June Is Best Revenue Month In 2024 For Atlantic City Casinos, But Online Gambling Catching Up

Summer has arrived in Atlantic City, and with it, so too has the best revenue month for the land-based gambling industry in New Jersey.

The Division of Gaming Enforcement released figures for June on Tuesday, detailing how casinos in Atlantic City generated $244.1 million in revenue that ranks No. 1 in 2024.

June’s numbers, nearly $3 million more than the same time last year, also ranks as the best single month for AC casinos since they reported $246.5 million in September 2023.

While a positive sign on its face, June’s figures do not paint an overall rosy outlook for the land-based industry in New Jersey, according to Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University.

“A growth of 1% in the year-over-year brick-and-mortar casino revenues for June is positive, but perhaps not as much growth as operators would have liked to see given the importance of in-person gaming to their overall business strategy,” Bokunewicz said in a statement.

“As we look forward to the rest of the summer, it will be important to monitor year-over-year revenues for brick-and-mortar operations.”

Gambling industry growing, but Atlantic City casinos remains stagnant

Last year, Atlantic City casinos saw a 2.2% increase in in-person gambling revenue year-over-year, finishing 2023 with around $2.85 billion from slots and table games. It marked the industry’s highest annual total since 2013.

Through six months in 2024, those properties are actually ahead of that pace, albeit by a slim margin. The year-to-date total of $1.356 billion sits a mere $433,504 over the June 2023 to-date total.

Many, though, will focus on the larger number: $491 million in total gaming revenue for New Jersey, which also takes NJ online casinos and NJ sportsbooks into account. That bottom line reflects a 7.4% year-over-year increase and represents one of the strongest June totals in recent history.

Year to date, the $2.7 billion in total gaming revenue sits 9.1% ahead of the 2023 total through June.

However, as Bokunewicz noted, the relatively flat year-to-year land-based revenue shows “it is clear that most of these gains can be attributed to the online gaming market.”

Bokunewicz: NJ iGaming ‘not a replacement’ for Atlantic City casinos

Online casinos in New Jersey just posted the industry’s fourth-best revenue month in history.

For some time, we have wondered not if NJ online casinos would catch up to Atlantic City gambling revenue but when. Through six months, iGaming has generated $1.13 billion in revenue (41% of total gaming revenue), compared with $1.36 billion from AC casinos.

“While internet gaming provides a number of benefits — including revenues taxed at a higher rate, appeal to more/different players and an innovative and evolving gaming experience — it is not a replacement for brick-and-mortar gaming activity in terms of total economic impact for Atlantic City and the state,” Bokunewicz said in a statement.

“In-person gaming activity does not occur in a vacuum. Patrons visiting Atlantic City casinos are also likely to spend money on things beyond the casino floor, and their presence in the city directly and indirectly supports a variety of businesses (lodging, food & beverage, entertainment etc.), as well as thousands of jobs.”

Breaking down revenue from Atlantic City casinos

Leading the charge once again for Atlantic City casinos was Borgata Atlantic City with $64.3 million that represents the property’s single-best month since August.

Hard Rock Atlantic City actually saw a month-to-month dip in revenue, dropping nearly $1.5 million to $48.4 million in June. Hard Rock, however, did have the biggest year-over-year jump with an 11% increase from June 2023.

The other six-year-old property, Ocean Casino, enjoyed a three-month high with $33.5 million, though it reflected a 4% year-to-year decrease.

The only other property to surpass $20 million last month, Tropicana Atlantic City reported $20.2 million for its best month since December, although it’s also a 4% drop-off year-over-year.