In April, New Jersey's gambling earnings reached approximately $511 million, while Atlantic City's casinos experienced hardship.
New Jersey's gambling sector experienced its most successful April in over 10 years, according to the state's Gaming Enforcement Division (DGE).
Combined revenue from Atlantic City's nine casinos, sports betting, and iGaming reached an impressive $510.9 million in April. This is a significant increase of over 10% compared to the previous year.
The main contributors to this growth were iGaming and sports betting. Online slot machines and table games, including interactive poker rake, totaled nearly $187.9 million, which is 18% more than the previous year.
The sports betting industry also saw a significant increase of 47% to $106.2 million, approximately $34 million higher than April 2023. This was mainly due to high betting interest in the men's and women's NCAA March Madness championship games, which took place in early April.
Decrease in Casino Win Due to Difficult Comparison
If it weren't for Atlantic City's nine casinos, the New Jersey gambling sector would have achieved an even more significant year-over-year increase. However, land-based casino revenue dropped by more than 6% to around $216.8 million.
Both in-person slot and table game revenue decreased by roughly 6%, with slots accounting for $158.8 million and tables for $58 million.
It is important to note that there were two fewer Saturdays and Sundays in April 2024 than in April 2023. Weekends are typically the busiest days for Atlantic City casinos, as they rely less on convention business and events compared to Las Vegas.
James Plousis, Chair of the Casino Control Commission in New Jersey, expressed that the industry is strong both online and in Atlantic City. He explained:
"In-person casino win declined in comparison to April 2023 when the calendar contained a fifth weekend. However, casino win exceeded April 2021 and pre-pandemic 2019 levels when considering the four full weekends in previous years."
Plousis also mentioned that New Jersey's gaming industry reached $400 million in revenue every month this year and iGaming revenue increased faster than ever before, surpassing $750 million.
Looking towards the summer months, Plousis is hopeful for Atlantic City, attributing its appeal to the dedicated workers in the casino hotels who are at the heart of the industry. He attended the CRDA's (Casino Reinvestment Development Authority) 'Host Awards,' an annual celebration for employees providing exceptional service and incredible hospitality:
"The enthusiasm shown during this event set the stage for an extraordinary summer season."
Challenges for Legacy Play
Despite Atlantic City facing a decline in revenue of over 6% in April 2024 compared to April 2023, possibly because of two fewer weekend days, the overall GGR for the first four months of the year at the nine properties was down 1.9% from the previous year.
Slot win for this four-month period totaled $633 million, which is $12.5 million or 1.9% less than in 2023. Table win dropped by 0.5% to $239.9 million.
To combat this, Atlantic City will need to protect its market against the impending threat of integrated resort casinos arriving in New York City. In 2023, New York officials plan to issue the three downstate casino licenses, and Empire City in Yonkers and Resorts World New York City in Queens are considered the top contenders for two of these concessions that offer slot machines, live dealer table games, and sports betting.
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Source: www.casino.org
