Diverse gaming mix powers AC in October

NJ Biz
Diverse gaming mix powers AC in October

The New Jersey Division of Gaming released October 2023 numbers Friday that marked a milestone.

“Atlantic City recorded its second highest October casino win in 12 years and year-to-date casino win achieved its best result in 10 years,” said New Jersey Casino Control Commission Chairman James Plousis in his remarks following the Nov. 17 release. “Total gaming revenue, which includes internet gaming win and sports wagering revenue, also increased with internet gaming win setting a monthly record.”

Some toplines from the October report include:

  • Total gaming revenue by casinos, racetracks and their partners of $487.1 million – a 9.3% increase from October 2022
  • Casino win (or in-person win) of $228.1 million – a 3.4% increase from last October
  • Internet gaming win of $166.8 million – a 13.3% increase from last October
  • Sports wagering handle of $1.29 billion – versus $1.06 billion last October
  • Sports wagering gross revenue of $92.3 million – an 18.4% year-over-year increase

The top three-performing casinos in terms of in-person win – a key metric for operators – were:

  • Borgata: $56.9 million, down 8.9% year-over-year
  • Ocean Casino: $43.4 million, up 53.3% from last October
  • Hard Rock: $41.2 million, up 5.8% from October 2022

“Following predictable seasonal trends, October 2023 total gross gaming revenues for Atlantic City’s casinos declined slightly compared to September 2023 but increased compared to October 2022,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT), Stockton University School of Business, in her analysis of the gaming report. “The same pattern was seen in brick-and-mortar gaming revenues for Atlantic City’s operators, however internet gaming revenues increased slightly month-to-month.”

Bokunewicz noted that despite anecdotal observations suggesting a decline in on-property activity, the year-to-date brick-and-mortar numbers are favorable.

“With $2.4 billion in brick-and-mortar gaming revenue to date, casino operators’ year-end 2023 brick-and-mortar revenues are on track to surpass year-end 2019 and have a chance of surpassing year-end 2022,” said Bokunewicz.

Plousis also pointed out that Atlantic City’s total gaming revenue has surpassed $4 billion for the year so far.

“Atlantic City is on pace to surpass $5 billion in total gaming revenue this year, which has happened only twice before in its history, in 2005 and 2006 when there were 12 casinos operating,” Plousis noted. “Atlantic City’s recent investments in the casino hotels and their attractions, together with the strength of New Jersey’s online casinos, are proving to be a winning combination for the gaming industry as well as the economy of the city, the region, and the state.”