Posted on: March 17, 2024, 01:57h.
Last updated on: March 17, 2024, 01:57h.
Atlantic City casino revenue was down in February, the market’s second consecutive year-over-year monthly win decline.
The New Jersey Division of Gaming Enforcement (DGE) regulates all forms of gaming inside the Garden State aside from the state-run lottery. The regulator said the nine casinos down the shore generated gross gaming revenue (GGR) of approximately $211.6 million in February, a 1.6% slide from February 2023 when the nine properties won nearly $215 million.
James Plousis, chair of the New Jersey Casino Control Commission, which oversees the DGE, said the February brick-and-mortar numbers were not surprising.
Casino win in the midst of the traditional offseason has been relatively consistent. In each of the past three years, February’s casino win has exceeded $210 million,” Plousis wrote to Casino.org.
The casinos weren’t as lucky last month, as revenue from table games fell over 5% to $52.7 million. Slot win was about flat at $158.9 million.
With January’s brick-and-mortar casino win down, Atlantic City’s nine casinos through two months of 2024 are 2.4% below where they were at this time last year. The 2.4% difference equates to about $10.3 million.
iGaming, Sports Betting Continues Surge
Revenue from online gaming and sports betting easily offset the brick-and-mortar declines.
iGaming GGR, plus poker rake collected online, jumped 28% to $182.3 million. The online gaming haul represented New Jersey’s second-highest result since the vertical’s inception in 2013.
Oddsmakers kept about $67.5 million of the more than $1 billion wagered. Sportsbook income was up 24% year-over-year.
New Jersey GGR in February from all verticals totaled $461.48 million — 12% higher than February 2023.
Borgata continued to dominate the state gaming industry. The Marina District casino operated by MGM Resorts won $98.1 million from its casino, iGaming operations, and sportsbooks.
Borgata’s casino floor won $53.6 million, while its iGaming and sports betting businesses respectively won $40 million and $4.5 million.
Resorts was second at $84.3 million, with the Boardwalk property predominantly making its money online. While the physical casino won just $12.1 million, Resorts’ iGaming sites won $48 million and sportsbooks $24.2 million.
Third-place Golden Nugget also focuses online, with its casino winning $11.6 million and its iGaming platforms accounting for $51.5 million. Its sports betting business posted a $350,000 loss for the month.
As for the rest of the casinos, Hard Rock reported GGR of $55 million, Ocean reported $37.6 million, Tropicana was at $30.2 million, Bally’s won $19 million, Harrah’s won $18.7 million, and Caesars won $16.3 million.
The revenue numbers for the three casinos operated by Caesars Entertainment — Caesars, Harrah’s, and Tropicana — were actually slightly higher, as the company groups its iGaming revenue into its Caesars Interactive license. The company’s digital unit won about $5.6 million during the month.
Responsible Gaming Month
March is Problem Gambling Awareness Month in New Jersey, which coincides with March being designated National Problem Gambling Awareness Month.
This time each year, we pause to acknowledge that some people develop problems with gambling or are at risk for addiction,” Plousis said. “Education and treatment programs are available. If you or anyone you know has a gambling problem, call 1-800-GAMBLER.”
Last year, the 1-800-GAMBLER hotline was deployed across the country after the Council on Compulsive Gambling of New Jersey agreed to lend the number to the National Council on Problem Gambling. The DC-based nonprofit works with state affiliate members to reduce the personal, social, and economic costs of problem gambling.
For those wishing to text instead of call, the 1-800-GAMBLER hotline can be reached by texting the number “800GAM.”
