August 2024
In LIGHT of the data.
At first glance the nearly 46% year-over-year decline in August 2024 revenue for Atlantic
City鈥檚 sports books is shocking, however, despite a lower handle ($698 million compared
to last August鈥檚 $735 million), the difference is largely attributable to an exceptionally
strong performance in August 2023. August 2023 sports betting revenue for Atlantic
City operators, at $66.7 million, more than doubled revenue from August 2022 ($27.5
million). The sports wagering industry continues an overall positive trend for Atlantic
City operators and their racetrack counterparts.
With an extra Saturday compared to August 2023, August 2024 brick-and-mortar revenues were solid with a nearly 5% year-over-year increase. At $294 million brick-and-mortar revenue August 2024 is the highest grossing single month since July 2022 ($299 million). Despite concerns that the lack of beach concerts and the cancellation of the Atlantic City Airshow would impact the industry we have yet to see it reflected in benchmarking data from the resort. We look forward to seeing the South Jersey Transportation Authority鈥檚 Monthly Statistical Summary for August 2024 (Atlantic City Expressway Toll Plaza vehicle counts) and the Division of Gaming Enforcement鈥檚 third quarter 2024 report (which will include lodging and non-gaming revenue data), as these will give a more complete picture of the impact.
Internet gaming revenue for August 2024 ($198.4 million) beat out March 2024 ($197.2 million) to set a new record for single-month internet casino revenue. This important vertical for the casino industry has topped $190 million in four of the last eight months in a trend that is seeing off-property gaming activity (which includes online sports betting) contribute nearly half of Atlantic City operators鈥 total gross gaming revenue. Year-to-date, online revenues (casino and sports) have represented 48.5% of total gross gaming revenue.
Year-to-date Atlantic City is on course for another record year of total gross gaming
revenue even as brick-and-mortar revenues appear to hold flat compared to last year.
Atlantic City Gaming Win & Total Casino Revenue
Source:
| Monthly Revenue (Casino Licensees, $ In Thousands |
August 2024 |
% Change from Prior Year | August 2023 | YTD
2024 |
% Change from Prior Year | YTD 2023 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | 294,040 | 4.9% | 280,286 | 1,922,475 | -0.2% | 1,925,936 |
| Internet Gaming Win | 198,378 | 27.8% | 155,274 | 1,523,384 | 22.7% | 1,241,253 |
| Sports Wagering Revenue | 36,084 | -45.9% | 66,708 | 293,705 | 2.3% | 287,033 |
| Total Gaming Win (includes Internet & Sports Wagering) | 528,502 | 5.2% | 502,268 | 3,739,564 | 8.3% | 3,454,221 |
| 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 for individual properties, includes amended totals as of August 22, 2023. May not match totals from which represent a 'snapshot' of data at the time of publication and are not retroactively updated.
Atlantic City Hotel Lodging
Source:
| 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:
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: - 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:
| Travel Mode | July 2024 |
Change from Prior Year |
July 2023 |
YTD 2024 |
Change from Prior Year |
YTD 2023 |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,923,114 | -0.1% | 1,925,008 | 10,487,613 | 1.8% | 10,299,039 |
| AC Airport | ||||||
| Scheduled Service Passengers | 78,568 | 24.9% | 62,908 | 563,991 | 26.7% | 445,074 |
| Charter Passengers | 12,567 | -9.9% | 13,945 | 69,196 | -11.6% | 78,232 |
| Total Air Passengers | 91,135 | 18.6% | 76,853 | 633,187 | 21.0% | 523,306 |
Atlantic City Meetings and Conventions Data
Source:
| August '24 | August '23 | % Change from Prior Year |
TOTAL 2024 YTD |
TOTAL 2023 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings* | ||||||
| # of Shows | 1 | 3 | -67% | 39 | 54 | -28% |
| # of Room Nights | 784 | 1,458 | -46% | 69,013 | 75,745 | -9% |
| # of Delegates | 3,500 | 5,075 | -31% | 310,759 | 375,080 | -17% |
| Delegate Spending | $725,365 | $1,241,372 | -42% | $71,277,836 | $82,886,908 | -14% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 1 | 2 | -50% | 24 | 27 | -11% |
| # of Attendees | 120 | 3,720 | -97% | 111,004 | 132,373 | -16% |
| Hotel Bookings | ||||||
| # of Shows | 6 | 5 | 20% | 98 | 75 | 31% |
| # of Room Nights | 5,595 | 2,282 | 145% | 76,739 | 57,817 | 33% |
| # of Attendees | 5,464 | 8,510 | -36% | 97,230 | 87,482 | 11% |
| Delegate Spending | $3,683,709 | $2,151,831 | 71% | $49,660,989 | $37,135,833 | 34% |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 8 | 10 | -20% | 161 | 156 | 3% |
| # of Room Nights | 6,379 | 3,740 | 71% | 145,752 | 133,562 | 9% |
| # of Attendees | 9,084 | 17,305 | -48% | 518,993 | 594,935 | -13% |
| Delegate Spending | $4,409,074 | $3,393,203 | 30% | $120,938,825 | $120,022,741 | 1% |
*Includes Visit Atlantic City events booked at Boardwalk Hall
Atlantic City Information
Atlantic City agencies perform homeless outreach on the Atlantic City Boardwalk - As reported by , members of the Atlantic County Prosecutor's Office, city police, AtlantiCare and Jewish Family Services of Atlantic & Cape May Counties conducted outreach to displaced persons along the Atlantic City boardwalk on August 20.
Hundreds gather for annual Bangladesh Festival - As reported by , hundreds gathered at Bader Field on August 14 for the city's annual Bangladesh Festival.
Parking in Atlantic City an issue - As reported by , parking in Atlantic City for residents, business operators and patrons of local businesses is tight. Residents have been notified that parking at city meters would be more strictly regulated as of July 14. The enforcement of city parking ordinances is intended to make more parking available for city businesses.
Parties reach agreement on Atlantic Avenue 'Road Diet' - As reported by , pending approval from the City Council and Casino Reinvestment Development Authority (CRDA) board, a settlement agreement has been reached regarding the proposed Atlantic Avenue 'Road Diet'. The city, CRDA and casino operators agreed that the eight blocks between Tennessee Avenue and Missouri Avenue (some of the city's busiest) will continue to have four lanes of traffic, with improvements made to traffic signalization, ADA compliance and sidewalks.
Teens arrested for assault, robbery at Tropicana Atlantic City - As reported by , four 14 year-olds and a 15 year-old were arrested and charged with robbery, unlawful possession of a weapon, possession of a weapon for unlawful purpose, simple assault, terroristic threats, theft, obstruction of justice and conspiracy. The teens robbed an individual in the Tropicana parking garage on August 9.
Thousands celebrate 56th Wedding of the Sea in Atlantic City - As reported by , thousands gathered at Hard Rock Hotel & Casino Atlantic City鈥檚 Etess Arena and on the beach to celebrate Atlantic City's 56th annual Wedding of the Sea Festival on August 15.
New Jersey Gaming News
Atlantic City casino smoking ban lawsuit dismissed in court - As reported by , , and a New Jersey Superior Court Judge has dismissed a lawsuit which sought to ban smoking in Atlantic City Casinos. The court ruled that the exemption for the casino industry in New Jersey's 2006 Smoke-Free Air Act did not 鈥渋ntrude upon a person鈥檚 right to pursue safety鈥 under the state鈥檚 Constitution, because it did not keep workers from pursuing employment in smoke-free environments in other industries. As reported by , casino workers organized as Casino Employees Against Smoking Effects (CEASE), plan to protest the ruling with an advertising campaign. As reported by , the union which represents table games dealers at Bally鈥檚, Caesars, and Tropicana, United Auto Workers (UAW) Region 9, has said that it will reject membership in the AFL-CIO, or American Federation of Labor and Congress of Industrial Organizations after the national group didn鈥檛 support its efforts to ban indoor smoking.
Bally's Corp. to launch Bally Bet Sportsbook in New Jersey - As reported by , Bally's has announced plans to launch online sportsbook Bally Bet in New Jersey and three other states before the end of 2024.
Bet365 ordered to refund customers - As reported by , online gambling company, bet365, has been ordered to refund $519 thousand to 199 customers who won bets but were paid less than they were entitled to when the company unilaterally changed the odds when making the payouts. Futher reporting from .
BetMGM winner sets national record for online jackpot - As reported by , a $200 bet made with BetMGM in New Jersey resulted in a progressive jackpot win of $6.4 million - a record for the legalized casino industry in the United States. Further reporting by .
Borgata announces upgrades - As reported by , and , Borgata Hotel Casino & Spa has announced plans to upgrade its casino floor in September. The improvements will include a new Asian cuisine concept and a bar featuring rare liquors from around the world. To make way for these changes, Borgata will close its popular Gypsy Bar.
Division of Gaming Enforcement says Borgata underpaid internet gaming tax - As reported by , , and, New Jersey gaming regulators say that Borgata Hotel Casino & Spa, underpaid some of its internet gambling taxes due to an understatement of gross gaming revenue in two seperate months totalling almost $15 million. The understatement resulted in the underpayment of $1.1 million in taxes. Borgata has paid the full amount of taxes due, with penalties and interest totaling $1.3 million.
Plans to expand Monmouth Park Racetrack as multi-use destination announced - As reported by representatives of DGMB, LLC, owners of Resorts Casino Hotel Atlantic City, announced a phased development plan to expand the Monmouth Park Racetrack grounds into a mixed-use destination. Construction at Monmouth Park is slated to begin in the fourth quarter of 2025
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National Gaming News
BetMGM Nevada virtual wallet now usable in other states - According to , BetMGM announced that account holders with BetMGM Nevada would now be able to use their account when traveling to any of the other 28 North American jurisdictions in which the gaming company operates.
Construction of Caesars Virginia in Danville site continues on schedule, slated to open by end of 2024 with 650 jobs to fill - As reported by , representatives of Caesars Virginia in Danville say the project is on schedule to open before the end of 2024. The property, which will include a 320-room hotel with a full-service spa, an outdoor pool, a 2,500-seat live concert theater, 50,000 square feet of meeting and convention space, and a variety of dining and drinking options, in addition to a casino floor equipped with roughly 1,300 slot machines, 85 live dealer table games, 24 electronic table games, a Caesars Sportsbook, and a World Series of Poker Room, is expected to employ approximately 1,080 team members. More than half, 650, will need to be hired in coming months. A provisional gaming space at the site, with 826 slots and 36 table games, generated gross gaming revenue of $19.2 million in June.
DraftKings anounces "gaming tax surcharge," backs out after competitors claim they won't follow suit - On August 2 DraftKings plans to implement a "gaming tax surcharge" for customers in four states where sports betting tax rates exceed 20% (Illinois, New York, Pennsylvania and Vermont). A few days later, on August 5, Rush Street Interactive that they would not implement a customer surcharge. When, according to , Flutter Entertainment (parent company of FanDuel) announced on, August 13, that it too would not implement a surcharge, DraftKings decided to stop pursuing it. Further reporting by and .
NFL extends relationship with National Council on Problem Gambling - According to , the National Football League renewed its commitment to responsible gaming with the announcement of a three-year, $6.4 million agreement with the National Council on Problem Gambling. The funding builds on an initial $6.2 million the NFL granted the NCPG in 2021, which was the largest in the nonprofit organization鈥檚 history.
Offshore gaming sites continue to be an issue - As reported by , gaming states still seek the closure of offshore casino and sports betting websites which, in direct violation of federal and state gaming laws, continue to target U.S. players.
Raid in connecticut siezes illegal gaming machines - As reported by , a raid on a Norwalk, Conn. liquor store found seven illicit gambling machines, two fake guns, and $4,932 in cash at the business.
Virginia considers forming gaming commission - As reported by , after significant expansion in recent years, lawmakers in Virginia are considering establishing a gaming commision to regulate comercial gaming in the commonwealth. The Virginia Lottery currently oversees lottery gaming, casino activity, and retail and mobile sports betting while the Virginia Racing Commission regulates HHR gaming, horse racing, and parimutuel wagering.
Hospitality & Tourism News
After 94 years in business, Gillian's Wonderland in Ocean City to close, one time owner/operator and former mayor Roy Gillian dies at 94 - As reported by , former Ocean City Mayor and owner/operator of Gillian's Wonderland, Roy Gillian, died August 17 at the age of 94. Thealso reported on the August 9 announcement that Gillian's Wonderland, a landmark on the Ocean City Boardwalk would close at the end of the 2024 summer season. Jay Gillian, Roy Gillian's son and current owner of Wonderland, is a three-term mayor in Ocean City. Further reporting from and .
Gwen Stefani cancels Hard Rock Atlantic City performance - As reported by , headliner, Gwen Stefani, canceled her concert scheduled for August 17 in the Etess Arena at Hard Rock Hotel & Casino Atlantic City. No reason was given for the cancellation.
Implosion date scheduled for Tropicana Las Vegas - As reported by , Tropicana Las Vegas will be imploded on Wednesday, October 9. Demolition of the casino hotel, which opened April 4, 1957 and closed on April 2, 2024 is expected to make way for the construction of a baseball stadium for the relocated Oakland A's and a new casino resort.
J-1 Visa workforce at the Jersey Shore returns to pre-pandemic levels - As reported by , the volume of J-1, work-study visitor exchange, program participants has returned to pre-pandemic levels in New Jersey shore resort communities.
Las Vegas City Council designates "immersive district" - As reported by , Las Vegas City Council has officially designated 35.5 acres next to AREA15 (an art and entertainment complex) as an "immersive district" the first of its kind in the nation. The area, which has seen long periods of neglect in its history, is expected to eventually include multifamily housing units, office space, and retail and dining, in addition to the tourist attractions, when it reaches full capacity in 2037.
Middle Thorofare (Two Mile) bridge in Cape May County closed for emergency repair - As reported by , a mechanical failure closed the bridge connecting the Diamond Beach section of Lower Township to the mainland on August 18. After 'round-the-clock repairs' the bridge reopened on August 21. Initial estimates were that it would take weeks to get the bridge operational again.
Port Authority of New York and New Jersey predicts more than 6.7 million travelers will use their facilities over the Labor Day holiday - According to an August 27 , the Port Authority of New York and New Jersey predicted a record number of travelers would use their facilities from Thursday, Aug. 29, through Tuesday, Sept. 3. Further reporting by
Three-day music festival, 'Capestock' held in Cape May -As reported by , 'Capestock,' a celebration of Woodstock, was held in Cape May August 16-18.
LIGHT Snapshots is a publication of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, 老司机福利社 School of Business
Jane Bokunewicz, Ph. D., Faculty Director and Associate Professor of Hospitality
