Atlantic City gaming revenue continues up
ccording to data released on Wednesday by New Jersey Division of Gaming Enforcement, gaming revenue at Atlantic City casinos has continued to grow during February.
Total gaming revenue for the month was $232.3 million, an increase of 21 percent compared to February 2018.
“Since the start of the New Year, Atlantic City continues to see sustained revenue and tourism growth in 2019,” said Kevin Ortzman, president of the Casino Association of New Jersey. “As we head into March, with March Madness and baseball season approaching, we are very hopeful that Atlantic City will continue to grow as a destination resort for visitors.”
Casino revenue in the resort has increased by double digits every month since the opening of Hard Rock Hotel & Casino Atlantic City and Ocean Resort Casino in June, Press of Atlantic City reports. The continued growth of online casino gaming and the addition of a new revenue source from sports betting have also contributed to the industry’s winning streak.
“It’s clear the new gaming options and other amenities are continuing to grow the Atlantic City market,” said Casino Control Commission Chairman James Plousis.
Casino win — revenue generated from slot and table games — was up more than $26 million last month compared to the same time in 2018, an increase of 15.7 percent. Table games accounted for $57 million in revenue, which is up 24.4 percent. Slot machine win increased by 12.4 percent with reported revenue last month of $139.6 million.
“February was a good month,” said Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University. “Atlantic City is on an upswing. Visitation is growing, and interest is certainly continuing to rise as time goes by and as we add additional amenities to the resort, which includes two new properties and other non-gaming facilities.”
Sports betting, which was introduced to Atlantic City casinos in June, reported revenue of $3.875 million for the month. The figure also includes sports betting revenue generated by online and mobile partners. The state’s two racetracks that offer sports betting — Monmouth Park and Meadowlands — reported revenue of $8.86 million.
February was the first time legal bets on the Super Bowl were permitted in New Jersey.
Online and mobile sports betting continued to account for the majority of wagers in the Garden State. Of the $320.4 million wagered in February, 80.8 percent was done online or through a mobile application.
“Because of the strength of New Jersey’s online product, in-play betting during the Super Bowl was significantly stronger in New Jersey than in other legal markets,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA.”
Internet gaming grew by 44.4 percent with revenues of $31.7 million.
“New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “Online casino revenue has grown by at least 25 percent in seven of the eight months since online sportsbooks made their first appearance in the Garden State. It would not be surprising if the industry hits $40 million in monthly revenue at some point before 2019 has ended.”
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