AC casinos post strong May in latest gaming report
$5,000 Welcome Bonus
The New Jersey Division of Gaming Enforcement‘s May gaming report released June 14 brought good news.
“Atlantic City’s total gaming revenue in May showed continuing stability with positive results in all three components – casino win, internet gaming win, and sports wagering revenue,” said New Jersey Casino Control Commission Chairman James Plousis in his remarks about the latest report.
May toplines and year-over-year trends include:
- Total gaming revenue reported by the casinos, racetracks and their partners – $510 million, up 8.3% year over year
- Total gaming revenue not including racetracks – $467.2 million, up 10.3% year over year
- Casino win – $239.1 million, up 5.2% year over year
- Internet gaming win – $192.1 million, up 19% year over year
- Sports wagering handle of $838.9 million, up from $778.9 million last May
- Sports wagering gross revenue of $78.8 million, down 4.2% year over year
The top performing properties based on casino win were:
- Borgata – $61.4 million, up 1.5% year over year
- HardRock – $49.9 million, up 28.6% year over year
- Ocean Casino – $31.9 million, up 7.5% year over year
Hitting highs
“Casino win recorded its best May result in 11 years – aided by the best slot machine win ($181.3 million) since 2012,” said Plousis. “Internet gaming win achieved its second-best month on record.”
“Both brick-and-mortar and total gross gaming revenues (GGR) compared favorably to May 2023 and April 2024, turning in totals that were the highest seen in recent years,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT), Stockton University School of Business, in her analysis of the May report. “Brick-and-mortar revenue for the month exceeded 2019 (best May since 2014) and total GGR for the month was the best May seen since before 2011.”
She noted that despite a slow start to the year, the May revenues brought brick-and-mortar operations in 2024 to near level with last year. “While total GGR for the year-to-date continued an upward trend buoyed by gains in internet and sports wagering revenues,” Bokunewicz explained.
“Total gaming revenue has eclipsed $2.2 billion faster than any other year in over a decade,” said Plousis.
But Bokunewicz also pointed out that as revenues have increased – so have expenses.
“And while revenues for the month and year-to-date compare favorably to prior periods, they may not translate into similar increases in gross operating profit down the line,” said Bokunewicz. “Inflation impacts both operators (in the form of cost of goods and wages) and consumers (in the form of prices), so it is especially interesting that, even in times of inflationary pressure – consumers still seem willing to spend their discretionary money with New Jersey’s casino operators.”
A promising start to summer
Bill Pascrell III, partner at Princeton Public Affairs Group, said that the report shows that the state’s gaming industry is thriving.
“The 8.3% increase in total gaming revenue from May 2023 to 2024, along with a 13.1% year-to-date rise compared to 2023, underscores the sector’s continued popularity,” Pascrell told NJBIZ. “Much of this progress has been driven by the incredible 37% year-to-date, year-over-year growth in sports betting revenue and iGaming continuing to surge in popularity. All signs point to bettor embracing sports wagering and online/mobile wagering in all forms.”
Plousis said that the strong May provided a promising start for the summer season. He emphasized that positive momentum is building.
“Consumer interest has been strong, driven by must-see unique investments recently made in the casino hotels,” said Plousis. “Atlantic City’s diverse gaming, leisure, and entertainment opportunities are providing abundant reasons for summer tourists to visit and stay.”
Pascrell also stressed that it is important to recognize that the Garden State is the gold standard for gambling regulation and legislation. He added that the gaming industry continues to perform strongly.
“Other states should recognize that strong regulation, reasonable taxation, and ample tax revenue to support necessary services can all be achieved – to the benefit of bettors, taxpayers, and operators alike,” said Pascrell.
