New Jersey gaming revenue hits record high, players lose $5.77 billion
New Jersey gamblers lost more money in 2023 than any other year. The New Jersey Division of Gaming Enforcement (DGE) on Tuesday released full-year December and 2023 results for Atlantic City’s nine casinos.
Land-based casino revenue totaled $2.847 billion, up 2.2% from 2022. iGaming revenue topped $1.92 billion, up nearly 16%, with sports betting profits exceeding $1 billion. Oddsmakers' holdings have increased in value by 32% in twelve months. The sales report also details services in the iGaming and sports betting areas.
Overall, Gross Gaming Revenue (GGR) rose to $5.778 billion, up nearly 11% from 2022. Overall performance was solid.
In 2023, Atlantic City achieved its highest gross gaming revenue in history, with positive results across all three components of casino profits, internet gaming profits and sports betting revenue. " Atlantic City Chairman James Plousis said of the New Jersey Casino Control Commission.
Brick-and-mortar table games in Atlantic City were the only measured area to see revenue declines since 2022. Felt was valued at approximately $736.2 million, down 0.7% year over year.
Slots Domination, Sports Betting, iGaming Records
Atlantic City casinos’ total pre-pandemic revenue in 2019 was $2.686 billion. In 2020, pent-up demand sparked a rapid comeback in traditional gambling after casinos were closed for much of the year and live gaming fell to $1.5 billion.
Nine gaming floors added $2.554 billion in 2021 and returned to better than 2019 levels in 2022, when GGR totaled $2.785 billion. Casinos managed to maintain their growth momentum last year, and the slot machine industry's old stalwarts are set to win in 2023.
Slot machines accounted for more than $2.111 billion in casino revenue, representing a 3.3% year-over-year premium. It's the highest amount won at an Atlantic City terminal since 2012, when the city had 12 casinos with $2.183 billion in slot machine revenue.
Online slots also continue to be popular with New Jersey players. Interactive slot machines accounted for the majority of $1.9 billion in online casino revenue last year, a yearly high.
Oddsmakers have had a strong year, retaining more than $100 million of nearly $1.3 billion in wagers in December. It was the book's second-best month of 2023, behind only September, when it earned $111.1 million.
In December, sports betting revenue topped $1 billion annually for the first time in state history.
2024 Outlook
After strong growth both online and offline, Atlantic City officials and gaming managers believe the trend will continue in 2024.
With the addition of online gambling and sports betting, New Jersey’s vision of a vibrant and competitive Atlantic City is becoming a reality. Atlantic City’s attractions, amenities and diverse gaming options attract consumers and provide motivation for the new year,” Plusis added.
For casinos, legal issues could complicate matters in 2024. Efforts to eliminate indoor smoking on the ninth floor of casinos continue, with Trenton passing a law last week aimed at allowing slot machines at the state's three-horse racetracks.
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Source: www.casino.org
