September 2024
In LIGHT of the data.
September 2024 revenues for Atlantic City’s operators were a mixed bag. At $208.1
million, record-setting internet gaming revenues pushed the total over September 2023
($163.8 million) by 4.2% but seemed to leave brick-and-mortar gaming revenues behind.
While land-based returns for September ($230.6 million) were 6.5% below 2023 ($246.5
million) and the lowest since the pandemic, year-to-date, brick-and-mortar revenues
are essentially flat year-over-year ($2.15 billion compared to $2.17 billion for 2023).
Sports betting revenues, at $63.6 million, were the highest in the past 11 months
only falling shy of the record September 2023 high of $71.6 million by a little over
11%.
Year-to-date internet gaming continues to represent a significant share of Atlantic
City operators’ revenue mix contributing 40.8% of the total revenue for the industry
through the first three-quarters of the year compared to brick-and-mortar at 50.7%.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
September 2024 |
% Change from Prior Year | September 2023 | YTD
2024 |
% Change from Prior Year | YTD 2023 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | 230,612,782 | -6.5% | 246,517,719 | 2,153,088,069 | -0.9% | 2,172,453,311 |
| Internet Gaming Win | 208,117,642 | 27.1% | 163,790,486 | 1,731,501,546 | 23.2% | 1,405,043,194 |
| Sports Wagering Revenue | 63,655,194 | -11.1% | 71,642,036 | 357,359,750 | -0.4% | 358,675,246 |
| Total Gaming Win (includes Internet & Sports Wagering) | 502,385,618 | 4.2% | 481,950,241 | 4,241,949,365 | 7.8% | 3,936,171,751 |
| Quarterly Revenue (Industry, $ In Thousands)** | Q2 2024 | % Change from Prior Year | Q2 2023 | YTD June 30, 2024 | % Change from Prior Year | YTD June 30, 2023 |
|---|---|---|---|---|---|---|
| Casino | 413,657 | -1.3% | 419,297 | 831,398 | -0.9% | 838,621 |
| Rooms | 182,695 | 1.7% | 179,634 | 330,821 | 3.6% | 319,283 |
| Food & Beverage | 144,582 | 2.6% | 140,970 | 274,268 | 1.5% | 270,105 |
| Entertainment & Other | 88,830 | 12.4 | 79,059 | 163,200 | 10.6% | 147,589 |
| Casino Licensees Total Revenue | 829,764 | 1.3% | 818,960 | 1,599,687 | 1.5% | 1,575,598 |
| Gross Operating Profit (GOP) | 178,385 | -1.3% | 180,737 | 333,782 | -4.9% | 350,914 |
** 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 June 30, 2024 & 2023 |
Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Occupancy percentage | 73.3% | 74.4% | 69.1% | 69.8% |
| Average Daily Room Rate (ADR) | $178.55 | $173.22 | $171.83 | $165.50 |
| Revenue Per Available Room (RevPAR)* | $130.88 | $128.88 | $118.73 | $115.52 |
* RevPAR= ADR X Occupancy Percentage
Atlantic City Casino Operator Taxes & Fees
Source: N.J. Division of Gaming Enforcement
Total Paid Taxes & Fees |
$207,872,000 | $183,378,000 | 13.4% | |||
|---|---|---|---|---|---|---|
Taxes & Fees |
Q2 2024 | Q2 2023 | % | |||
|
Casino Gaming Gross Revenue Tax |
$45,303,000 | $43,860,000 | 3.3% | |||
|
Internet Gaming Gross Revenue Tax |
$85,137,000 | $70,339,000 | 21.0% | |||
|
Sports Wagering - Retail Gross Revenue Tax (includes racetracks) |
$460,000 | $778,000 | -40.9% | |||
|
Sports Wagering - Internet Gross Revenue Tax (includes racetracks) |
$31,483,000 | $27,279,000 | 15.4% | |||
| Investment Alternative Tax/CRDA Obligations | $22,940,000 | $20,479,000 | 12.0% | |||
| 1.25% Additional Tax | $1,195,000 | $1,255,000 | -4.8% | |||
| 1.25% EDT | $1,899,000 | $1,504,000 | 26.3% | |||
| Luxury Tax | $12,497,000 | $11,114,000 | 12.4% | |||
| Tourism Promotion Fee | $2,264,000 | $2,172,000 | 4.2% | |||
| Hotel Room Fee | $3,070,000 | $3,111,000 | -1.3% | |||
| Hotel Room Surcharge | $2,047,000 | $2,074,000 | -1.3% | |||
| Parking Fees | $4,694,000 | $4,598,000 | 2.1% | |||
Atlantic City Casino Operator Spending
Source: Casino Association of New Jersey - Member Reported
| Total | $154,678,000 | $183,102,000 | -15.5% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County) |
Q2 2024 | Q2 2023 | % Change | ||
| Atlantic | $100,051,000 | $129,091,000 | -22.5% | ||
| Bergen | $2,542,000 | $3,808,000 | -33.3% | ||
| Burlington | $3,859,000 | $5,057,000 | -23.7% | ||
| Camden | $5,117,000 | $6,243,000 | -18.0% | ||
| Cape May | $2,021,000 | $2,834,000 | -28.7% | ||
| Cumberland | $5,585,000 | $6,628,000 | -15.7% | ||
| Essex | $10,880,000 | $5,005,000 | 117.4% | ||
| Gloucester | $2,621,000 | $2,269,000 | 15.5% | ||
| Hudson | $621,000 | $800,000 | -22.4% | ||
| Hunterdon | $28,000 | $32,000 | -12.0% | ||
| Mercer | $3,690,000 | $678,000 | 444.2% | ||
| Middlesex | $3,425,000 | $3,422,000 | 0.1% | ||
| Monmouth | $2,689,000 | $3,195,000 | -15.8% | ||
| Morris | $1,565,000 | $1,285,000 | 21.8% | ||
| Ocean | $880,000 | $1,413,000 | -37.7% | ||
| Passaic | $926,000 | $777,000 | 19.1% | ||
| Salem | $122,000 | $81,000 | 50.3% | ||
| Somerset | $2,630,000 | $2,132,000 | 23.4% | ||
| Sussex | $0 | $10,000 | -100.0% | ||
| Union | $5,421,000 | $7,258,000 | -25.3% | ||
| Warren | $4,000 | 1,000 | 245.4% | ||
Other Spending |
Q2 2024 | Q2 2023 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | $47,678,000 | $82,333,000 | -42.1% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | $29,788,000 | 29,126,000 | 2.3% | |||
| CRDA Special Improvement District | $331,000 | $314,000 | 5.3% | |||
| Municipal/Atlantic City Fees- Water | $1,253,000 | $1,207,000 | 3.8% | |||
| Municipal/Atlantic City Fees- Sewer | $3,445,000 | $3,963,000 | -13.1% | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
$1,190,000 | $1,229,000 | -3.2% | |||
| Charitable Contributions | $310,000 | $333,000 | -6.8% | |||
Total Spending |
$238,673,000 | $301,606,000 | -20.9% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | August 2024 |
Change from Prior Year |
August 2023 |
YTD 2024 |
Change from Prior Year |
YTD 2023 |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,872,358 | -3.3% | 1,936,673 | 12,359,971 | 1.0% | 12,235,712 |
| AC Airport | ||||||
| Scheduled Service Passengers | 94,737 | 32.9% | 71,268 | 658,728 | 27.6% | 516,342 |
| Charter Passengers | 15,821 | 18.0% | 13,410 | 85,017 | -7.2% | 91,642 |
| Total Air Passengers | 110,558 | 30.6% | 84,678 | 743,745 | 22.3% | 607,984 |
Atlantic City Meetings and Conventions Data
Source: Vist Atlantic City
| September '24 | September '23 | % Change from Prior Year |
TOTAL 2024 YTD |
TOTAL 2023 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings* | ||||||
| # of Shows | 5 | 7 | -29% | 44 |
61 |
-28% |
| # of Room Nights | 4,983 | 3,575 | 39% | 73,320 | 79,320 | -7% |
| # of Delegates | 8,699 | 8,755 | -1% | 319,458 | 383,835 | -17% |
| Delegate Spending | $4,955,817 | $4,413,013 | 12% | $76,233,653 | $87,299,921 | -13% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 1 | 3 | -67% | 25 | 30 | -17% |
| # of Attendees | 220 | 14,647 | -98% | 111,224 | 147,020 | -24% |
| Hotel Bookings | ||||||
| # of Shows | 14 | 16 | -13% | 112 | 91 | 23% |
| # of Room Nights | 11,332 | 11,487 | -1% | 88,071 | 69,304 | 27% |
| # of Attendees | 17,662 | 14,050 | 26% | 114,892 | 101,532 | 13% |
| Delegate Spending | $7,426,923 | $7,361,765 | 1% | $57,087,912 | $44,497,598 | 28% |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 20 | 26 | -23% | 181 | 182 | -1% |
| # of Room Nights | 16,315 | 15,062 | 8% | 162,067 | 148,624 | 9% |
| # of Attendees | 26,581 | 37,452 | -29% | 545,574 | 632,387 | -14% |
| Delegate Spending | $12,382,740 | $11,774,778 | 5% | $133,321,565 | $131,797,519 | 1% |
*Includes Visit Atlantic City events booked at Boardwalk Hall
Atlantic City Information
Atlantic City Aquarium to reopen in December - As reported by The Press of Atlantic City, on Sept. 30, Atlantic City Mayor Marty Small Sr. announced that the facility, which has been closed for four years, would reopen to the public in December 2024.
Atlantic City-based SOSH architects acquired by global design firm WATG - As reported by The Press of Atlantic City, SOSH Architects, which specializes in gaming industry design, has been acquired by national design firm WATG, which specializes in hospitality projects. SOSH's Atlantic City office will become WATG's ninth regional office.
Atlantic City City Council, Casino Reinvestment Development Authority (CRDA) pass settlement agreement on 'Road Diet' - As reported by The Press of Atlantic City, the two entities reached an agreement that allows repaving of Atlantic Avenue and other improvements while retaining the current road configuration of four lanes rather than the proposed two. Atlantic Avenue from Tennessee Avenue to Missouri Avenue will be repaved and improved traffic signalization, ADA compliance and sidewalks will be added. This section of the road will no longer be considered for "trimming" from four to two vehicle lanes. The portion of Atlantic Avenue from Missouri Avenue to Albany Avenue will be temporarily restriped to reflect the current road configuration pending further studies and approvals. Phase 1 of the "road diet," from Maine Avenue to Tennessee Avenue, is already complete and striped for two lanes. This will remain pending further study. Once studies have been completed (or 12 months have passed), the city will resubmit to the CRDA for review and approval the road diet portions of the project.
Casino Reinvestment Development Authority to study troubled shopping center - As reported by The Press of Atlantic City, the Casino Reinvestment Development Authority will spend $200,000 to study conditions at the Renaissance Plaza shopping center. The shopping center has had difficulty with the anti-social behavior of drug and alcohol abusers who loiter in the area. City Council Vice President Kaleem Shabazz, whose ward includes the plaza, hopes the study will lead to positive action.
Developers of shipping container park seek tenants - As reported by The Press of Atlantic City, developers of a proposed beach-block shipping container park presently seek tenants for the 22 available spaces that would become part of the entertainment, shopping and dining complex envisioned for the city's Orange Loop.
Developers propose $22.5 million renovation of historic Atlantic City building - As reported by The Press of Atlantic City, Philadelphia-based Atlantic Lofts Urban Renewal Entity and Odin Forward have proposed the development of an underused 53,552-square-foot property at 1 S. New York Ave. for 56 residential dwellings and commercial space. The project, known as The Atlantic Lofts Rehabilitation Project, will preserve a historic 100-year-old building known as Schwehm Building and is expected to cost $22.5 million. The New Jersey Economic Development Authority has already approved a tax credit award of up to $8 million to rehabilitate the property under its Historic Property Reinvestment Program.
New Jersey Gaming News
Bill banning sportsbook sponsorship of public institutions of higher education advances in legislature - As reported by Casino.org,Assembly Bill 4113 was unanimously voted out of the New Jersey Assembly Higher Education Committee. If enacted, the bill would prevent sportsbooks from sponsoring public colleges and universities, and ban sports betting ads in all stadiums and facilities, inclusive of gameday programs.
Boyd Interactive purchases Resorts Digital - As reported by The Associated Press, Boyd Interactive, part of Las Vegas-based Boyd Gaming, has purchased Resorts Digital, the online counterpart of Resorts Casino Hotel in Atlantic City, for an undisclosed amount. Boyd received ResortsCasino.com and MoheganSunCasino.com in the deal, along with one unused sports betting skin. Resorts Casino will keep its revenue sharing relationship with other online gambling partners including DraftKings, Penn Gaming, PokerStars and ESPN Bet because it provides market access. Resorts Digital has outperformed its land-based counterpart for many years earning in the first eight months of 2024 nearly five times as much revenue as the land-based casino in the same period. Further reporting from Play NJ and Play USA.
Fanatics opens new retail sportsbook in Ocean Casino Resort - As reported by PlayNJ, coinciding with the start of the NFL season, Fanatics sportsbook opened its first in-person betting location within Ocean Casino resort. The new sportsbook is located within 'The Gallery,' a 12,000 square-foot gaming and bar space.
New Jersey Supreme Court rejects an emergency relief request from challengers of casino smoking - As reported by Casino.org, "the state’s highest court ruled the lawsuit challenging the exemptions included in the 2006 Smoke-Free Air Act that allow tobacco use inside casinos and parimutuel wagering facilities 'shall proceed in the ordinary course.'" If honored, the request would have imposed an injunction on Atlantic City's nine casinos immediately halting smoking for all properties while the challenge is considered.
Stockton Atlantic City Summer Experience: Live-Work-Learn
National Gaming News
Caesars Entertainment takes over operation of sports betting kiosks in D.C. - As reported by Casino.org, 53 sports wagering kiosks formerly operated by GambetDC (Intralot) before being outsourced to FanDuel (Flutter), will soon be controlled by Caesars Entertainment's Caesars Sportsbook. The change comes after a series of controversies with GambetDC, and the Washington, D.C. city council's decision to expand the number of gaming companies offering mobile betting in the city eliminating FanDuel's monopoly.
Community groups oppose plan for West Manhattan casino - As reported by Casino.org, three community groups, High Line (a group named after a nearby Manhattan park), Open Plans, Parks & Trails New York, and Save Chelsea, have opposed a plan by Related Cos. and Wynn Resorts to bring a casino hotel to the West Side of Manhattan. The gaming venue, which would be called Wynn New York City, is part of a $12 billion development plan proposed by Related Cos. for the west side of Hudson Yards.
DraftKings acquires live betting technology provider, Simplebet - According to Legal Sports Report, DraftKings seeks to expand its sports wagering products to include in-gaming betting, by aquiring live betting technology provider, Simplebet. Other sportsbooks, including bet365, Caesars and ESPN Bet, also have deals with Simplebet for their in-game betting content.
ESPN Bet launches in New York - According to Legal Sports Report, ESPN Bet launched in New York on Sept. 26. The New York market, which accounted for 17% of the total U.S. sports betting handle in 2023, is the 20th jurisdiction, between TheScore Bet and ESPN Bet, for parent company Penn Entertainment.
Legislation seeking federal regulation of sports wagering formally introduced - As reported by Casino.org, the Supporting Affordability & Fairness With Every Bet Act (SAFE Bet Act) was formally introduced on Sept. 12. The proposed legislation would require sportsbooks to limit bettors to no more than five deposits per 24 hours, conduct “affordability checks” on customers seeking to make large wagers and prohibit sports wagering advertising between 8 a.m. and 10 p.m. and during all live sports programming. It would also seek to prohibit the use of artificial intelligence to craft promotions and bonuses for players based on their betting history, or to produce microbetting odds and in-game lines.
National Council on Problem Gambling (NCPG) report finds states falling short on Internet Responsible Gambling Standards (IRGS) - As announced in a Sept. 19 press release from NCPG, a study conducted by the council has found that, on average, states met only 32 out of 82 player protection standards outlined by by the IRGS. Connecticut, New Jersey and Virginia were the most compliant, but still met only 49 conditions. Further reporting by Casino.org.
New York Mets owner Steve Cohen and Hard Rock International reveal renderings for proposed “Metropolitan Park,” include casino hotel near Citi Field in Queens, N.Y. - As reported by Casino.org, Steve Cohen and Hard Rock International have revealed plans for a development that would include 25 acres of parkland for public use including five acres of athletic fields, dining options, a live music venue, and a Hard Rock-branded casino resort. The plan also promises enhanced cycle access and roads as well as a $163 million community impact fund.
Offshore sportsbook Bovada now restricted in 14 states - According to Legal Sports Report, the offshore sportsbook Bovada pulled out of three additional state gaming markets (Kansas, Louisiana and Pennsylvania) in September, for a total 14 markets the operator is now restricted in. The IRS notes that the illegal sports betting market is still worth about $700 million.
Poll finds young men are at greater risk for poblem gambling than general population - As reported by The Associated Press, a new study conducted by Fairleigh Dickinson University has found that 10% of young men in the U.S. show behavior that indicates a gambling problem, compared to 3% of the general population. The nationwide survey of 801 registered voters, conducted between Aug. 17 and 20, has a margin of error of plus or minus 3.5 percentage points. As reported by The Press of Atlantic City, findings such as these support leaders in the gaming industry, such as David Rebuck, the recently retired director of New Jersey’s Division of Gaming Enforcement, who are calling for tougher regulations to protect young adults from developing gambling addictions.
Hospitality & Tourism News
Cape May-Lewes Ferry to receive funds to replace vessel - As reported by The Press of Atlantic City, the Cape May-Lewes Ferry will receive $20 million to replace a more than 40-year-old diesel engine vessel with a diesel-hybrid model. Funds for the replacement vessel will come from the Federal Transit Administration’s Electric or Low-Emitting Ferry Pilot Program.
New Jersey State Firemen's Association members vote to keep annual convention in Wildwood, N.J. - As reported by The Press of Atlantic City, members of the New Jersey State Firemen's Association voted to keep the organization's annual convention in Wildwood through 2029.
Ordinance to expand Atlantic City's "green zone" adjourned indefinitly - As reported by The Press of Atlantic City, an ordinance to amend Atalntic City's cannabis "green zone" to include sales on Albany Avanue was adjourned indefinitely at a meeting of the City Council. A referendum is expected to appear on the Nov. 5 ballot for city voters, asking them whether they approve of the expansion.
Visit Atlantic City announces retirement of President and CEO Larry Sieg, Vice President of Sales Gary Musich to succeed him - According to a Sept. 29 press release, President and CEO of Visit Atlantic City Larry Sieg will retire. Gary Musich, current Vice president of Sales at Visit Atlantic City, will replace him as head of the organization at the end of 2024.
Wildwood, N.J. announces plans for next phase of Boardwalk renovations - As reported by The Press of Atlantic City, work to continue renovations of the Boardwalk between Spicer and Montgomery avenues is set to begin on Oct. 7 and be completed by May 9, 2025. Contractor Fred M. Schiavone was awarded the project, with a bid of $4.17 million, funded through the New Jersey Boardwalk Preservation Fund.
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 Professor of Hospitality
