Posted on: September 16, 2024, 04:03h.
Last updated on: September 16, 2024, 04:03h.
Atlantic City casinos needed a little bit of luck to cap off the unofficial end to summer. August delivered for the gaming properties down the shore.
The New Jersey Division of Gaming Enforcement (DGE) revealed today that the nine casinos combined to win $294 million on their physical gaming floors in August. That’s a 4.9% year-over-year improvement, or about $13.7 million richer.
Slot win climbed 5.3% to $221.6 million while tables won $72.4 million, a 3.8% increase. James Plousis, chair of the New Jersey Casino Control Commission, which oversees the DGE, pointed out that last month was the casinos’ best August in over a decade.
Monthly casino win finished the summer well, achieving its best August result in ten years. Year-to-date casino win was relatively flat compared to last year, but it was still the second-best result in 11 years,” Plousis told Casino.org.
Through eight months, 2024 brick-and-mortar casino gaming revenue totaled more than $1.92 billion, a 0.2% decline from the same period in 2023. Both slot win ($1.42 billion) and table revenue ($495.2 million) were 0.2% lower.
iGaming, Sports Betting Growth
In-person casino gambling was flat through three quarters of 2024 but that wasn’t the case for online slots, interactive table games, and sports betting.
New Jersey’s iGaming sector continues to blossom, with internet gross gaming revenue (GGR) totaling over $1.52 billion through eight months. The online win represents a 22.7% surge from 2023.
Oddsmakers also continue to grow their business. Despite a bad hold rate in August where oddsmakers kept just $62.7 million of the $698.8 million bet, down $33.3 million from August 2023, sportsbook revenue through eight months was $715.8 million. That’s almost 20% higher, or $117.9 million more, than the same three quarters a year ago.
iGaming and sports betting were responsible for the state gaming industry expanding by 10.5% from January through August. 2024 marks the fastest that New Jersey GGR has eclipsed the $4 billion mark.
Overall business in Atlantic City remains stable, with operators gaining competitive advantage from a unique combination of impressive gaming options and first class in-person experiences. There is great opportunity for continued momentum in the fall season,” Plousis concluded.
Casino reps argue that the industry remains troubled as inflation and overall higher operating costs eat into their bottom lines. The DGE disclosed second-quarter reports last month that revealed that profits declined almost 2% despite a 1.3% increase in revenue.
iGaming Record
Online gamblers lost more money in August than they had in any month before, as the $198.3 million in iGaming GGR marks a new monthly record.
Internet slots and tables generated online win of $195.8 million. Online poker rake generated almost $2.4 million.
With most of the $62.7 million in sportsbook revenue derived from online operations, New Jersey’s online gaming industry is nearing monthly revenue generated at the nine physical casinos. The DGE’s sports betting breakdown showed that of the $62.7 million won by oddsmakers last month, over $57.7 million was generated online.
That brings total online gaming revenue in August 2024 to approximately $256 million, or $43 million less than what the physical casinos won.
