Saturday, June 15, 2024
Sportsbook Advisor

iGaming Revenue Soaring in New Jersey, Atlantic City Casinos Stable

iGaming revenue in New Jersey hit a record high last month with online slots and interactive table games winning nearly $197.2 million off remote players in the Garden State.

The March gaming revenue report from the New Jersey Division of Gaming Enforcement (DGE) shows that the nine casinos in Atlantic City are managing the continued pressure of the online market. March retail casino win totaled about $239.8 million, a 4.9% year-over-year increase.

James Plousis, chair of the New Jersey Casino Control Commission that oversees the DGE, told that last month was the nine casinos’ best March in 12 years.

“Atlantic City’s total gaming revenue grew solidly in March, with year-over-year increases both online and on the casino floor,” Plousis said. “The casino hotels have been busy adding excellent amenities and memorable in-person experiences that create synergy between online and traditional gaming.”

Plousis explained that many iGaming platforms in New Jersey give players the option to use their loyalty rewards points for trips to Atlantic City. The Borgata Online Casino Rewards, for instance, provides rewards members of all tiers with discounted or free room nights at Borgata.

With the first three months of the year in the bag, the Atlantic City casino industry appears stable as the town’s busy summer season approaches. Brick-and-mortar gross gaming revenue (GGR) for January through March totaled $656 million, a trivial 0.1% gain from the first quarter in 2023, but a positive showing after the year began with two declines. 

Though the casinos have long argued that iGaming and online sports betting increases shouldn’t be viewed the same as in-person revenue, as a considerable portion of the online income goes to third-party operators that run the apps, the casinos are nonetheless making more money than ever via the internet.

iGaming win in the first quarter totaled more than $562.8 million. Oddsmakers added $328 million. iGaming revenue has climbed 22% this year while sportsbook win surged 49%.

The sports betting revenue includes both retail and online wagers, though the bulk of the action is won online. The DGE filing shows that roughly 97% of the sports betting revenue was generated on the internet.

The Atlantic City casinos are collectively stable, but the individual health of the properties varies from resort to resort.

In the first quarter, only four of the nine casinos reported year-over-year brick-and-mortar GGR increases. They were Golden Nugget, Hard Rock, Ocean, and Resorts. Bally’s, Borgata, Caesars, Harrah’s, and Tropicana experienced first-quarter revenue declines.

Hard Rock continues to inch closer to Borgata, the longtime brick-and-mortar leader in Atlantic City. The Boardwalk casino won $122.8 million from in-person players during the three months, up 8.3%, while Borgata’s floor win declined 5.4% to $167.7 million. Only one other casino won more than $100 million in the first quarter — Ocean at $104.8 million.

Bally’s continues to struggle despite recent renovations. The casino won just $32.5 million, 5.5% below its 2023 quarter-one performance and the lowest tally among the nine properties. Bally’s won about $360,700 a day while Borgata won more than $1.86 million per 24 hours.

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