February 2024
In LIGHT of the data.
Remote gaming options continue to be critical for Atlantic City’s gaming operations, especially in the shoulder months when seasonal weather patterns are most likely to keep gamblers at home. Despite an extra day in the month, a wet and wintry February kept brick-and-mortar revenues for Atlantic City casinos modest. While monthly totals did not gain on 2023, they are in range for activity seen post-pandemic.
In contrast, internet gaming revenues turned in a near-record, single-month performance. At $182.3 million in revenue, February 2024 fell just shy of last month’s record performance. Sports wagering also turned in a solid month in February 2024, improving nearly 70% compared to February 2023.
When combined, the solid performance of remote gaming and modest returns in brick-and-mortar revenues resulted in a respectable 13.3% increase year-over-year and maintained a 14.3% lead on 2023 for the year-to-date.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
February 2024 |
% Change from Prior Year | February 2023 | YTD
2024 |
% Change from Prior Year | YTD 2023 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | 211,586 | -1.6% | 214,968 | 416,294 | -2.4% | 426,644 |
| Internet Gaming Win | 182,335 | 27.9% | 142,593 | 365,616, | 23.7% | 295,460 |
| Sports Wagering Revenue | 33,916 | 69.8% | 19,978 | 90,328 | 121.4% | 40,801 |
| Total Gaming Win (includes Internet & Sports Wagering) | 427,837 | 13.3% | 377,539 | 872,238 | 14.3% | 762,904 |
| Quarterly Revenue (Industry, $ In Thousands)** | Q3 2023 | % Change from Prior Year | Q3 2022 | YTD September 30, 2023 | % Change from Prior Year | YTD September 30, 2022 |
|---|---|---|---|---|---|---|
| Casino | 433,501 | -7.6% | 469,191 | 1,272,122 | -7.3% | 1,372,068 |
| Rooms | 263,111 | 0.5% | 261,869 | 582,394 | 5.1% | 554,210 |
| Food & Beverage | 169,137 | 5.3% | 160,595 | 439,242 | 10.9% | 396,066 |
| Entertainment & Other | 106,032 | 19.8% | 88,486 | 253,621 | 20.9% | 209,760 |
| Casino Licensees Total Revenue | 971,781 | -0.9% | 980,141 | 2,547,378 | 0.6% | 2,532,104 |
| Gross Operating Profit (GOP) | 281,213 | -7.5% | 304,070 | 632,127 | -4.2% | 660,140 |
** Data agregated from New Jersey Division of Gaming Enforcement Quarterly Financial Reports for individual properties, includes amended totals as of August 22, 2023. May not match totals from Quarterly Press Releases and Statistical Summaries, which represent a 'snapshot' of data at the time of publication and are not retroactively updated.
Atlantic City Hotel Lodging
Source: N.J. Division of Gaming Enforcement
| Casino Hotel Lodging Statistics For the Period Ended September 30, 2023 & 2022 |
Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 |
|---|---|---|---|---|
| Occupancy percentage | 85.6% | 86.7% | 75.2% | 76.2% |
| Average Daily Room Rate (ADR) | $217.74 | $216.55 | $185.61 | $184.71 |
| Revenue Per Available Room (RevPAR)* | $186.38 | $187.75 | $139.58 | $140.75 |
* RevPAR= ADR X Occupancy Percentage
Atlantic City Casino Operator Taxes & Fees
Source: N.J. Division of Gaming Enforcement
Total Paid Taxes & Fees |
$202,372,000 | $181,053,000 | 11.78% | |||
|---|---|---|---|---|---|---|
Taxes & Fees |
Q4 2023 | Q4 2022 | % | |||
|
Casino Gaming Gross Revenue Tax |
$41,117,000 | $40,737,000 | 0.93% | |||
|
Internet Gaming Gross Revenue Tax |
$77,886,000 | $66,611,000 | 16.93% | |||
|
Sports Wagering - Retail Gross Revenue Tax (includes racetracks) |
$1,039,000 | $967,000 | 7.45% | |||
|
Sports Wagering - Internet Gross Revenue Tax (includes racetracks) |
$37,005,000 | $30,752,000 | 20.33% | |||
| Investment Alternative Tax/CRDA Obligations | $21,425,000 | $19,237,000 | 11.37% | |||
| 1.25% Additional Tax | $1,405,000 | $1,205,000 | 16.6% | |||
| 1.25% EDT | $2,308,000 | $1,888,000 | 22.25% | |||
| Luxury Tax | $9,556,000 | $8,859,000 | 7.87% | |||
| Tourism Promotion Fee | $1,945,000 | $1,940,000 | 0.26% | |||
| Hotel Room Fee | $2,795,000 | $2,774,000 | 0.76% | |||
| Hotel Room Surcharge | $1,863,000 | $1,849,000 | 0.76% | |||
| Parking Fees | $4,028,000 | 4,234,000 | -4.87% | |||
Atlantic City Casino Operator Spending
Source: Casino Association of New Jersey - Member Reported
| Total | 183,102 | 183,251 | -0.08% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County) |
Q2 2023 | Q2 2022 | % | ||
| Atlantic | $129,091,000 | $140,881,000 | -8.37% | ||
| Bergen | $3,808,000 | $2,582,000 | 47.47% | ||
| Burlington | $5,057,000 | $4,238,000 | 19.30% | ||
| Camden | $6,243,000 | $5,336,000 | 16.98% | ||
| Cape May | $2,834,000 | $2,151,000 | 31.76% | ||
| Cumberland | $6,628,000 | $5,483,000 | 20.88% | ||
| Essex | $5,005,000 | $7,537,000 | -33.59% | ||
| Gloucester | $2,269,000 | $2,456,000 | -7.60% | ||
| Hudson | $800,000 | $669,000 | 19.60% | ||
| Hunterdon | $32,000 | $45,000 | -29.03% | ||
| Mercer | $678,000 | $8,582,000 | -92.10% | ||
| Middlesex | $3,422,000 | $3,337,000 | 2.55% | ||
| Monmouth | $3,195,000 | $2,894,000 | 10.39% | ||
| Morris | $1,285,000 | $1,017,000 | 26.36% | ||
| Ocean | $1,413,000 | $532,000 | 165.62% | ||
| Passaic | $777,000 | $871,000 | -10.79% | ||
| Salem | $81,000 | $12,000 | 580.82% | ||
| Somerset | $2,132,000 | $2,370,000 | -10.07% | ||
| Sussex | $10,000 | $8,000 | 27.92% | ||
| Union | $7,258,000 | $7,325,000 | -0.92% | ||
| Warren | $1,000 | $1,000 | 94.30% | ||
Other Spending |
Q2 2023 | Q2 2022 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | $82,333,000 | $109,136,000 | -25% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | $29,126,000 | $28,946,000 | 1% | |||
| CRDA Special Improvement District | $314,000 | $249,000 | 26% | |||
| Municipal/Atlantic City Fees- Water | $1,207,000 | $1,122,000 | 8% | |||
| Municipal/Atlantic City Fees- Sewer | $3,963,000 | $2,322,000 | 71% | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
$1,229,000 | $392,000 | 214% | |||
| Charitable Contributions | $333,000 | $272,000 | 22% | |||
Total Spending |
$301,606,000 | $325,689,000 | -7% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | January 2024 |
Change from Prior Year |
January 2023 |
YTD 2024 |
Change from Prior Year |
YTD 2023 |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,233,299 | 1.4% | 1,216,153 | 1,233,299 | 1.4% | 1,216,153 |
| AC Airport | ||||||
| Scheduled Service Passengers | 64,773 | 15.7% | 55,969 | 64,773 | 15.7% | 55,969 |
| Charter Passengers | 4,482 | -1.3% | 4,539 | 4,482 | -1.3% | 4,539 |
| Total Air Passengers | 69,255 | 14.5% | 60,508 | 69,255 | 14.5% | 60,508 |
Atlantic City Meetings and Conventions Data
Source: Vist Atlantic City
| February '24 | February** '23 | % Change from Prior Year |
TOTAL 2024 YTD |
TOTAL 2023 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings* | ||||||
| # of Shows | 5 | 6 | -17% | 13 | 12 | 8% |
| # of Room Nights | 11,855 | 12,879 | -8% | 31,811 | 31,035 | 3% |
| # of Delegates | 34,234 | 39,225 | -13% | 80,513 | 103,592 | -22% |
| Delegate Spending | $9,082,382 | $9,867,037 | -8% | $26,128,514 | $26,608,964 | -2% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 3 | 4 | -25% | 4 | 8 | -50% |
| # of Attendees | 16,926 | 23,346 | -27% | 22,786 | 33,390 | -32% |
| Hotel Bookings | ||||||
| # of Shows | 9 | 11 | -18% | 19 | 17 | 12% |
| # of Room Nights | 6,548 | 8,363 | -22% | 14,625 | 12,060 | 21% |
| # of Attendees | 7,320 | 10,010 | -27% | 16,104 | 11,656 | 38% |
| Delegate Spending | $4,279,893 | $5,572,864 | -23% | $9,367,014 | $7,509,446 | 25% |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 17 | 21 | -19% | 36 | 37 | -3% |
| # of Room Nights | 18,403 | 21,242 | -13% | 46,436 | 43,095 | 8% |
| # of Attendees | 58,480 | 72,581 | -19% | 119,403 | 148,638 | -20% |
| Delegate Spending | $13,362,275 | $15,439,901 | -13% | $35,495,528 | $34,118,410 | 4% |
*Includes Visit Atlantic City events booked at Boardwalk Hall
**Please note February 2023 Covention Center figures adjusted due to incorrect calculation
formula.
Atlantic City Information
Atlantic City Arts Foundation announces 100th Mural - As reported by The Press of Atlantic City, the Atlantic City Arts Foundation has announced that Swiss-American artist Mona Caron will paint the city's 100th mural and its largest. The 19-story mural, located at The Atlantic in the South Inlet, will be part of Caron's WEEDS project, which highlights themes of resilience, renewal and perseverance.
Atlantic City awarded $20 million from Boardwalk Preservation Fund - As reported by The Press of Atlantic City,Casino.org and ROI-NJ, Atlantic City is one of 18 towns to receive a share of the state's $100 million Boardwalk Preservation Fund. At $20 million each, Atlantic City and Asbury Park received the largest share of funding for work on their boardwalks. Atlantic City's Boardwalk, the first in the nation, is in need of more than $100 million worth of work, according to a 2023 estimate.
Atlantic City hosts annual Boat Show - As reported by The Press of Atlantic City, the annual Atlantic City Boat Show returned to the resort on February 28 through March 3. The show is visited by an estimated 40,000 attendees each year.
Casino Reinvestment Development Authority (CRDA) board approves resolution, asserts jurisdiction over "road diet" issue - As reported by The Press of Atlantic City, the CRDA board has approved a resolution asserting their jurisdiction over Atlantic Avenue as part of the city's Tourism District. Officials have filed papers on behalf of the CRDA seeking to stop planned changes to traffic patterns along Atlantic Avenue, know as the "road diet," without review by the authority.
Tennessee Avenue development project receives $2.5 million grant from the New Jersey Economic Development Authority - As reported by The Press of Atlantic City, a group of developers in the city's Orange Loop retail and entertainment district have been awarded funding for the construction of a container park at Pacific and Tennessee avenues. The project, which will incorporate both renovated shipping containers and brick-and-mortar structures, will be used by local farmers and businesses. Construction is expected to begin in 2025.
Tennessee Avenue restaurant, Rhythm & Spirits, to open second location in Philadelphia - As reported by The Press of Atlantic City, Lee Sanchez and Mark Callazzo, co-owners of the contemporary Italian-American restaurant on South Tennessee Avenue, have announced plans to open a second Rhythm & Spirits location in Philadelphia. The new property in Philadelphia's Suburban Station will be double the size of the Atlantic City location and is expected to open in early 2024.
New Jersey Gaming News
Bill regulating smoking in casinos introduced - As recorded by the New Jersey state legislature, a bill regulating smoking in casinos and casino simulcasting facilities was introduced on February 12. The Bill, SB2651, would keep the current 25% limit of the casino floor on which smoking can occur. But it would allow smoking in unenclosed areas of the casino floor that contain slot machines and are designated as smoking areas that are more than 15 feet away from table games staffed by live dealers. It also would allow the casinos to offer smoking in enclosed, separately ventilated rooms with the proviso that no worker can be assigned to work in such a room against their will. The bill was indroduced as a compromise to a bill, S1493, that would eliminate the smoking ban exemption for casinos and simulcasting facilities. Further reporting by The Press of Atlantic City and the Associated Press.
Division of Gaming Enforcement Director David Rebuck to Retire - Attorney General Matthew J. Platkin announced in a February 29 news release that after 13 years as the Director of the Division of Gaming Enforcement (DGE), and 36 years of service to the state, David Rebuck is retiring. Further coverage from The Press of Atlantic City, and Casino.org.
Golden Nugget Atlantic City begins multimillion-dollar hotel and room renovation project - As reported by The Press of Atlantic City, Golden Nugget is undertaking capital improvements including hotel and room renovations. The first phase of work is expected to be completed by late spring 2024. The property has also recently invested in upgrades, including the addition of Mexican restaurant Dos Caminos, redesign of the Chart House restaurant, and meeting space and casino floor upgrades.
Hard Rock Hotel & Casino Atlantic City announces employee bonuses - As reported by The Press of Atlantic City and Casino.org, union and nonunion employees of Hard Rock Hotel & Casino Atlantic Ciy will receive a share of more than $10 million in bonuses and have the chance to win $100,000 in cash and prizes.
Mohegan Gaming & Entertainment and Resorts Casino Hotel allow management agreement to sunset at end of 2024 - As reported by The Press of Atlantic City, Mohegan Gaming & Entertainment will end its management agreement with Resorts Casino Hotel at the end of 2024. The original agreement was made in 2012, six months after the death of the casino’s co-owner, veteran gambling executive Dennis Gomes. Mohegan will retain a 10% ownership interest in Resorts.
New Jersey sportsbooks set new record for single month handle, win - As reported by Play NJ, New Jersey sportsbooks took almost $1.72 billion in wagers and kept $170.7 million in January 2024 - setting new single-month records for handle and revenue. The previous record for single-month handle, November 2023, was $1.62 billion. The previous single-month revenue record, October 2023, was $111.2 million.
Stockton Atlantic City Summer Experience: Live-Work-Learn
National Gaming News
Early data suggests Super Bowl 58 largest single-day betting event - According to Legal Sports Report, preliminary data suggests Super Bowl betting volume surpased $1.3 billion nationally, exceeding Super Bowl 2023 betting volume by 20%. Super Bowl betting handle in Nevada, New York and New Jersey was estimated at $186 million, $162 million and $142 million respectively for win percentages of 3.7%, 7.7% and 6.0%. Further reporting for New Jersey from Play NJ.
Illinois governor plans to raise taxes on state's sportsbook operators - As reported by Casino.org, Illinois Gov. J. B. Pritzker has announced a $52.7 billion spending plan for the state that includes plans to increase taxes on in-person and online sports betting in the state from 15% to 35%. A 35% tax on sports betting would be among the highest in the nation mimicking the 36% tax rate imposed in Pennsylvania. New York, Delaware, New Hampshire, and Rhode Island have the highest tax rates on sportsbooks at 51%.
Michigan Gaming Control Board reports record single month iGaming revenue - As reported by Casino.org, January 2024 gross iGaming revenue set a new single month record at $181.9 million. Combined iGaming and sports wagering revenue for January 2024 exceeded January 2023 totals by 22% and generated $31.3 million in tax revenue. Year-end 2023, iGaming and sports betting in the state generated $2.3 billion in gross revenue.
New York State Supreme Court Justice invalidates lease transfer agreement, setback for Las Vegas Sands' development of Nassau Coliseum site - As reported by Casino.org and Play NY, Supreme Court Justice Sarika Kapoor, who struck down a 99-year land lease agreement between Las Vegas Sands and Nassau County, has ruled that a seperate lease agreement between the gaming company and the prior occupant of the Nassau Coliseum is also invalid. This is the latest in a series of setbacks for Las Vegas Sands as it competes with 11 likely applicants for three possible downstate casino licences.
Ohio bans college player prop bets after innitially allowing them - According to Legal Sports Report, Ohio's state gaming regulators have decided to "prohibit player-specific prop bets on intercollegiate athletics competitions" at the request of the National Collegiate Athletic Association (NCAA). Such bets had been allowed since the launch of Ohio sports betting on January 1, 2023.
Hospitality & Tourism News
Cape May Airport to construct third multitenant building - As reported by The Press of Atlantic City, the Delaware River and Bay Authority has approved funding to construct a third multitenant light industrial building at the site of the Cape May Airport. The project, expected to cost $5.5 million, will be completed by spring 2025 and feature 10 units.
JetBlue, Spirit Airlines call off merger - As reported by CNN, Wall Street Journal and The Associated Press, following federal court rulings that JetBlue's $3.8 billion purchase of Spirit Airlines would violate antitrust law, and citing an inability to meet reqired closing conditions before a July 24 deadline, JetBlue and Spirit Airlines have announced that they will no longer pursue a merger.
Third recreational marijuana dispensary opens in Atlantic City - As repored by The Press of Atlantic City, a third recreational marijuana dispensory, Legal Distribution, has opened in Atlantic City.
LIGHT Snapshots is a publication of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, Stockton University School of Business
Jane Bokunewicz, Ph. D., Faculty Director and Associate Professor of Hospitality
