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Atlantic City casinos witnessed an almost four per cent increase in their gaming revenue for the month of November, compared to the same period in 2021.
While the growth is visible, the nine properties are still trailing behind their recorded income for November 2019, before the onset of the COVID-19 pandemic.
The New Jersey Division of Gaming Enforcement announced that the brick-and-mortar gaming venues collectively raised $214.5 million from in-person gamblers in November. The figure was 3.7% more than in November last year and 4.2% or $9.4 million less than in November 2019.
Slot machines contributed a steady $67.1 million, making retail table games responsible for the decline. Last month, the games recorded $57.8 million, a drop from the $67.1 million in November 2019.
New Jersey, unlike most states, does not use games to rank its monthly table revenue. Due to this, it is not certain if a lower rate for the houses caused the decline or if there was less activity in the venues.
The director of Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, revealed that in the past few months, the gross gaming revenues produced by table games, slots, and poker have struggled to reach the output of 2019.
Bokunewicz also mentioned the $2.57 billion increase in the year-to-date in-person revenue, which was higher than in the same period in 2021. It also exceeded the $2.48 billion recorded for November 2019.
“While an encouraging sign of post-pandemic recovery, this modest performance may not be enough to offset recent increases in operating expenses, which are now well above those of 2019,” Bokunewicz added.
The spread of online gambling contributed to the losses faced by land-based casinos. iGaming, as well as interactive tables and slots and poker rake, contributed to $146.1 million. The amount is a 24% year-over-year gain and a 200% increase compared to what internet platforms recorded in November 2019.
In November, casinos recorded around $80.4 million from mobile and retail operations, including sports betting and iGaming. The state’s GGR reached $441.1 million last month, which is $135.1 million more than the same period in 2019 and $1.5 million (0.3%) more from a year ago.
The chair of the New Jersey Casino Control Commission, James Plousis, explained that while November’s figures were lower than pre-pandemic records, it was an indication that the casino industry was progressing.
“Monthly casino win improved nearly 4% compared to last November, and it was the second-highest November figure since 2014. Although monthly casino win lagged in comparison to pre-pandemic November 2019, year-to-date figures show the industry is moving in a positive direction,” Plousis said.
New Jersey’s total gaming revenue from every area besides the lottery from the start of the year to date is higher than $4.75 billion. The amount is $423.4 million higher than what was recorded by the industry by this time in 2021.
Pre-COVID comparisons are essential to casinos in Atlantic City because they see earning money from punters in their brick-and-mortar properties as their primary business. Online gaming and sports betting provide additional revenue to the sector; however, 70% of the income is paid to third parties like sportsbooks and tech platforms.
According to the Casino Association of New Jersey, last month, casinos in the city recorded 5.6% less than in November 2019 in terms of in-person gambling. Ocean Casino Resort and Hard Rock Hotel & Casino Atlantic City were the only two gaming operators that recorded more in-person gamblers in November than in the same period in 2019.
Borgata Hotel Casino & Spa earned the most at $55 million in revenue from in-person gamblers in November. The amount is almost 14% up from 2021 but lower than the $59 million in November 2019.
Last month Hard Rock Hotel & Casino Atlantic City got $35.4 million, which is almost five per cent lower than the same period in 2021 but higher than the $23.4 million earned in November 2019. Ocean Casino Resort is the next gaming operator with $30.9 million, higher than the $19.5 million recorded in November 2019 but almost 8.7% down from 2021.
Other Atlantic City casinos include Harrah’s Resort Atlantic City, with $21 million in winnings, and Caesars Atlantic City, which won just past $19 million. Golden Nugget Atlantic City recorded $11.3 million in November, and Bally’s Atlantic City generated slightly more than $10 million.
In November, casinos and horse tracks in New Jersey, as well as their online partners, garnered over $1.1 billion in sports bets. They retained $80.4 million out of the amount after paying out a number of expenses, including winning bets.