March 2024
In LIGHT of the data.
Peak season may be starting early for Atlantic City as casino operators ended March with in-person and online gaming revenues at levels last seen in September 2023. Total gross gaming set a new near-term high for March monthly revenue, and brick-and-mortar revenues for the month increased nearly 5% over March 2023 and were the best seen for any March since 2012.
While gross operating profit continues to be a tough nut to crack, as evidenced by the recently released year-end 2023 reports, total gross gaming revenues for 2024 are off to a solid start with revenue for Atlantic City operators surpassing year-to-date 2023 by 11%. Brick and mortar revenues for the same period were a hair above 2023 and the best seen since 2012.
Despite the near-record-high sports wagering handle for the month, Atlantic City’s sportsbooks fell 33% short of last March, but still improved over 2023 for the year-to-date by nearly 39%. Internet gaming, up 19% over March 2023 and a new record high for single-month revenue, likely indirectly benefitted from increased online gaming activity around the “March Madness” of the Men’s and Women’s NCAA Basketball Championship Tournaments as patrons may have sampled online casino offerings while waiting for the results of the games.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
March 2024 |
% Change from Prior Year | March 2023 | YTD
2024 |
% Change from Prior Year | YTD 2023 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | $236,760,432 | 4.9% | $228,647,729 | $656,054,078 | 0.1% | $655,291,470 |
| Internet Gaming Win | $197,195,071 | 19.0% | $165,711,825 | $562,811,253 | 22.0% | $461,171,608 |
| Sports Wagering Revenue | $31,156,937 | -33.2% | $46,661,724 | $121,485,295 | 38.9% | $87,463,709 |
| Total Gaming Win (includes Internet & Sports Wagering) | $468,112,440 | 6.1% | $441,021,278 | $1,340,350,626 | 11.3% | $1,203,925,787 |
| Quarterly Revenue (Industry, $ In Thousands)** | Q4 2023 | % Change from Prior Year | Q4 2022 | YTD December 31, 2023 | % Change from Prior Year | YTD December 31, 2022 |
|---|---|---|---|---|---|---|
| Casino | $407,146 | -1.4% | 412,822 | 1,679,270 | -6.3% | 1,784,890 |
| Rooms | 153,820 | 5.8% | 144,016 | 735,210 | 5.0% | 698,230 |
| Food & Beverage | 135,490 | 2.5% | 132,062 | 574,730 | 8.1% | 528,130 |
| Entertainment & Other | 86,423 | 4.0% | 82,991 | 340,040 | 13.9% | 292,750 |
| Casino Licensees Total Revenue | 781,880 | 1.3% | 771,891 | 3,329,260 | 0.8% | 3,304,000 |
| Gross Operating Profit (GOP) | 148,540 | -3.7% | 154,042 | 780,670 | -4.3% | 814,180 |
** 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 December 31, 2023 & 2022 |
Q4 2023 | Q4 2022 | YTD 2023 | YTD 2022 |
|---|---|---|---|---|
| Occupancy percentage | 66.49% | 65.79% | 73.00% | 73.40% |
| Average Daily Room Rate (ADR) | $164.04 | $155.75 | $180.67 | $177.89 |
| Revenue Per Available Room (RevPAR)* | $109.07 | $102.46 | $131.89 | $130.57 |
* 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 | $195,709,608.74 | $166,359,279.56 | 17.64% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County) |
Q4 2023 | Q4 2022 | % Change | ||
| Atlantic | $104,259,719.11 | $105,505,857.06 | -1.18% | ||
| Bergen | $3,824,016.84 | $3,270,061.78 | 16.94% | ||
| Burlington | $3,748,472.55 | $5,605,478.74 | -33.13% | ||
| Camden | $5,710,417.47 | $6,146,934.11 | -7.1% | ||
| Cape May | $1,973,663.17 | $1,579,216.09 | 24.98% | ||
| Cumberland | $5,057,329.16 | $6,030,951.57 | -16.14% | ||
| Essex | $10,882,741.16 | $7,678,367.27 | 41.73% | ||
| Gloucester | $1,887,327.78 | $1,936,096.3 | -2.52% | ||
| Hudson | $429,999.969 | $498,204.85 | -13.69% | ||
| Hunterdon | $43,220.22 | $55,761.85 | -22.49% | ||
| Mercer | $6,323,970.47 | $6,506,703.72 | -2.81% | ||
| Middlesex | $2,701,846.96 | $3,717,282.54 | -27.32% | ||
| Monmouth | $2,779,287.96 | $3,806,751.83 | -26.99% | ||
| Morris | $2,441,912.24 | $4,440,407.01 | -45.01% | ||
| Ocean | $920,066.49 | $505,796.14 | 81.90% | ||
| Passaic | $1,055,955.44 | $924,441.32 | 14.23% | ||
| Salem | $96,747.31 | $20,920.11 | 362.46% | ||
| Somerset | $1,927,588.7 | $1,877,649.47 | 2.66% | ||
| Sussex | $8,492.97 | $5,640.00 | 50.58% | ||
| Union | $4,545,688.69 | $6,239,387.54 | -27.15% | ||
| Warren | $1,096.77 | $7,370.26 | -85.12% | ||
Other Spending |
Q4 2023 | Q4 2022 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | $64,227,515 | $71,180,013 | -9.77% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | $28,242,109 | $27,505,652 | 2.68% | |||
| CRDA Special Improvement District | $322,582 | $243,627 | 32.41% | |||
| Municipal/Atlantic City Fees- Water | $1,410,845 | $1,130,895 | 24.75% | |||
| Municipal/Atlantic City Fees- Sewer | $1,251,941 | $1,061,249 | 17.97% | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
$494,103 | $677,473 | -27.07% | |||
| Charitable Contributions | $252,181 | $294,895 | -14.48% | |||
Total Spending |
$96,201,276 | $102,093,806 | -5.77% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | February 2024 |
Change from Prior Year |
February 2023 |
YTD 2024 |
Change from Prior Year |
YTD 2023 |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,270,834 | 5.0% | 1,210,622 | 2,504,133 | 3.2% | 2,426,775 |
| AC Airport | ||||||
| Scheduled Service Passengers | 77,733 | 30.4% | 59,633 | 142,506 | 23.3% | 115,602 |
| Charter Passengers | 6,916 | -23.8% | 9,081 | 11,398 | -16.3% | 13,620 |
| Total Air Passengers | 84,649 | 23.2% | 68,714 | 153,904 | 19.1% | 129,222 |
Atlantic City Meetings and Conventions Data
Source: Vist Atlantic City
| March '24 | March '23 | % Change from Prior Year |
TOTAL 2024 YTD |
TOTAL 2023 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings* | ||||||
| # of Shows | 9 | 13 | -31% | 22 | 25 | -12% |
| # of Room Nights | 7,612 | 7,645 | 0% | 39,423 | 38,680 | 2% |
| # of Delegates | 98,896 | 110,005 | -10% | 179,409 | 213,597 | -16% |
| Delegate Spending | $15,522,218 | $18,430,615 | -18% | $41,150,732 | $45,039,579 | -9% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 1 | 2 | -50% | 5 | 10 | -50% |
| # of Attendees | 12,198 | 23,454 | -48% | 34,984 | 56,844 | -38% |
| Hotel Bookings | ||||||
| # of Shows | 13 | 7 | 86% | 32 | 24 | 33% |
| # of Room Nights | 13,473 | 8,003 | 68% | 28,098 | 20,063 | 40% |
| # of Attendees | 15,778 | 9,113 | 73% | 31,882 | 20,769 | 54% |
| Delegate Spending | $8,899,274 | $5,172,646 | 72% | $18,266,288 | $12,682,092 | 44% |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 23 | 22 | 5% | 59 | 59 | 0% |
| # of Room Nights | 21,085 | 15,648 | 35% | 67,521 | 58,743 | 15% |
| # of Attendees | 126,872 | 142,572 | -11% | 246,275 | 291,210 | -15% |
| Delegate Spending | $23,921,492 | $23,603,261 | 1% | $59,417,020 | $57,721,671 | 3% |
*Includes Visit Atlantic City events booked at Boardwalk Hall
Atlantic City Information
Atlantic City Housing Authority sued, congressman requests HUD investigation, archetectural and engineering firm hired, new contract awarded to Jerry Volpe - As reported by The Press of Atlantic City, former purchasing director, Robert Campell, who was hired by former Executive Director Matt Doherty in July 2023 to oversee purchasing for the Atlantic City Housing Authority (ACHA), has sued the authority and two of its leaders alleging his firing in December 2023, approximatly three months after Doherty was fired, was "retaliation for complaining about unlawful contracting and procurement practices." According to The Press of Atlantic City, during a visit to Stanley Holmes Village on March 15, congressman Jeff Van Drew announced that he would ask the U.S. Department of Housing and Urban Development’s Office of Inspector General to investigate the Atlantic City Housing Authority over widespread poor conditions. This prompted the authority to hold a special meeting on March 18 where board members voted to hire architectural and engineering firm Thriven Design. At a meeting on March 28, the ACHA board passed a resolution awarding a new $150,000 to Jerry Volpe’s Governance & Fiscal Affairs LLC. City Councilman Kaleem Shabazz had previously expressed concerns about Volpe sending a letter to the Authority asking them not to rehire him, but to instead hire a full-time staff procurement professional.
Atlantic County introduces 2024 budget - As reported by The Press of Atlantic City, the Atlantic County commissioners have introduced a $262.1 million budget for 2024. County Executive Dennis Levinson said he expects the tax rate to fall almost five cents, from 43.8 cents to about 39 cents per $100 of assessed property value. According to the budget, the Atlantic City casinos' payment in lieu of taxes (PILOT) is expected to generate $18.3 million for the county this year, up from $17.9 million in 2023. A lawsuit between the county and state over the PILOT is ongoing.
Casino Reinvestment Development Authority officially part of 'Road Diet' lawsuit - As reported by The Press of Atlantic City, at a hearing on March 18 Superior Court Judge Michael Blee, with the consent of the other parties, allowed the Casino Reinvestment Development Authorist to officially enter the case. Phase II of the project is said to be a "moving process" with no contract yet awarded for the work and plans and drawings still being worked on.
"Lighthouse Row" development brings eight new homes to Atlantic City's South Inlet - As reported by ROI.NJ and The Press of Atlantic City, developer Keith Groff is constructing 8 4-5-bedroom homes on land near the Absecon Lighthouse. The $4 million project located at 12 S. New Hampshire Avenue is expected to be completed by late summer/early fall 2024.
Memorial statue installed in O'Donnell Park - As reported by The Press of Atlantic City, a memorial statue honoring local World War II hero Bernie Friedenberg was installed at O'Donnell Memorial Park on March 20. A dedication ceremony is set to take place in the park at noon June 6, the 80th anniversary of D-Day.
New Jersey Economic Development Authority launches $5.2 million program to address food insecurity in Atlantic City - As reported by The Press of Atlantic City, the New Jersey Economic Development Authority has launched the Atlantic City Food Security Grants Pilot Program. The program, funded by state and federal dollars, will provide grants ranging from $50,000 to $500,000 to fund projects to strengthen local food access. The grants are intended as a "more immediate response to food access issues as residents await the construction of a full-fledged supermarket, which could take years."
Permiting delays postpone redevelopment of former Atlantic Club casino - As reported by Play NJ, developers working to rehabilitate the 23-story former Atlantic Club building on Pacific Avenue are reporting that permiting delays, which are preventing the start of renovation work on the structure, will push completion of the work beyond 2025.
New Jersey Gaming News
Division of Gaming Enforcement changes the way it reports revenue for online casinos - As reported by Play NJ, to "increase transparancy" as of the March 2024 reports, the Division of Gaming Enfocement will begin presenting Monthly Internet Gross Revenue Reports and Monthly Sports Wagering Revenue Reports by each individual operator rather than by licenseholder. Reports for January and February will be re-released to include the same level of detail.
Hard Rock Hotel and Casino reports significant damage to beach bar - As reported by NJ.com, at a meeting for Clean and Safe Atlantic City,Hard Rock Hotel & Casino's General Manager, Mike Sampson, said that emergency repairs would be needed if the casino is to operate its beach bar. The bar, lacated on Atlantic City's Pennsylvania Avenue Beach, was seriously damaged by a succession of winter storms. Extreme conditions on the beach appear to have caused parts of the beach bar's deck to collapse. Further coverage by Play NJ.
Harrah's Resort Atlantic City to host new restaurant by 'Cake Boss' Buddy Valastro - As reported by The Press of Atlantic City, Buddy Valastro is lated to bring restaurant concept, Buddy's Boardwalk Empire, to Harrah's Resort Atlantic City early this summer. The new restaurant will be located in the property's main lobby.
New Jersey announces $300,000 campaign to raise public awareness about available resources for problem gambling and support for responsible gambling in NJ - According to a March 19 press release and as reported by Play NJ, as part of Problem Gambling Awareness Month (March 2024), New Jersey Attorney General Matthew J. Platkin announced a year-round, $300,000 program to spread problem gambling awareness in New Jersey. The program launched during March madness 2024 will extend through Super Bowl LIX in 2025.
New Jersey Senator introduces three new gambling bills - As recorded by the New Jersey legislature and reported by NJ Biz, NJ 101.5, Play NJ and Legal Sports Report, Sen. John McKeon, D-27th District, introduced a three-bill package focused on responsible gaming. Senate Bill 3062 - Prohibits casino licensees from using non-wagering casino games to solicit future gaming, Senate Bill 3063 Permits civil liability against casinos and simulcast facilities for reckless indifference or intentional misconduct toward persons self-excluded from gaming activities. and Senate Bill 3064 - Increases tax on Internet casino gaming and Internet sports wagering to 30 percent.
Stockton Atlantic City Summer Experience: Live-Work-Learn
National Gaming News
Florida Supreme Court Denies petition challenging state gaming compact -According to Legal Sports Report, a pettition filed by West Flagler Associates challenging the state's gaming compact, including sports betting, was denied by the Florida Supreme Court. the action is seen as a further victory for the Seminole Tribe od Florida which continues to offer legal online and in-person sports betting in the state of Florida. West Flagler Associates went on to file a supplemental brief with the US Supreme Court in the Florida sports betting case against the Department of the Interior.
NCAA president calls for national ban on prop betting - According to Legal Sports Report, on March 27, NCAA president Charlie Baker said the association would ask gaming jurisdictions offering player prop NCAA betting to ban the practice with the aim of protecting student-athletes from harrassment. The Louisiana Gaming Control Board issued a bulletin suspending prop bets on college athletes on April 1.
North Carolina launches sports betting - According to Legal Sports Report, eight sportsbooks launched online betting in North Carolina on March 11. The state innitially legalized sports betting in 2019 limiting it to in-person at tribal casinos. In their first year of opperating online sports betting alongside in-person betting, North Carolina is expected to see an estimated $7 billion in handle. According to data from GeoComply SVP, in their first 48 hours of operation, North Carolina online sportsbooks recorded 5.4 geolocation checks for nearly 370,000 active betting accounts
Seven online sports betting and gaming operators form Responsible Online Gaming Association (ROGA) - According to a March 27 press release, seven of the largest U.S. online sports betting and gaming operators have formed a new trade association, ROGA, to "develop and advance responsible gaming practices." ROGA’s member companies include BetMGM, bet365, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital, and PENN Entertainment. Further coverage by Legal Sports Report.
US Congressman introduces "SAFE Bet Act" - According to Legal Sports Report, US Congressman Paul Tonko (D-NY) has informally introduced new legislation that aims to regulate sports betting advertising, affordability and artificial intelligence at the federal level. The bill, SAFE Bet Act, is expected to be formally introduced in congress later in 2024.
Hospitality & Tourism News
Atlantic City City Council votes to extend cannabis 'Green Zone' - As reported by The Press of Atlantic City, on March 20, Atlantic City City Council voted to approve the expansion of the "Green Zone" allowing the development of cannabis businesses along Kentucky Avenue, from Atlantic to Arctic avenues, and Albany Avenue from the bridge to the ramp/U-turn east by the high school. The original "Green Zone" runs from Boston to Maryland avenues, on both sides of Atlantic and Pacific avenues and also covers an extended part of the Orange Loop. Two local entrepreneurs already have plans to open a business in the newly expanded zone, redeveloping the former Choice Bar at Filbert and Albany avenues into a cannabis store.
Atlantic City to host 2024 Airshow, no beach concerts - As reported by The Press of Atlantic City, no beach concerts have been planned for Atlantic City's summer 2024 season. A three-year contract between Live Nation and the Casino Reinvestment Development Authority to provide beach concerts expired in 2023 and has not been renewed. Also reported by The Press of Atlantic City, the 2024 Atlantic City Airshow will take place August 13 and 14. After nearly being canceled due to lack of funding, the annual event was 'saved' by $300,000 in funding provided by the South Jersey Transportation Authority and Atlantic City International Airport. Event organizers anticipate serious discussions about the event's future.
Section of Wildwood Boardwalk reopens to pedestrians - As reported by The Press of Atlantic City, the main section of the Wildwood Boardwalk, from Schellenger Avenue north, has reopened to pedestrain traffic. The section had been closed to facilitate renovation and rehabilitation of older structures. Wildwood will receive $8,269,013 from the $100 million boardwalk preservation fund signed by Governor Murphy in February.
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
