July Casino Income Decreases in Atlantic City, Physical Establishments Earn $290 Million
July witnessed a decrease in Atlantic City casino earnings as table game players emerged victorious against the nine shoreline establishments.
The New Jersey Division of Gaming Enforcement (DGE) shared these findings in their latest report, showing that lucky players managed to win big at the tables last month. Table games recorded a total of $72.1 million in gross gaming revenue (GGR), representing a steep 13% decline from July 2022 when these games netted around $83.1 million for the nine casinos.
Conversely, slot game players didn't fare so well, losing $217.8 million to the mechanical devices. This figure marks a mere 0.9% increase, or approximately $1.9 million, compared to July 2022.
James Plousis, the Chair of the New Jersey Casino Control Commission, mentioned that last month was a close second to July 2022 for table-game wins in the last ten years. He also shared that slot machine winnings reached their high point since August 2013, indicating a strong presence of tourists over the summer.
"Although players fared better at the gaming tables compared to July 2022, overall casino earnings were still the second-highest July figure in the past ten years,” Plousis stated.
Despite the decline in traditional gaming, iGaming continued to shine in July. GGR from interactive slots and table games amounted to approximately $155.2 million - a healthy 13.5% surge from last year.
Bookmakers pocketed about $61 million from the bets placed, which is an impressive 16 million increase from July 2022's earnings.
Industry Growth
When all entertainment ventures are taken into account, July 2023's casino revenue in New Jersey totaled $506.1 million. This amount represented a 5.3% boost from the same month a year ago. By July, the annual gaming revenue in the state had surpassed the $3.23 billion mark. This growth is a significant 11% improvement compared to the previous year.
Plousis explained that July 2023 was the highest-grossing statewide casino month in over a decade. Moreover, he pointed out that iGaming had made a significant milestone by surpassing the $1 billion mark for the year faster than ever before. Since the beginning of 2023, online casino platforms have received $1.08 billion in revenue.
Scrutinizing sports betting figures, bookmakers took in more bets last month than they did in July 2022. The $587 million wagered on sports events marked a 10% increase from the same month last year.
Interestingly, New Jerseyans are more inclined to engage in online sports betting as opposed to visiting a physical sportsbook in Atlantic City or any of the three racetrack venues. Online platforms handled 95.9% ($561.6 million) of the $587 million wagers placed, leaving only 4.1% ($24.6 million) for land-based sportsbooks.
The tax revenue from gaming totaled approximately $49.1 million last month. Trenton collects an 8% tax on physical casino income, 15% on iGaming, 8% on retail sports, and 13% on online wagers. Overall, the state has amassed about $331 million in tax money this year.
Borgata Top Dog
In terms of overall earnings, Borgata is still the dominant force in Atlantic City. The MGM Resorts-operated property in the Marina District has produced $453 million on its physical premises, surpassing Hard Rock's $287.3 million.
Borgata's retail gaming income has increased by almost 6% so far this year, while Hard Rock's has gone down about 1%. A total of five Atlantic City casinos have experienced a decrease in their physical gaming revenue during the same period.
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Source: www.casino.org
