, highlighted that August was the best for casinos in over ten years.
August marked a strong finish to the summer for casino revenue, achieving the best August results in a decade. Although year-to-date revenue was flat compared to last year, it still represented the second-best performance in 11 years,” Plousis told Casino.org.
From January to August 2024, brick-and-mortar casino revenue in New Jersey totaled over $1.92 billion, a slight 0.2% dip from the same period in 2023. Both slot revenue ($1.42 billion) and table revenue ($495.2 million) decreased by 0.2%.
iGaming, Sports Betting Growth
While in-person casino gambling remained stable in 2024, online slots, table games, and sports betting saw significant growth.
New Jersey’s iGaming sector continued to flourish, with internet gross gaming revenue (GGR) surpassing $1.52 billion in the first eight months, a 22.7% increase from 2023.
Sportsbooks also expanded their operations, with sportsbook revenue totaling $715.8 million in the first eight months, showing a nearly 20% increase from the previous year despite a lower hold rate in August. iGaming and sports betting contributed to a 10.5% growth in the state’s gaming industry from January to August, with total revenue exceeding $4 billion.
Overall, business in Atlantic City remained steady, with operators benefiting from a mix of diverse gaming options and top-notch in-person experiences. The fall season holds promise for continued growth,” Plousis concluded.
However, casino representatives expressed concerns about inflation and rising operational costs affecting their profits negatively. The latest reports from the DGE showed a nearly 2% decline in profits despite a 1.3% revenue increase in the second quarter.
iGaming Record
Online gamblers set a new record in August, with iGaming GGR reaching $198.3 million, the highest monthly total to date.
Internet slots and table games generated $195.8 million in online revenue, while online poker rake brought in nearly $2.4 million.
Most of the $62.7 million sportsbook revenue in August came from online operations, bringing New Jersey’s online gaming revenue close to matching that of the nine physical casinos. The breakdown showed that over $57.7 million was generated online out of the total sportsbook revenue.
In total, online gaming revenue in August 2024 exceeded $256 million, falling $43 million short of the revenue generated by physical casinos.