Atlantic City Gaming Revenue Sees Significant Decline in October

Despite experiencing favorable weather conditions in October, Atlantic City casinos observed a notable decline in gaming revenue. The in-person gross gaming revenue (GGR) plummeted by 8.5%, totaling $208.7 million. This downturn continues a worrying trend for the city’s casinos.

Performance Overview

According to reports from the New Jersey Division of Gaming Enforcement (DGE), only three of the nine casinos managed to outperform their pre-pandemic revenue figures from October 2019. Borgata, Hard Rock, and Ocean casino reported slight upticks compared to previous years; however, year-over-year comparisons showed declines for all three.

• Borgata: $53.4 million, down 6%
• Hard Rock: $40.8 million, down 1%
• Ocean: $32.9 million, down 24%

Interestingly, two casinos—Caesars and Tropicana—experienced modest gains over previous years:

• Caesars: $15 million, up 4.1%
• Tropicana: $17.6 million, up 7.4%

The losses were exacerbated at Bally’s, Golden Nugget, Harrah’s, and Resorts, with approximately $19.4 million less revenue collectively compared to October 2023.

Year-to-Date Performance

As the year progresses, the cumulative brick-and-mortar casino revenue stands at $2.36 billion, which reflects a decline of 1.6% or roughly $38.7 million compared to the same span in 2023.

Rise of iGaming

In contrast to declining physical gaming revenues, the iGaming sector showcases remarkable growth, reporting a staggering 28.1% increase to reach $213.6 million in GGR for October 2024. This figure marks a new record for New Jersey’s online gambling market, highlighting its enduring appeal in the midst of overall casino decline.

Conclusion

The substantial decrease in Atlantic City’s gaming revenue serves as a reminder of the challenges facing brick-and-mortar casinos, while the booming iGaming sector indicates a shifting landscape in the gambling industry. Moving forward, casinos may need to adapt to these changing dynamics to thrive.