The house wins: Atlantic City’s total gaming revenue in July was best result for any month in over a decade
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The New Jersey Division of Gaming Enforcement on Wednesday announced July’s total gaming revenue results were Atlantic City’s best for any month in over a decade.
Total gaming revenue reported by casinos, racetracks and their partners was $506.2 million for July, reflecting a 5.3% increase from $480.7 million reported in July 2022. For year-to-date, total gaming revenue reported by casinos, racetracks and their partners was $3.23 billion, reflecting an 11% increase from $2.91 billion reported in the prior period.
For the month of July, internet gaming win reported by casinos and their partners was $155.2 million, reflecting growth of 13.5% compared with $136.7 million for the prior period. For the year-to-date period, internet gaming win reported by casinos and their partners was $1.09 billion, reflecting growth of 14.2% compared to $951.2 million for the prior year-to-date period.
“Internet gaming win and sports wagering revenue results were impressive, pushing total gaming revenue up more than 5% compared to last year. Internet gaming win eclipsed $1 billion faster than any year since inception,” New Jersey Casino Control Commission Chairman James Plousis said.
Based upon filings with the Division of Gaming Enforcement, casino win for the nine casino hotel properties was $290 million for July, reflecting a decrease of 3% when compared to $299 million for July 2022. Year-to-date casino win for the nine casino hotel properties was $1.65 billion, reflecting growth of 2.3% compared with $1.61 billion for the prior year-to-date period.
“On the casino floor, slot machine win reached its highest level since August 2013, demonstrating that visitation this summer has been strong. While gamblers won more at the gaming tables compared to last July, casino win was still the second-highest reported figure for July in 10 years,” Plousis added.
“Despite this impressive revenue performance, other forces (inflation, revenue share arrangements, operating costs, etc.) will influence what this gross gaming revenue really means for the industry in terms of growth and profitability,” Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism, Stockton University School of Business, said. “We will have to wait for the second-quarter report from the DGE on Aug. 22, and the third-quarter release (Nov. 22) to get a better picture of how this gross gaming revenue translates into net revenue and gross operating profit for the Atlantic City gaming industry.”
