Atlantic City Casino Revenue July 2019
Table Of Contents
Another Year-Over-Year Increase for NJ Casinos
The New Jersey Division of Gaming Enforcement (NJDGE) released third-quarter revenue figures for nine Atlantic City casinos. The total net revenue for the NJ casinos came in just shy of $929 million for July through September. The figure is good for a 2.7% increase compared to the same period in 2018. Over the past year, Atlantic City has grown to become one of the most profitable gambling hubs in the country. New reports show that Atlantic City casino revenue increased massively in 2019’s third quarter. It’s fantastic news for the state and casino companies operating here.
Overall June was another positive month for Atlantic City casinos, collectively speaking, with total gaming revenue showing a 21.5 percent increase year-over-year according to the New Jersey Division of Gaming Enforcement.
After earning $233.6 million in June 2018, the state's casinos' revenue totaled $283.8 million, marking a 13th-straight month of increases in the Garden State.
The Press of Atlantic City points out, however, that the streak of revenue increases may be coming to an end soon, given that June will represent the last full month of year-over-year comparisons between seven operating casinos (in 2018) and nine (in 2019).
Both the Hard Rock Hotel Casino Atlantic City and the Ocean Casino Resort first opened their doors during the last week of June 2018.
Industry observers echoed that point, including Rummy Pandit of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University. Pandit noted to the Press how 'this... trend [of increases] we should expect to see through 2019 and beyond, however year-over-year and month-to-month comparisons will likely be less pronounced.'
Gaming consultant Bob Ambrose, an adjunct professor at Farleigh Dickinson University, likewise speculated that 'we'll see a level of consistency going forward, [though] perhaps (without) these large double-digit spikes that we've seen in the last (year).'
When looking at total gaming win (combining casino win, internet gaming win, and sports wagering revenue), two casinos showed year-over-year increases in June — the Borgata (up 7.7 percent) and Golden Nugget Atlantic City (up 2.2 percent).
Meanwhile showing decreases were the Resorts Casino Hotel (down 5.1 percent), Caesars Atlantic City (down 5.8 percent), Bally's Atlantic City (down 7.9 percent), the Tropicana Atlantic City (down 13.9 percent), and Harrah's Atlantic City (down 17.3 percent).
The Ocean Casino Resort enjoyed its best month ever in June with total gaming revenue of almost $21.5 million, while Hard Rock Atlantic City earned more than $32.5 million, nearly matching its best-ever month of $32.7 million in July 2018.
The overall casino win was up 13.7 percent year-over-year, with the internet gaming win also well ahead of a year ago, totaling $38.1 million in June 2019 versus $22.7 million in June 2018 for a 67.8 percent increase.
That said, online gaming revenue was down slightly from the $38.3 million earned in May. Sports wagering revenue was down month-to-month as well, from over $15.5 million to $9.7 million in June, although the latter total still represents a big increase over June 2018's $3.45 million (the first full month of sports betting in the state).
Of note — almost 83 percent of wagers made on sporting events in New Jersey in June were made via online or mobile platforms, the Press reports.
Stars Come Out for NYC Charity Tournament
Rounders co-writer Brian Koppelman, bestselling author and Team PokerStars Pro Maria Konnikova, and actor Kevin Pollak were among the participants in the Take 'Em to School Poker Tournament in Manhattan on Wednesday.
The event raised more than $550,000 for Education Reform Now, a charity designed to promote standards and accountability in public eduction, in particular for students of color and those coming from low-income families.
Bloomberg was there to provide a detailed report of the event which also saw a number of deep-pocketed hedge fund managers take part, among them Marc Lasry of the Avenue Capital Group and co-owner of the Milwaukee Bucks and David Einhorn of Greenlight Capital.
Also participating were former New York Knicks players Charles Smith and John Starks. The annual event was again presented by World Poker Tour Foundation, and the WPT's Vince Van Patten, Lynn Gilmartin, and Tony Dunst were on hand as well.
With billionaires among the participants, the scene as described by Bloomberg sounded not that far removed from one that might appear in an episode of Billions, the Showtime series created by Koppelman and his Rounders co-writer David Levien along with Andrew Ross Sorkin. In particular it evokes one from a second season episode featuring a Wall Street charity poker tournament called the 'Alpha Cup.'
Atlantic City Casino Revenue Reports
Theatrical producer Ayal Miodovnik ultimately won the tournament.
Three Pennsylvania Online Casinos Now Open, No Poker As Yet
A couple of weeks ago in this space we were on the edge of our seats readying for a 'soft launch' of the first online casinos in Pennsylvania. After all, anticipation had built up considerably since state regulators had announced in April that the 'live period for interactive gaming will commence on July 15, 2019.'
That date finally arrived, and as anticipated both Parx Casino and Hollywood Casino at Penn National Race Course were both up and running with online casinos by the target date, with the Sugarhouse Casino also joining the fun with the launch of their online casino a couple of days later.
All three sites are offering a number of different types of online slots as well as some table games like blackjack, roulette, and baccarat. While there are some video poker games available as well, none has as yet offered online poker per se.
All three have licenses to open online poker rooms along with their casinos, as do Harrah's Philadelphia Casino & Racetrack, Mount Airy Casino Resort, Valley Forge Casino Resort, and the Wind Creek Casino and Resort (formerly Sands Bethlehem).
Speaking for the Pennsylvania Gaming Control Board just before the first online casinos' launch, Doug Harbachtold The Philadelphia Inquirer the sites would begin with slots and table games 'played against a computer,' and that 'online peer-to-peer poker, which involves human competitors, is more complicated and will be launched at a later date.'
Speaking to pokerfuse a couple of days later, Harbach reiterated that as far as online poker in Pennsylvania is concerned, 'we cannot predict a timeline on that now' and that 'poker will be rolled out when operators are prepared to do so.'
Photo: 'Stacking chips,” World Poker Tour, CC BY-ND 2.0.
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It’s been a year since two new casinos opened up in Atlantic City. Gambling earnings continue to soar here. This week, the New Jersey Division of Gaming Enforcement revealed that Atlantic City’s July revenue rose by almost 8%.
It’s fantastic news for casinos in this city. Today, we’re looking at how gambling revenue rose last month. We’ll also talk about which casinos earned the most money. Let’s get started!
Reports Show that Atlantic City’s July Revenue Surges
As we’ve already mentioned, gambling revenue in Atlantic City has steadily increased during each month of 2019. This small city has quickly become one of the top gambling hubs in the United States. Part of the reason for this is the legalization of sports betting.
In May of 2018, the US Supreme Court struck down PASPA, giving New Jersey the ability to make sports gambling legal. Lawmakers in the state quickly opened up the sports betting industry, giving new life to the casinos in Atlantic City. Today, each casino here offers sports betting odds for all major sporting events.
It’s clear that more people are choosing to gamble in Atlantic City. Gambling revenue has risen significantly in June. New reports indicate that casinos here earned $323 million, representing an increase of 7.8% from the same month in 2018.
As you might expect, some casinos here are earning more than others. Let’s look at which gambling venues here earned the most money in July.
Borgata Casino Brings in Most Revenue in July
The Borgata is the most popular hotel-casino in New Jersey. For most of 2019, this gambling venue has out-performed all others in Atlantic City. The reports from New Jersey’s Division of Gaming Enforcement show that the Borgata contributed the most to Atlantic City’s July revenue.
This casino managed to bring in $88 million in July. This includes revenue from both casino gambling and sports betting. It’s a massive 15% increase in earnings from July of 2018. Marcus Glover, President and CEO of the Borgata, gave a statement on the huge revenue earnings to the media.
“Playing lucky in table games, complemented by healthy July volumes, led to Borgata enjoying an all-time record in total gaming revenue,” he said.
The Ocean Casino Resort has struggled to generate revenue over the past two years. Fortunately, this gambling establishment managed to bring in $20.1 million in July, an 18% increase from the same month in July. Like the Borgata, Ocean Casino had its best-ever month in July.
Atlantic City Casino Revenue July 2019 Calendar Printable Free
Atlantic City Benefits From Regulated Online Gambling Market
New Jersey is one of the few states that regulated online gambling. For years, both online sports betting and casino gambling have been legal and regulated online. As a result, the state is earning millions in additional revenue.
In total, Atlantic City online gambling operators earned $5,907,523 last month. This money also helped to boost Atlantic City’s July revenue by 8%. Much like the land-based casinos, some of these gambling operators are earning more money than others.
The Golden Nugget casino managed to bring in the most money through its online gambling platform last month. It brought in $14,895,411 through its partnership with Betfair. After taxes, the online gambling site made $2,235,257.
There are many unregulated online gambling sites in New Jersey, as well. These websites do not pay taxes to the government and don’t contribute to the state’s gambling revenue earnings.
It’s great to see Atlantic City’s July revenue increase. This city is quickly becoming one of the most popular gambling destinations in the world. Make sure to stay tuned for more updates on Atlantic City casino earnings over the next several months!