NJ sets internet gaming record in November
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The November gaming report released Dec. 15 by the New Jersey Division of Gaming Enforcement (DGE) showed a continued surge of internet gaming here in the Garden State, with a record win of $171.6 million reported by the casinos and their partners.
Some other toplines from the report include:
- Casino win for the nine properties was $214.9 million.
- Total gaming revenue for the nine properties was $418.9 million.
- Total gaming revenue for the casinos, racetracks and their partners was $482.4 million.
- Sports wagering handle of $1.6 billion.
- Sports wagering gross revenue of $95.9 million.
- Top three performing properties based on casino win were: Borgata ($51.7 million), Hard Rock ($41.4 million) and Ocean Casino ($31.4 million).
“Atlantic City recorded its second-highest November casino win in 10 years,” said New Jersey Casino Control Commission Chairman James Plousis in his remarks following the release of the November DGE report. “Year-to-date, casino win is at its highest level since 2013 – it eclipsed $2.6 billion through November, and it is on pace to exceed $2.8 billion this year. Internet gaming win set a monthly record and, through the first 11 months of the year, already surpassed 2022’s year-end record result. Strong internet gaming win has kept Atlantic City’s total gaming revenue on pace to surpass $5 billion for the first time since 2006.”
“Deeper consideration of the gross revenue totals for November 2023 reveals interesting gains, and hints at what could be a new record year-end gross gaming revenue total for Atlantic City’s gaming operators,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT), Stockton University School of Business in her comments following the report. “Record-setting, single-month internet gaming revenue, combined with strong performance in the brick-mortar sector, delivered year-to-date total gross gaming revenue for Atlantic City’s operators that not only set a new near-term record for the period.”
Echoing Plousis, Bokunewicz said things seem on track for surpassing that $5 billion threshold for the first time since 2006. But, she did offer one note of caution.
“While promising, these gross gaming revenues can be deceptive. Given the less than impressive performance of the net gaming revenue and gross operating profit in the third quarter, the current highs in gross gaming revenue are no assurance of equally record performance for the industry in terms of profitability,” said Bokunewicz. “Market forces, including revenue sharing deals with internet gaming partners, will continue to influence how the industry’s gross gaming revenue gains translate to the bottom line for operators.”
“We will need to wait until this spring, when the fourth-quarter, net-revenue numbers are released, to have a full picture of the industry’s performance in 2023,” Bokunewicz added.
“Exceptional on-line gaming products, coupled with unique in-person attractions and accommodations, are helping redefine Atlantic City and move it forward in a competitive business environment,” Plousis said closing out his remarks.
