In Atlantic City, digital gambling establishments are experiencing growth while traditional casinos remain stagnant
New Jersey's Casinos See Strong Growth in June 2024
New Jersey's retail casinos have reported a significant increase in revenue for June 2024, according to data released recently. The casinos generated a total of $244.1 million, marking a 1% year-over-year growth and surpassing the June 2023 figure by $3 million. This was the best single month of revenue for Atlantic City retail casinos since they reported $246.5 million in September 2023.
Jane Bokunewicz, the faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT) at Stockton University, had a different outlook on the June 2024 revenue figures. While she acknowledged the growth, she noted that it may not have been as much as operators would have liked. Bokunewicz added that most of the gains in revenue can be attributed to the online gaming market.
As of June 2024, New Jersey's total gaming revenue stands at $2.7 billion, 9.1% ahead of 2023. This growth is largely driven by the online gaming sector, which accounts for $1.13 billion in revenue (41% of the total revenue). In June 2024, New Jersey online casinos posted their fourth-best revenue month since they launched in June 2013.
Notable performers among the retail casinos include Borgata, which had the highest revenue in June 2024 with over $64.2 million, and Hard Rock casino, which saw a 11% year-over-year increase in revenue. However, Tropicana and Ocean Casino experienced a 4% year-over-year decrease in revenue, despite posting their best months since December and June 2023, respectively.
Bokunewicz stated that the online gaming market provides revenues taxed at a higher rate and appeals to more/different players. However, she emphasized that internet gaming is not a replacement for brick-and-mortar gaming activity in terms of total economic impact for Atlantic City and the state.
Richard Janvrin, a sports writer with experience in collaborating with renowned names in sports, specializes in crafting informative reviews for sportsbooks and casinos. His insights provide valuable perspectives on the gaming industry's growth and trends.
In 2023, retail casinos in New Jersey posted a total revenue of $2.85 billion from slots and table games, marking a 2.2% year-over-year increase and the highest annual total since 2013. As the industry continues to evolve, the balance between online and brick-and-mortar gaming will be a key factor in shaping the future of New Jersey's gaming revenue.
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