Atlantic City Gaming Revenue Up 16 Percent in October, But Older Casinos Paying Price

Atlantic City Gaming Revenue Up 16 Percent in October, But Older Casinos Paying Price.

Costfoto / NurPhoto / Getty Images

Key Takeaways

Atlantic City gross gambling revenue (GGR) totaled $239 million in October, a 15.8 percent year-over-year premium, but the win largely came at the expense of older casinos.

Atlantic City gaming revenue Hard RockBusiness is good at the Hard Rock in Atlantic City. (Image: Craig Matthews/Press of Atlantic City)

Borgata, Bally s, Caesars, Golden Nugget, Harrah s, and Resorts all reported in October 2018 than October 2017. Only Tropicana posted a gain, and it was modest at 2.1 percent.

The overall GGR surge is due to the introduction of Hard Rock and Ocean Resort, the two Boardwalk casinos that opened in June. Hard Rock won $23.5 million, and Ocean Resort made $13 million.

Despite posting an 8.1 percent decline, Borgata remains the top dog in Atlantic City. The MGM property won $50.7 million in land-based operations, and another $5 million from its online casino and sports betting.

Total GGR at Atlantic City s nine casinos, plus the two horse racetracks operating sportsbooks, is nearly $2.4 billion in 2018. That s a 6.3 percent gain on 2017.

Garden State Blossoming

The New Jersey Division of Gaming Enforcement (DGE) reports that nearly $600 million has been wagered on sports since the gambling activity began in June. And bettors have quickly become accustomed to wagering online.

The DGE says $300.9 million of the total sports betting handle has been placed via the internet. On-site bets total $296.4 million. Oddsmakers have won nearly $52 million on the gambles.

Resorts physical and online sportsbook has emerged as the market leader. The casino has won $16.9 million since its sports betting operations went live in August. The Boardwalk property announced this week that DraftKings, the popular daily fantasy sports network that has transitioned into sports betting, will soon begin running its physical sportsbook.

Longtime DraftKings foe FanDuel is also in on the sports betting game in New Jersey. The DFS company operates the Meadowlands Racetrack sportsbook, and the North Jersey venue has won $15.2 million since taking its first wager in July.

Market Health

The headlines read well for Atlantic City. Overall gaming win climbing nearly 16 percent is a positive.

In October, the industry continued its positive streak, New Jersey Casino Control Commission Chairman James Plousis said. Year-to-date, the casino industry s total gaming revenue was up more than five percent, showing that 2018 is shaping up to be a strong year for Atlantic City.

However, for the seven casinos not named Hard Rock or Ocean Resort, .

Only Golden Nugget is reporting higher land-based GGR in 2018 (up two percent). Borgata is down 6.2 percent, Bally s 9.7 percent, Caesars 14.6 percent, Harrah s 7.4 percent, Resorts 5.4 percent, and Tropicana 2.4 percent.

The concern is that while Hard Rock and Ocean Resort have brought more gaming money to town in their initial four months, they re also poaching from the earlier casinos. Former Bally s executive Wayne Schaffel said in August that if gaming revenue doesn t grow at least 15 percent, somebody s not going to make it.

Article Sources
North Dakota Casino Sees Mexican Gangster Arrested, Linked to Murder, Kidnapping editorial policy.
  1. North Carolina Casino Effort to Resume as 40 New State Lawmakers Begin 2023 Session

Compare Accounts
×
AFC and NFC Championships: Many Offers for New York Gamblers
Provider
Name
Description
Washington D.C. Gifts Sports Betting Contract to Intralot, Aims to Launch by Fall  Gamine, Bob Baffert-Trained Filly, Reportedly Failed Drug Test After Kentucky Oaks  Texas Survey Shows Overwhelming Support for Casinos, Expanded Gambling in the State  Anti-Online Gambling Op-Ed Penned by Ex-Pol Lobbyist Whose Firm Has Sheldon Adelson as a Client  PredictIt Gets Reprieve, for Now, as February 15 Liquidation Deadline Halted  San Antonio Illegal Gambling Operation is Site of Texas Fatal Shooting  Las Vegas Metro Police Bust Rio Casino Hotel ‘Gang Party,’ But One Reveler Says It Was Only a Birthday Bash  Chinese Government Announces Harsher Punishment for Online Lottery Sales Just Days After Admonishing Apple Over Gambling Apps  More Las Vegas Casinos Could Adopt Circa’s Adults-Only Concept: Casino Expert  Casino Dreams Can’t Stop Chile Gambling Hall Growth