August sees another month of revenue gains for Atlantic City casinos

It was another good showing for Atlantic City casinos last month as its nine casinos saw the 15th consecutive month of gaming revenue increases.

For the month of August, total gaming revenue for the iconic Boardwalk city’s casinos was $352.8 million compared to $303.9 million from the same time last year, reflecting a 16.1 percent swell.

“The summer of 2019 was one of the best summers in recent years for Atlantic City.”

According to the official press release (pdf) from the New Jersey Department of Gaming Enforcement (DGE)…

…August’s casino win was $286.5 million, a 6.1 percent hike from the same month in 2018, while the win for Internet gaming was $41.1 million for August compared to the prior period’s $24.8 million. The gain reflects an increase of a whopping 65.7 percent. The reported filings for gross revenue for sports wagering were equally impressive at $25.2 million for the month, compared to last year August which was $9.2 million.

“Casinos saw strong employment, visitation and gaming revenue.”

Total gaming revenue for the industry – year-to-date – was $2.278 billion through August this year compared to the prior period’s $1.867 billion. The improvement reflects a 22.o percent gain. Reflecting a 10.1 percent swell over August 2018, casino win was $1.827 billion for last month. The Internet gaming win for August this year saw a 56.6 percent increase to $297.9 million when compared to the same period last year.

The reported gross revenue for sports wagering was $152.7 million for August 2019.

Summer high:

Meanwhile, summer 2019’s total gaming revenue was up 11.6 percent over the same three-month period last year.

According to the Press of Atlantic City, the chairman of the Casino Control Commission, James Plousis, said…

“These results show there is a great deal of customer interest in Atlantic City’s offerings, and operators have made strides adjusting in a competitive environment.”

More:  Las Vegas-based Full House Resorts proposes new gaming venue in New Mexico

Also commenting on the positive showing, executive director for the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, Rummy Pandit, explained that the monthly revenue results were continuing “an overall positive trend for Atlantic City.”

“Overall, Atlantic City continues to demonstrate strong gaming revenues compared to 2018, indicating a consistent growth within its market segments and further strengthening its position as a premier destination resort on the East Coast,” said Pandit.

Strong follow-up:

President of the Casino Association of New Jersey and senior vice president of operations for the East Region of Tropicana Atlantic City’s parent company, Eldorado Resorts Inc., Steve Callender, reportedly said that this year has been a strong follow-up to a year [2018] that saw two casinos open in the city, Hard Rock Hotel and Casino Atlantic City and Ocean Casino Resort, along with the launch of legalized sports betting.

Callender said…

“The summer of 2019 was the one of the best summers in recent years for Atlantic City.

“Casinos saw strong employment, visitation and gaming revenue. Two great back-to-back summer seasons continue to demonstrate that the casino industry’s ongoing investment in Atlantic City’s transformation into a first-class resort and business conference destination has staying power.”

Golden Nugget:

Leading the market in internet gaming was Golden Nugget Atlantic City and its online partners, including UK-headquartered BetFair Casino, generating just under $15 million in revenue for August, a swell of nearly 84 percent.

Sports betting:

DraftKings, online partner with Resorts Casino Hotel, was responsible for nearly $6.7 million of the sports betting revenue that was generated by the city’s casinos for the month.

All but one:

With the 7BALL exception of Harrah’s Resort Atlantic City, eight of  Atlantic City’s nine casinos reported hikes in total gaming revenue (includes internet gaming, table games, slot machines and sports betting). The Caesars Entertainment owned and operated property had a 0.9 percent drop of $299.251 in August.

More:  Sale of Sands Casino Bethlehem approved; $190m investment expected by new owners