Atlantic City Casino Revenue Cools in July, Brick-and-Mortar Win Totals $290M

Posted on: August 16, 2023, 05:01h. 

Last updated on: August 16, 2023, 05:42h.

Atlantic City casinos won less money year over year in July as table game players fared better against the nine houses down the shore.

The New Jersey Division of Gaming Enforcement (DGE) released its July revenue report on Wednesday, revealing just how fortunate players were on the felt last month. Gross gaming revenue (GGR) from table games totaled just $72.1 million, a more than 13% drop from July 2022 when tables won about $83.1 million for the nine casinos.

Slot players didn’t fare as well, as they lost nearly $217.8 million to the one-armed bandits. That represents a 0.9% gain, or about $1.9 million, on July 2022.

James Plousis, chair of the New Jersey Casino Control Commission, told Casino.org that last month was still the second-best July in 10 years behind only July 2022.

On the casino floor, slot machine win reached its highest level since August 2013, demonstrating that visitation this summer has been strong. While gamblers won more at the gaming tables compared to last July, casino win was still the second highest reported figure for July in 10 years,” Plousis said.

While legacy gaming stumbled, iGaming in July managed to continue its revenue rally. GGR from interactive slots and table games totaled approximately $155.2 million, a 13.5% year-over-year jump.

Oddsmakers kept about $61 million of the bets wagered, which represented a $16 million improvement on the previous July.

Industry Increases

When revenue from all verticals was combined, July GGR in New Jersey was $506.1 million, a 5.3% year-over-year bump. Through seven months, New Jersey’s gaming industry has generated gross revenue of over $3.23 billion. That’s up 11% from this time last year.

Oddsmakers reported taking more action last month than they did in July 2022. Sportsbook data showed that they accepted a little more than $587 million in bets, up 10% from July 2022.

Garden State sports bettors prefer wagering via the internet instead of visiting a brick-and-mortar sportsbook in Atlantic City or patronizing one of the state’s three racetrack books. Of the $587 million wagered last month on sports, $561.6 million, almost 96%, was facilitated remotely through a sportsbook app or website.

New Jersey’s tax benefit last month was about $49.1 million. The state levies an 8% tax on casino revenue, 15% on iGaming, 8% on retail sports, and 13% on online bets. Year to date, Trenton has collected almost $331 million from gaming.

Borgata Top Casino

Through seven months, Borgata continues to reign supreme in Atlantic City. The Marina District property operated by MGM Resorts has generated GGR of $453 million on its physical casino floor. Hard Rock is a distant second at $287.3 million.

While Borgata’s retail gaming revenue is up almost 6% this year, Hard Rock’s gaming income has slid about 1%. The Boardwalk resort is one of five Atlantic City casinos that has seen its brick-and-mortar play decline this year through July.

Source: casino.org