Atlantic City casinos continued to see the market thin last month, as in-person gross gaming revenue (GGR) fell 8.5% despite an unusually warm and dry October.
The New Jersey Division of Gaming Enforcement (DGE) reports that only three of the nine casinos â Borgata, Hard Rock, and Ocean â won more money from in-person gamblers than they did in pre-pandemic October 2019. However, even those three casinos saw retail GGR decline year-over-year, as Borgataâs $53.4 million represented a 6% decline, Hard Rockâs $40.8 million was down 1%, and Oceanâs $32.9 million represented a 24% drop from October 2023.
Just two casinos â Caesars and Tropicana â saw year-over-year in-person GGR improvements. Caesarsâ $15 million was a 4.1% gain and Tropicanaâs $17.6 million was 7.4% higher than a year ago.
Ballyâs reported GGR of $11.5 million, down 7.8% year-over-year, Golden Nugget won $9.7 million, a 20.6% decline, Harrahâs won $15.8 million, down 11.5%, and Resortsâ GGR of $12 million represented a 9.2% drop.
Combined, brick-and-mortar casino revenue last month totaled $208.7 million. Thatâs almost $19.4 million less than what the nine properties won in October 2023.
Scary October
October marked the largest year-over-year GGR decline for in-person play this year. The month further pushed GGR down for the year as a whole.
Through 10 months, brick-and-mortar casino revenue reached $2.36 billion. That is 1.6% lower, or over $38.7 million less, than the same 10 months in 2023.
Despite a historically dry and very mild October, brick-and-mortar gaming operators in Atlantic City did not see strong gains over 2023, instead declining by 8.5% year-over-year,â said Jane Bokunewicz, director of Stockton Universityâs Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism.
James Plousis, who chairs the New Jersey Casino Control Commission, which oversees the DGE, said that while in-person play remains a challenge for the nine casinos, last month marked the second-best October since 2013 aside from 2023.
Profits for the nine casinos through the first half of the year were down almost 5% from 2023 to $333.7 million. The trimmer profit margins came despite industrywide revenue, which, along with gaming, includes income from hotel, food and beverage, entertainment, and retail leases, climbing 1.5% to $1.6 billion.
Profit reports for the third quarter are expected later this month. October kicks off the fourth quarter, and the casino revenue numbers suggest it wasnât a strong start.
Record iGaming GGR, AgainÂ
The other side of the October gaming picture was iGaming, which continued to grow. GGR from online slots, table games, and poker rake totaled $213.6 million, a 28.1% surge from October 2023.
The $213.6 million won online is a new high for the New Jersey online gambling market. The previous record didnât last long, as it was only set in September when iGaming GGR exceeded $200 million for the first time.
Sports betting revenue tumbled 16% to $77.4 million. Oddsmakers took over $1.13 billion in bets, down 13.3% from a year ago.
With iGaming and sports betting included in the Atlantic City casino revenue, October 2024 GGR climbed 2.6% to $499.8 million. But as the casinos continue to stress, much of their iGaming and sports betting win is shared with their third-party partners like DraftKings and FanDuel.
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