New Jersey’s gaming revenue soared to an unprecedented high of nearly $6.3 billion in 2024. This 9% year-over-year increase was largely fueled by the surge in iGaming, which includes online slot machines and table games.
On Thursday, the New Jersey Division of Gaming Enforcement announced that gross gaming revenue (GGR) from iGaming reached $2.38 billion, marking a 24% rise, or more than $463.4 million, compared to 2023.
Oddsmakers saw their second consecutive year with over $1 billion in winnings. The $1.094 billion lost by bettors online and in person represented an almost 9% improvement from the previous year.
However, Atlantic City’s nine casinos experienced a different trend. They generated slightly over $2.81 billion from their physical slot machines and table games, a 1.1% decline from 2023, amounting to a $30.4 million difference.
Atlantic City’s casino winnings struggled to match the rapid growth of online gaming and sports wagering segments in 2024. Despite this, the annual casino win was still the second-best year since 2013, according to James Plousis, chair of the New Jersey Casino Control Commission.
Plousis highlighted the $602.6 million in state taxes generated by the casinos, which primarily supports seniors and disabled citizens in New Jersey.
In-Person Declines
In 2024, Atlantic City’s slot machines won approximately $2.1 billion from gamblers, a 0.7% decrease from the previous year. Table game winnings dropped by 2% to $731.4 million.
Borgata maintained its market dominance in Atlantic City with in-person GGR of $738.1 million, a 1.2% increase. Hard Rock followed with $544.9 million, up over 6%, while Ocean was third at $409.7 million, down 1.3%.
Golden Nugget, alongside Borgata and Hard Rock, was one of the few casinos to grow its physical GGR in 2024, winning $147.1 million, a 0.7% increase.
Harrah’s faced the largest decline, with a 12% drop to $223.8 million. Bally’s revenue decreased by 6% to $145.4 million, Caesars and Tropicana each dipped by 5% to $218.4 million and $228 million respectively, and Resorts fell by 1% to $161.9 million.
While online revenue offset the losses from brick-and-mortar casinos, much of that revenue remains with third-party interactive partners like DraftKings and FanDuel. Additionally, online gamblers do not spend money on hotel rooms, food and beverages, live entertainment, shopping, or spa treatments.
The most recent quarterly earnings report from the DGE indicated that while casinos’ net revenue from gambling, rooms, food and beverage, and entertainment was flat through the first three quarters of 2024, the resorts’ gross operating profits fell by over 9%.
December Surge
Atlantic City casinos experienced a stroke of luck in December, with strong performances in table games such as blackjack, roulette, and craps. Table game GGR increased by almost 12% to $63.8 million.
However, slot machine revenue decreased by 4% to $168 million. iGaming, on the other hand, saw a significant rise, contributing $228 million, up 26.5%.
Oddsmakers had a challenging end to 2024, as many football games favored the bettors. The Philadelphia Eagles won three out of their four games in December and covered the spread in two, leading to a 43% drop in sportsbook revenue to about $62.8 million.
