Atlantic Metropolis Casinos Report Gradual Summer season, July Win Drops
Atlantic Metropolis is a seasonal seaside city the place its 9 casinos rely closely on the historically busy summer time months the place New Jerseyans, New Yorkers, and Pennsylvanians flock down the shore. 2024 isn’t going because the gaming resorts had hoped.
Laborious Rock signage goes up on the Atlantic Metropolis on line casino resort on Might 4, 2018. Atlantic Metropolis casinos skilled a tough July 2024, as on line casino income contracted by over 6%. (Picture: AP)
The New Jersey Division of Gaming Enforcement (DGE) on Friday reported that July brick-and-mortar gross gaming income (GGR) totaled $272.3 million, a 6.1% lower from July 2023. Slot win fell virtually 5% to $207.3 million whereas desk video games noticed maintain plunge 10% to about $65 million.
June fared a bit higher, as in-person on line casino income was $244 million to formally kick off the summer time, a 1% year-over-year enchancment. However by two months of summer time, conventional gaming win of roughly $516.4 million displays a 2.8% lower from June and July 2023, or an industrywide GGR lack of $15.1 million.
Industrywide Losses
Solely three of the 9 casinos reported year-over-year gaming win will increase in July. They had been Laborious Rock at $54.6 million (up 3%), with the opposite being two of the smaller retail gamers in Resorts at $15.5 million (up 1.9%) and Golden Nugget at $14.1 million (up 0.7%).
Market chief Borgata noticed its in-person GGR sluggish over 3% to $75.9 million, as Laborious Rock continues to chop into the MGM Resorts property’s gaming dominance. Ocean On line casino noticed income slide 3.3% to $36.5 million, Tropicana win fell 4.2% to $23.1 million, and Caesars’ on line casino earnings plummeted 20% to $19.9 million.
Caesars’ sister property, Harrah’s, additionally felt steep losses, because the Marina District on line casino reported a 24% income decline to $19.2 million. Bally’s, lengthy the underside feeder of the Atlantic Metropolis on line casino business, noticed play additional sluggish by 23% to GGR of simply $13.3 million.
The in-person income declines had been simply offset on-line and on the state’s sportsbooks to maneuver statewide GGR into optimistic territory.
iGaming web sites and apps, that are tethered to the 9 Atlantic Metropolis casinos by partnerships with third-party operators, gained almost $195.4 million from distant gamers. That marked a 26% achieve from July 2023.
Sports activities betting, inclusive of retail wagering on the on line casino’s bodily sportsbooks, three horse racetracks, and on-line, totaled $80 million, 31% larger than a 12 months in the past.
In whole, New Jersey gaming income hit $547.75 million, an 8%, or $41.6 million enhance. Regardless of brick-and-mortar considerations, James Plousis, chair of the New Jersey On line casino Management Fee, says the state’s total gaming business stays robust.
Atlantic Metropolis’s whole gaming income reached its highest degree for the month of July in over a decade, because of near-record web gaming win and powerful sports activities wagering income,” Plousis mentioned in a press release offered to On line casino.org.
Plousis blamed a nasty calendar on the in-person income shortfalls.
“July’s month-to-month on line casino win didn’t preserve tempo compared to latest years, partly attributable to a calendar with fewer weekend days,” Plousis mentioned. “It fared higher over an extended vary, rating because the fifth-best on line casino win for July in 11 years.
Casinos Stay Susceptible
The Atlantic Metropolis gaming business continues to emphasize that its financial state of affairs stays rattled, as client spending considerations linger and a U.S. presidential election approaches. The commerce group that represents the 9 resorts has requested state lawmakers to not remove indoor smoking at the moment, a regulatory change that on line casino executives say would result in job cuts.
Whereas total GGR elevated in July, the casinos share a substantial portion of the iGaming and sportsbook cash with their companions like DraftKings and FanDuel.
