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Atlantic City casinos are defying the seasonal slowdown of the fall.
The properties produced $236.8 million in November, which is higher than the $234.7 million in registered in October.
Atlantic City casinos posted a better November than in September, when it generated $230.7 million.
New Jersey online casinos are performing better than the retail side. However, Atlantic City is more than holding its own.
Schedule helps retail industry
November set itself up beautifully for Atlantic City, as it had five Saturday’s during the month. The certainly gave the industry a boost, Jane Bokunewicz, faculty director at Stockton University School of Business, said in an emailed statement to PlayNJ:
“An extra Saturday and some notable gains in table games revenue for operators lead to a near-term, record-high November brick-and-mortar gaming revenue for Atlantic City’s casinos.
“Coupled with solid performances from internet gaming and sports wagering, Atlantic City’s operators realized a November nearly as strong as any summer month.
According to James T. Plousis, chairman of the Casino Control Commission, Atlantic City achieved its highest November revenue total in 14 years. He also added that the industry has reached its highest win-rate through 11 months since 2012.
Pump the breaks on profitability
Atlantic City casino revenue is expected to trump 2024 totals. The industry has produced $2.68 billion in year-to-date revenue, which is a 3.6% increase from the previous year at this time.
Despite the positive revenue figures, it still might not result in profitability for properties. Bokunewicz explains why:
“Year-to-date gross gaming revenues seem on track to more than exceed 2024 for total revenues. How this will translate to net revenue gains and industry profitability will not be known until next spring when the fourth quarter data is released.
“In prior quarters, headwinds from increased costs (and regional competition for patrons) narrowed margins for operators resulting in lower bottom lines, despite initial gross revenue gains.”
Atlantic City properties are going to need to reinvent themselves as New York becomes closer to adding three new properties in town. That is going to be a major hit to Atlantic City if it doesn’t prepare for the fallout.
