NJ iGaming sales up, Atlantic City casinos steady
iGaming sales in New Jersey hit a record high last month, with online slots and interactive table games bringing in nearly $197.2 million from remote players in the Garden State.
The March gaming revenue report from the New Jersey Division of Gaming Enforcement (DGE) shows that Atlantic City’s nine casinos are dealing with continued pressure from the online market. Retail casino profits in March were approximately $239.8 million, a year-on-year increase of 4.9%.
James Plousis, chairman of the New Jersey Casino Control Commission, which oversees DGE, said last month was the best March for nine casinos in 12 years.
“Atlantic City’s overall gaming revenue grew steadily in March, with both online and in-casino revenue increasing year over year,” Prusis said. “Casino hotels have been busy adding outstanding amenities and memorable personal experiences, creating synergies between online and traditional gambling.”
Plousis explained that many iGaming platforms in New Jersey offer players the opportunity to redeem loyalty reward points for a trip to Atlantic City. For example, the Borgata Online Casino Rewards rewards members of all levels with discounts or free nights at the Borgata.
Stable in the first quarter
Entering the first three months of the year, Atlantic City's casino industry appears to be holding steady as the city's busiest summer season approaches.January through March, land-based gross gaming revenue (GGR) totaled $656 million, a slight increase of 0.1% from the first quarter of 2023, but a positive year-end started with two declines .
Although casinos have long argued that the growth of iGaming and online sports betting should not be equated to personal income, as a large portion of online revenue goes to third-party operators running the apps, casinos are still making more than ever money. internet.
iGaming profits topped $562.8 million in the first quarter. Oddsmakers added $328 million. iGaming revenue is up 22% this year, while sports betting profits are up 49%.
Sports betting revenue includes retail and online bets, although the majority of bets are won online. About 97% of sports betting revenue comes from the internet, DGE's registry shows.
Winners and Losers
Atlantic City Casinos are generally stable, but individual health conditions vary from resort to resort.
In the first quarter, only four of nine casinos reported year-over-year growth in total land-based gaming revenue. They are Golden Nugget, Hard Rock, Ocean and Resorts. Bally's, Borgata, Caesars, Harrah's and Tropicana reported first-quarter sales declines.
Hard Rock is getting closer to Borgata, the longtime leader in brick-and-mortar stores in Atlantic City. Boardwalk Casino won $122.8 million from live players in the three months, an increase of 8.3%, while Borgata's floor profits fell 5.4% to $167.7 million. Only one other casino had more than $100 million in first-quarter revenue — Ocean, with $104.8 million.
Despite recent renovations, Bally's remains in trouble. The casino made just $32.5 million, down 5.5% from its first-quarter 2023 results and the lowest figure among the nine casinos. Bally's won about $360,700 a day, while Borgata won more than $1.86 million every 24 hours.
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Source: www.casino.org
