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Atlantic City Casino Revenue Cools in July

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Posted on: August 16, 2023, 05:01h. 

Final up to date on: August 16, 2023, 05:42h.

Atlantic Metropolis casinos gained much less cash yr over yr in July as desk sport gamers fared higher in opposition to the 9 homes down the shore.

Atlantic City casino revenue GGR New Jersey
The Atlantic Metropolis Boardwalk wanting south with Caesars within the background. Atlantic Metropolis on line casino income cooled off a bit in July 2023 in contrast with July 2022. (Picture: Do AC)

The New Jersey Division of Gaming Enforcement (DGE) launched its July income report on Wednesday, revealing simply how lucky gamers have been on the felt final month. Gross gaming income (GGR) from desk video games totaled simply $72.1 million, a greater than 13% drop from July 2022 when tables gained about $83.1 million for the 9 casinos.

Slot gamers didn’t fare as properly, as they misplaced practically $217.8 million to the one-armed bandits. That represents a 0.9% acquire, or about $1.9 million, on July 2022.

James Plousis, chair of the New Jersey On line casino Management Fee, instructed On line casino.org that final month was nonetheless the second-best July in 10 years behind solely July 2022.

On the on line casino ground, slot machine win reached its highest stage since August 2013, demonstrating that visitation this summer season has been robust. Whereas gamblers gained extra on the gaming tables in comparison with final July, on line casino win was nonetheless the second highest reported determine for July in 10 years,” Plousis stated.

Whereas legacy gaming stumbled, iGaming in July managed to proceed its income rally. GGR from interactive slots and desk video games totaled roughly $155.2 million, a 13.5% year-over-year leap.

Oddsmakers saved about $61 million of the bets wagered, which represented a $16 million enchancment on the earlier July.

Trade Will increase

When income from all verticals was mixed, July GGR in New Jersey was $506.1 million, a 5.3% year-over-year bump. Via seven months, New Jersey’s gaming business has generated gross income of over $3.23 billion. That’s up 11% from this time final yr.

Plousis stated July was the very best statewide GGR month in over a decade. He additionally cited that iGaming this yr eclipsed the $1 billion mark sooner than it ever has. On-line on line casino platforms have gained $1.08 billion this yr by way of July.

Oddsmakers reported taking extra motion final month than they did in July 2022. Sportsbook information confirmed that they accepted somewhat greater than $587 million in bets, up 10% from July 2022.

Backyard State sports activities bettors want wagering by way of the web as a substitute of visiting a brick-and-mortar sportsbook in Atlantic Metropolis or patronizing one of many state’s three racetrack books. Of the $587 million wagered final month on sports activities, $561.6 million, nearly 96%, was facilitated remotely by way of a sportsbook app or web site.

New Jersey’s tax profit final month was about $49.1 million. The state levies an 8% tax on on line casino income, 15% on iGaming, 8% on retail sports activities, and 13% on on-line bets. 12 months up to now, Trenton has collected nearly $331 million from gaming.

Borgata Prime On line casino

Via seven months, Borgata continues to reign supreme in Atlantic Metropolis. The Marina District property operated by MGM Resorts has generated GGR of $453 million on its bodily on line casino ground. Exhausting Rock is a distant second at $287.3 million.

Whereas Borgata’s retail gaming income is up nearly 6% this yr, Exhausting Rock’s gaming earnings has slid about 1%. The Boardwalk resort is certainly one of 5 Atlantic Metropolis casinos that has seen its brick-and-mortar play decline this yr by way of July.

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