Admin July 23, 2024
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NJ online casinos posted their fourth-best revenue month since they launched in June 2013. In that same month, retail casinos posted their best month revenue-wise in 2024.
The New Jersey Division of Gaming Enforcement released figures showing retail casinos generated $244.1 million.
These figures in June 2024 were $3 million more than June 2023. This was also the best single month of revenue for Atlantic City retail casinos since they reported $246.5 million in September 2023.
A Different Outlook
While these figures sound good, Jane Bokunewicz, the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism faculty director at Stockton University, had a different outlook.
“A growth of 1% in the year-over-year brick-and-mortar casino revenues for June is positive, but perhaps not as much growth as operators would have liked to see given the importance of in-person gaming to their overall business strategy,” Bokunewicz said.
“As we look forward to the rest of the summer, it will be important to monitor year-over-year revenues for brick-and-mortar operations.”
Retail casinos posted $2.85 billion in revenue in 2023 from slots and table games, a 2.2% year-over-year increase and the highest annual total since 2013.
In 2024, New Jersey is ahead of that mark by $433,504 and on pace to surpass 2023.
In June, New Jersey’s total gaming revenue was $491 million, including retail and online casinos and sportsbooks. This is a 7.4% year-over-year increase.
This year, the total gaming revenue is $2.7 billion, 9.1% ahead of 2023 through June.
Bokunewicz added that because of the flat year-to-year land-based revenue, “it is clear that most of these gains can be attributed to the online gaming market.”
Retail casinos are still bringing in more money, but the growth isn’t there. iGaming accounts for $1.13 billion in revenue (41% of the total revenue), while retail casinos are at $1.36 billion.
“While internet gaming provides a number of benefits — including revenues taxed at a higher rate, appeal to more/different players and an innovative and evolving gaming experience — it is not a replacement for brick-and-mortar gaming activity in terms of total economic impact for Atlantic City and the state,” Bokunewicz said.
“In-person gaming activity does not occur in a vacuum. Patrons visiting Atlantic City casinos are also likely to spend money on things beyond the casino floor, and their presence in the city directly and indirectly supports a variety of businesses (lodging, food & beverage, entertainment etc.), as well as thousands of jobs.”
Retail Casino Revenue Breakdown
As for which retail casinos topped the charts, Borgata did with over $64.2 million.
- Borgata: $64,296,319
- Hard Rock: $48,418,762
- Ocean Casino: $33,477,452
- Tropicana: $20,208,223
- Caesars: $19,041,976
- Harrah’s: $17,672,812
- Resorts: $14,904,499
- Bally’s: $13,555,398
- Golden Nugget: $12,512,025
Here are some important notes given these figures:
- Hard Rock: 11% year-over-year increase from June 2023
- Ocean Casino: June 2024 was their three-month high but had a 4% year-over-year decrease
- Tropicana: Posted $20.2 million, which was its best month since December and a 4% year-over-year decrease
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