In February 2024, the glitzy casinos of Atlantic City didn't have luck on their side, marking the second straight month of year-over-year declines in gross gaming revenue (GGR). This trend has raised eyebrows and prompted a closer examination of the dynamics at play within New Jersey's famed gambling hub.
According to the New Jersey Division of Gaming Enforcement (DGE), the aggregate GGR for the nine casinos lining the boardwalk amounted to approximately $211.6 million last February, a slight dip of 1.6% from February 2023. James Plousis, chair of the New Jersey Casino Control Commission, offered a silver lining by highlighting that February's casino win has consistently exceeded $210 million over the past three years, despite the recent downturn.
A detailed look at the revenue breakdown reveals that table games were particularly hard hit, experiencing a 5% decrease in revenue to $52.7 million. Slot machines, on the other hand, held steady with a marginal adjustment, raking in $158.9 million.
While traditional brick-and-mortar casinos faced challenges, the digital realm painted a rosier picture. iGaming and sports betting continued their upward trajectory, with online gaming and poker rake jumping an impressive 28% to $182.3 million. This figure represents New Jersey's second-highest result since the vertical was introduced in 2013. Sportsbook income also saw a healthy 24% increase year-over-year.
In total, New Jersey's GGR from all verticals in February reached $461.48 million, marking a 12% increase from the same month in 2023. Borgata led the pack with a combined win of $98.1 million from its casino floor, iGaming operations, and sportsbooks. Resorts Casino Hotel and Golden Nugget followed, with significant contributions from their online segments.
As Atlantic City navigates through its ups and downs, March brings an important reminder with Problem Gambling Awareness Month. This initiative underscores the industry's commitment to promoting responsible gaming practices and providing support to those facing gambling problems. The 1-800-GAMBLER hotline and text service stand as vital resources for individuals seeking help.
The fluctuating fortunes of Atlantic City's casinos underscore the evolving landscape of the gambling industry. While traditional venues face challenges, the robust growth of iGaming and sports betting offers a promising avenue for offsetting losses and tapping into new revenue streams. As the industry continues to adapt, the emphasis on responsible gaming remains a cornerstone, ensuring that the thrill of the game never comes at the cost of well-being.
(First reported by: Casino.org, March 17, 2024)
