Atlantic City Casino Revenue Trends: Analyzing the Online Gaming Market Rebound in November 2024

The resurgence of Atlantic City in November 2024 serves as a powerful indicator of the growing momentum within the global gaming sector, driven largely by a substantial surge in casino revenue. According to reports from the New Jersey Division of Gaming Enforcement (DGE), this upward trend is clearly reflected in the financial performance of the region, where total casino revenue from slot machines and table games across the nine Atlantic City properties reached approximately $223.9 million last month. This represents a significant 4% increase from the previous year, highlighting how robust physical gaming results are fueling the broader expansion of both land-based and online gaming markets.

Significant Revenue Gains

MGM Resorts’ Borgata led the charge, raking in an impressive $57.5 million on its casino floor, a surge of over 11% compared to 2023. Following closely was Hard Rock Hotel & Casino, bringing in $44.3 million, an increase of 7%, and Ocean Casino, which reported $34 million in revenue, reflecting an 8% rise.

James Plousis, chair of the New Jersey Casino Control Commission, attributed part of this year’s growth to a favorable calendar, noting that November 2024 had an additional weekend compared to November 2023. This extra Saturday contributed to the highest November revenues in the past 11 years.

Other Casinos Performance

• Resorts Casino reported $14 million, a nearly 12% increase.
• Golden Nugget enjoyed a 7% growth, totaling $11.7 million.
• However, Bally’s, Caesars, Harrah’s, and Tropicana faced challenges, recording year-over-year losses ranging from 6% to over 10%.

iGaming and Sports Betting Continues to Flourish

The positive momentum did not stop with in-person gaming; the state’s online gaming and sports betting markets also saw considerable gains. GGR from online casino games reached $214 million, a substantial 25% increase, while sportsbook revenue surged by 24%, with oddsmakers retaining nearly $119 million from over $1.22 billion wagered.

November 2024 marked another milestone as New Jersey’s combined GGR exceeded $556.9 million, highlighting the ongoing success of both iGaming and sports betting. This continues to solidify New Jersey’s reputation as a leading market for gaming.

Year-to-Date Trends

By the end of November, gamblers within New Jersey had lost over $5.77 billion in both online and in-person gaming, which matches the state’s total GGR from 2023 within just 11 months. Despite the online surge, the in-person revenue from Atlantic City stood at approximately $2.58 billion, reflecting a slight decline of 1.1% compared to previous years.

Industry experts emphasize that while iGaming contributes to tremendous growth, it does not substitute for in-person play, as online players typically do not spend on accommodations or additional entertainment.

Conclusion

The recovery of Atlantic City casinos in November showcases their resilience and the positive impact of online gaming and sports betting. With an increase in weekly gaming hours and recognition of the challenges faced by in-person venues, it remains critical for casinos to adapt to the evolving landscape of the gaming industry. Ongoing legislative discussions highlight the importance of maintaining a competitive environment for both online and physical casinos.