Posted on: December 16, 2024, 02:48h.
Last updated on: December 16, 2024, 03:19h.
Atlantic City casinos turned things around in November following a two-month losing streak.
On Monday, the New Jersey Division of Gaming Enforcement (DGE) reported that the nine casinos in Atlantic City won $223.9 million last month from their slot machines and table games. That marked a more than 4% year-over-year gain or an additional $9 million.
Five of the nine resorts experienced a better November in 2024 than they did in 2023. Borgata was most responsible for the retail play surge as the MGM Resorts property saw gross gaming revenue (GGR) grow by more than 11% to $57.5 million.
Hard Rock was second at $44.3 million, up 7%, and Ocean was third at $34 million, up 8%.
James Plousis, chair of the New Jersey Casino Control Commission, said a favorable calendar was partly to thank for the legacy play gains. November 2024 had an extra weekend day than did November 2023.
Plousis said the bonus Saturday delivered the Atlantic City casino industry its “highest November result in 11 years.”
Resorts posted a nearly 12% gain to $14 million. Golden Nugget was the other casino in the black, as in-person play climbed 7% to $11.7 million.
Bally’s, Caesars, Harrah’s, and Tropicana experienced year-over-year GGR losses ranging from 6% at Harrah’s to more than 10% at Bally’s.
iGaming, Sports Betting Maintain Growth
November continued the momentum for New Jersey’s iGaming and sports betting markets.
GGR from online casino slots and table games totaled $214 million, up 25%. Oddsmakers kept almost $119 million of the more than $1.22 billion bet. Sportsbook revenue was up 24%.
Online casinos set yet another monthly record. November marked the fourth consecutive month where iGaming GGR reached new highs. It was also the third consecutive month where internet gambling win exceeded $200 million.
Largely thanks to iGaming and sports betting, New Jersey’s combined GGR of more than $556.9 million in November 2024 was the state’s best November in 11 years.
The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade,” Plousis said.
New Jersey’s top gaming official added that year-to-date GGR has now exceeded $5 billion for a second straight year.
2024 a Banner Year
Through 11 months, gamblers in New Jersey have lost more than $5.77 billion in person and online. The $5.77 billion already matches the state’s 2023 GGR tally.
The surge continues to be felt online, but legacy play down the shore has struggled this year. Atlantic City casino revenue through 11 months totaled $2.58 billion, a 1.1% year-over-year decline, or a loss of about $29.7 million.
Casino leaders continue to stress that iGaming revenue isn’t the same as in-person win. Much of the online income is shared with third-party partners like DraftKings and FanDuel. Online players also don’t spend money on hotel rooms, food and beverage, or entertainment.
Industry leaders have used their poor legacy play numbers in their ongoing fight to stop a legislative effort in Trenton to ban indoor tobacco use on the nine casino floors. They argue that such a change would further hurt their businesses and could lead to job layoffs and the possibility of a resort closure.
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