Atlantic City is a renowned gaming destination in the country. Yet, its nine commercial casinos made less profit year-over-year in July 2023.
Table games enthusiasts spent more money betting. Therefore, the city’s casinos’ revenue last month was less than what they generated in July 2022.
The New Jersey Division of Gaming Enforcement (DGE) published its gaming revenue analysis on Wednesday, showing how table games players were lucky in July. Table games raked in $72.1 million in gross gaming revenue (GGR), which was over 13 percent less than the $83.1 million that the nine casinos earned from tables in July 2022.
Luck wasn’t on slot players, as they lost about $217.8 million to gaming venues. This was a 0.9 percent or $1.9 million increase compared to July 2022. The New Jersey Casino Control Commission’s chairperson, James Plousis, stated in a recent interview that July 2023 was their second most successful in a decade after July 2022.
Casino floors witnessed an increase in slot machines’ revenue. It was their highest profit since August 2013 hence proving that the region hosted many tourists this summer.
Even so, players cashed more at gaming tables last month, unlike in July 2022. Plousis stated that the casino’s win was promising.
Legacy gaming performed dismally, while online gaming had inspiring figures. Table games and interactive slot GGR was $155.2 million, which was a 13.5 percent year-over-year increase. Oddsmakers retained $61 million from bets, a $16 million increase compared to July 2022.
The State’s Gaming Industry Is Growing
New Jersey earned $506.1 million GGR in July 2023, hence a 5.3 year-over-year increase. Its gaming sector generated more than $3.23 billion in the last seven months, which was 11 percent higher than in July 2022.
Plousis stated that New Jersey’s online gaming exceeded the $1 billion mark fast, unlike in other months, as it has made $1.08 billion. Reports show that oddsmakers took more action in July 2023, unlike in July 2022.
Bookmakers were busier last month, unlike in July 2022. They took about $587 million from bets. This was 10 percent more than in July 2022.
Statistics indicate that Garden State sports players like wagering online rather than visiting a land-based bookmaker. The number of players at the three local race tracks decreased.
Sports bets contributed $561.6 million out of the state’s $587 million sports gambling revenue. Websites and bookie apps played a key role in increasing the revenue.
Local casinos paid $49.1 million in state taxes in July. New Jersey imposes an 8 percent tax on retail sports, 13 percent on online wagers, 15 percent on online gaming, and 8 percent on casino revenue. Trenton has earned about $331 million from casinos year to date.
Borgata Is the Best Performer
MGM Resorts operates Borgata, and the casino has been the best-performing gaming property in Atlantic City for seven months. It generated $453 million GGR last month, while Hard Rock was second with $287.3 million.
