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NJ Sports Betting, Internet Gaming Pace April Report

Posted on by Vaseline

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The state Division of Gaming Enforcement (DGE) released the April 2024 gaming numbers on Thursday, with a mixed bag of results.

“Atlantic City’s total gaming revenues achieved their best April performance in more than a decade – helped by the second-best monthly Internet gaming profit ever,” Casino Control Commission Chairman James Plousis said in remarks on the report. “Casinos’ total gaming revenue has surpassed $400 million every month this year, and Internet gaming has surpassed $750 million faster than any other year since its inception.”

“April 2024 was a modest month for Atlantic City casino operators as total gross gaming revenue for the month increased year-over-year, but not month-over-month,” said Jane Bokunewicz, faculty director of the Lloyd D . Levenson Institute of Gaming, Hospitality and Tourism (LIGHT), Stockton University School of Business. “These returns were driven entirely by a near-record GGR from Internet gaming ($10 million less than last month’s record of $197.2 million).”

Some key statistics from the April report include:
(indicates in brackets annual trend)

  • $510.9 million – total gaming revenue reported by casinos, racetracks and their partners (increase of 10.4%)
  • $434.6 million – total gaming revenue reported by casinos only (increase of 3.3%)
  • $216.8 million – casino winnings for the nine casino properties (decrease of 6.3%)
  • $187.9 million – internet gaming profit of (increase of 18.2%)
  • $1.04 billion, $106.2 million – the sports betting handle and sports betting gross revenue respectively (increase of 46.9%)

Top performers were:

  • Borgata – $58.4 million (increase of 0.5%)
  • Hard Rock – $41.1 million (increase 6%)
  • Ocean Casino – $28.9 million (decrease of 15.6%)

The physical numbers pose an ongoing challenge and concern for gaming leaders as the city looks to attract in-person visitors in this post-pandemic period.

“Probably due to the early spring weather and the unfavorable calendar, physical gaming revenues in April 2024 are 6% lower than in April 2023,” Bokunewicz said. “At $216.8 million, compared to April 2023 ($231.5 million) and March 2024 ($239.8 million), April 2024 physical gross gaming revenues were not enough to keep pace with internet and sports betting. For Atlantic City’s gaming operators, the maturing of Internet gaming and the growing sports betting market generated $217.8 million in gross revenue for the month – more than brick-and-mortar revenue.”

“Personal casino winnings declined compared to April 2023, when the calendar included a full fifth weekend,” Plousis said. “Compared to previous years, which had four full weekends in April, casino winnings surpassed both April 2021 and 2019 before the pandemic.”

Sunny days ahead?

Bokunewicz said it will be interesting to see how the return of warm weather and summer visitors affected the gaming revenue mix for casino operators heading into the summer.

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“While stakeholders should expect an increase in physical gross gaming revenue in the coming months due to typical seasonal increases in visitors to the city, Atlantic City could actually see greater gains in personal revenue generated for non-gaming activities . Bokunewicz said. “It will be many months before a clear picture of this trend is available, but operators’ recent investments in improving the resort offering suggest that there could be a significant shift in the market’s overall revenue mix.”

She emphasized the need to leverage Atlantic City’s strengths and assets.

“A focus beyond gaming, on the elements that make Atlantic City unique and a stronger competitor against the threat of casinos in New York City – is simply a good thing,” Bokunewicz said.

Plousis says AC’s appeal is enhanced by the dedicated employees at its casino hotels – which he described as the backbone of the industry.

“Last week I attended the CRDA’s Host Awards, an annual celebration of team members who provide exemplary service and outstanding hospitality,” said Plousis. “The enthusiasm shown at that event was palpable and set the stage for a great summer season.”