Internet success
The New Jersey record for adjusted gross revenue for online casino gaming was $197.2 million set in March. August not only broke this total but marked the fourth time that online gaming produced more than $190 million in adjusted revenue.
Retail casinos won $294 million from visitors, a 4.9 percent increase from the same period one year ago.
The adjusted gaming revenue produced between in-person and online casino gambling and sports betting hit more than $555 million, 4.4 percent higher than what was recorded in August 2023.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, said that the success of iGaming has made it crucial to Atlantic City’s economy.
“This important vertical for the casino industry has topped $190 million in four of the last eight months in a trend that is seeing off-property gaming activity, which includes online sports betting, contribute nearly half of Atlantic City operators’ total gross gaming revenue,” she said.
Despite the success of the online market, officials are still trying to help land-based casinos beat their pre-pandemic marks. Online revenues are split with external partners such as tech companies and odds providers, making in-person casinos the real money-makers in New Jersey’s gambling ecosystem.
Retail looks to rebound
Of the nine in-person casinos in Atlantic City, Borgata led the way with $74.2 million, up 1.6 percent from August 2023; Resorts Digital won $69.2 million, down 30.2 percent; Hard Rock won $55.3 million, up 9.2 percent; Ocean won $44 million, up 11.4 percent; Harrah’s won $25.1 million, up 2.4 percent; Tropicana won $24.9 million, up less than one percent; Caesars won $24 million, up 9.2 percent; Resorts won $16.1 million, down nearly 9 percent; Bally’s won $15.6 million, up 4.2 percent; and Golden Nugget won $14.6 million, up 11.2 percent.
All in all, Atlantic City casinos increased revenue by 4.9 percent to $294 million. Their $1.92 billion in total revenue in the first eight months of 2024, however, is down 0.2 percent compared to 2023.
Conversely, internet gaming revenue is up 22.7 percent.
iGaming was responsible for $29.7 million of the $56.7 million in gambling taxes paid by operators to New Jersey in August.
The $198.4 million mark hit by New Jersey online operators was tantalizingly close to the $200 million barrier that only Michigan has surpassed in one month.
Atlantic City casinos recently went through a public legal battle with anti-smoking unions and representatives. Superior Court Judge Patrick Bartels dismissed the lawsuit in early September despite claims that rules permitting smoking inside casinos created health risks for casino employees.
