New Jersey Gaming Revenue Nearly $511M in April, But Atlantic City Casinos Struggle

Estimated read time 3 min read

New Jersey’s gaming industry enjoyed its best April in over a decade, the state’s Division of Gaming Enforcement reveals.

Atlantic City casino revenue was down 6% in April 2024 from April 2023. The New Jersey gaming beach town is ready for the summer months, typically the destination’s busiest time of the year. (Image: Casino.org)

Gross gaming revenue (GGR) from the nine casinos in Atlantic City, sports betting, and iGaming totaled $510.9 million in April. That represents a more than 10% year-over-year increase.

iGaming and sports betting drove the GGR growth. Online slots and table games, including interactive poker rake, totaled almost $187.9 million, or 18% higher than a year ago.

Oddsmakers also fared well on the men’s and women’s NCAA March Madness championship games, which were contested in early April. Sports betting revenue surged 47% to $106.2 million — about $34 million more than April 2023. 

Casino Win Drops on Difficult Comparison

New Jersey’s gaming industry would have posted an even larger year-over-year gain had it not been for the nine casinos in Atlantic City. Brick-and-mortar casino GGR fell over 6% to about $216.8 million.

In-person slot win and table game revenue both declined by roughly 6%, with slots accounting for $158.8 million and tables for $58 million.

However, April 2024 had two fewer Saturdays and Sundays than April 2023. The weekends remain the busiest times of the week for Atlantic City casinos, as unlike Las Vegas which heavily relies on convention business for midweek play, those major events aren’t nearly as frequent in Atlantic City.

James Plousis, chair of the New Jersey Casino Control Commission, said the industry remains strong both online and down the shore.

In-person casino win declined in comparison to April 2023 when the calendar contained a full fifth weekend,” Plousis explained. “Compared to previous years that had four full weekends in April, casino win surpassed April 2021 as well as pre-pandemic 2019.”

Plousis said New Jersey’s gaming industry has surpassed $400 million every month this year and iGaming revenue has gone upwards of $750 million faster than in any prior year.

As for Atlantic City, Plousis is optimistic about the summer months ahead. He credits the labor force for keeping the casino town relevant amid ongoing increasing competition across the Northeast.

“Atlantic City’s appeal is boosted by the dedicated workers in the casino hotels who are the backbone of the industry. Last week, I attended the CRDA’s (Casino Reinvestment Development Authority) ‘Host Awards,’ an annual celebration of team members who provide exemplary service and outstanding hospitality. The enthusiasm exhibited during that event was palpable and it set the stage for a great summer season,” Plousis said,

Legacy Play Tough Start

Though April’s Atlantic City casino revenue declining over 6% might be explained by the two fewer weekend days, GGR at the nine properties from January through April was down almost 2% from 2023.

Slot win in 2024 through the first four months totaled $633 million — $12.5 million, or 1.9% less — than in 2023. Table win is down 0.5% to $239.9 million.

Atlantic City in the coming years will need to defend its market against its biggest threat to date — integrated resort casinos arriving in New York City. State officials in New York next year will issue the three downstate casino licenses, and Empire City in Yonkers and Resorts World New York City in Queens are considered favorites for two of the concessions that will provide for slot machines, live dealer table games, and sports betting.

The post New Jersey Gaming Revenue Nearly $511M in April, But Atlantic City Casinos Struggle appeared first on Casino.org.

 

​Casino.org

Read More

You May Also Like