July 2024

 

LIGHT Snapshots

 
July 2024
 

In LIGHT of the data.

Total gaming revenue for Atlantic City's casino operators, including internet and sports wagering which grew 26% and 34% in July 2024 over July 2023, increased 7% for the month and nearly 9% for the year-to-date. With these new revenue streams included, operators saw some of the highest single-month, total gross gaming revenue in recent history. With the gains in July 2024 sports betting revenue, last month's dip seems to be an anomaly.

While many were hopeful that the summer of 2024 for Atlantic City casinos would see a rebound in drive-in visitors after last year鈥檚 trend of people taking their 鈥渄ream vacation鈥 and flying to destinations, the July in-person gaming numbers suggest that is not the case. In-person revenue for the month was down 6% compared to July 2023, which itself was down 3% from 2022. Although the market has changed considerably in the past five years, the July 2024 (at $272.3 million) in-person casino revenue is not far off from that of July 2019 (at $277.2 million).

Record high volumes of passengers traveling through U.S. airports this year (as reported by the TSA) might suggest that more people are choosing fly-to destinations for their vacations compared to drive-to destinations or even 鈥渟taycations.鈥 This would be a reversal or more likely a rebound of recent trends that have favored drive-to destinations as the result of some travelers鈥 post-pandemic reluctance to fly. This favoring of drive-to destinations likely boosted Atlantic City's revenues in 2023 and 2022 compared to previous years.

The second quarter data was less encouraging than Atlantic City鈥檚 operators may have hoped. 

Overall, the key metrics of gross operating profit (GOP), net revenue and occupancy appear to be more or less flat in comparison to the last three post-pandemic second quarters. 

Despite respectable performance in the first and second quarters, net revenue gains did not translate into GOP growth. GOP is down nearly five percent for the first half of the year despite a 1.5% increase in total net-revenue for the same period. 

Hardly comparable, given changes in market conditions such as inflation and increased labor costs, second quarter 2024 did exceed pre-pandemic, second quarter 2019 for both net revenue and GOP. 

Continuing a trend in the growing importance of non-gaming to Atlantic City operators鈥 revenue mix, non-gaming contributions in second quarter 2024, at $416.1 million, compared favorably to the same period in 2023 ($399.7 million) and 2022 ($374.2 million). Non-gaming operations contributed 50.1% of total net revenue in second quarter 2024, 47% in 2023 and 44% in 2022. This may be an encouraging sign that the city is expanding its tourism offerings in a way that may help it keep pace with regional competitors in the future. 

Atlantic City Gaming Win & Total Casino Revenue

Source:

Monthly Revenue (Casino Licensees, $ In Thousands

July 2024

% Change from Prior Year July 2023 YTD

 2024

% Change from Prior Year YTD   2023
Casino Gaming Win 272,328 -6.1% 289,977 1,628,435 -1.0% 1,645,650
Internet Gaming Win 195,396 25.9% 155,165  1,325,006 22.0% 1,085,978,
Sports Wagering Revenue 43,049 34.5% 31,997 257,620 16.9% 220,325
Total Gaming Win (includes Internet & Sports Wagering) 510,773 7.0% 477,139  3,211,061 8.8% 2,951,953
Quarterly Revenue (Industry, $ In Thousands)** Q2 2024 % Change from Prior Year Q2 2023 YTD June 30, 2024 % Change from Prior Year YTD June 30, 2023
Casino 413,657 -1.3% 419,297 831,398 -0.9% 838,621
Rooms 182,695 1.7% 179,634 330,821 3.6% 319,283
Food & Beverage 144,582 2.6% 140,970 274,268 1.5% 270,105
Entertainment & Other 88,830 12.4 79,059 163,200 10.6% 147,589
Casino Licensees Total Revenue 829,764 1.3% 818,960 1,599,687 1.5% 1,575,598
Gross Operating Profit (GOP) 178,385 -1.3% 180,737 333,782 -4.9% 350,914

** Data agregated from New Jersey Division of Gaming Enforcement for individual properties, includes amended totals as of August 22, 2023. May not match totals from which represent a 'snapshot' of data at the time of publication and are not retroactively updated. 

Atlantic City Hotel Lodging

Source:

Casino Hotel Lodging Statistics
For the Period Ended
June 30, 2024 & 2023
Q2 2024 Q2 2023 YTD 2024 YTD 2023
Occupancy percentage 73.3% 74.4% 69.1% 69.8%
Average Daily Room Rate (ADR) $178.55 $173.22 $171.83 $165.50
Revenue Per Available Room (RevPAR)* $130.88 $128.88 $118.73 $115.52

* RevPAR= ADR X Occupancy Percentage

Atlantic City Casino Operator Taxes & Fees

Source:

Total Paid Taxes & Fees

$214,709,000 $181,307,000 18.4%

Taxes & Fees

Q1 2024 Q1 2023

Casino Gaming Gross Revenue Tax

$42,013,000 $41,808,000 0.5%

Internet Gaming Gross Revenue Tax

$84,576,000 $69,260,000 22.1%

Sports Wagering - Retail Gross Revenue Tax

(includes racetracks)

$866,000 $735,000 17.8%

Sports Wagering - Internet Gross Revenue Tax

(includes racetracks)

$41,479,000 $27,740,000 49.5%
Investment Alternative Tax/CRDA Obligations $22,297,000 $19,739,000 13.0%
1.25% Additional Tax $1,525,000 $1,132,000 34.7%
1.25% EDT $2,582,000 $1,657,000 55.8%
Luxury Tax $9,074,000 $8,654,000 4.9%
Tourism Promotion Fee $1,825,000 $1,876,000 -2.7%
Hotel Room Fee $2,706,000 $2,677,000 1.1%
Hotel Room Surcharge $1,804,000 $1,784,000 1.1%
Parking Fees $3,962,000 $4,245,000 -6.7%

Atlantic City Casino Operator Spending

Source: - Member Reported

Total $195,709,608.74 $166,359,279.56 17.64%

Purchase of Goods and Services From New Jersey Vendors

(By County)

Q4 2023 Q4 2022 % Change
Atlantic  $104,259,719.11 $105,505,857.06 -1.18%
Bergen $3,824,016.84 $3,270,061.78 16.94%
Burlington $3,748,472.55 $5,605,478.74 -33.13%
Camden $5,710,417.47 $6,146,934.11 -7.1%
Cape May $1,973,663.17 $1,579,216.09 24.98%
Cumberland $5,057,329.16 $6,030,951.57 -16.14%
Essex $10,882,741.16 $7,678,367.27 41.73%
Gloucester $1,887,327.78 $1,936,096.3 -2.52%
Hudson $429,999.969 $498,204.85 -13.69%
Hunterdon $43,220.22 $55,761.85 -22.49%
Mercer $6,323,970.47 $6,506,703.72 -2.81%
Middlesex $2,701,846.96 $3,717,282.54 -27.32%
Monmouth $2,779,287.96 $3,806,751.83 -26.99%
Morris $2,441,912.24 $4,440,407.01 -45.01%
Ocean  $920,066.49 $505,796.14 81.90%
Passaic $1,055,955.44 $924,441.32 14.23%
Salem $96,747.31 $20,920.11 362.46%
Somerset $1,927,588.7 $1,877,649.47 2.66%
Sussex $8,492.97 $5,640.00 50.58%
Union $4,545,688.69 $6,239,387.54 -27.15%
Warren $1,096.77 $7,370.26 -85.12%

Other Spending

Q4 2023 Q4 2022 %
Capital Expenditures $64,227,515 $71,180,013 -9.77%
PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) $28,242,109 $27,505,652 2.68%
CRDA Special Improvement District $322,582 $243,627 32.41%
Municipal/Atlantic City Fees-  Water $1,410,845 $1,130,895 24.75%
Municipal/Atlantic City Fees- Sewer $1,251,941 $1,061,249 17.97%

Municipal/Atlantic City Fees-

Other (permits, boardwalk seating, mercantile etc.)

$494,103 $677,473 -27.07%
Charitable Contributions $252,181 $294,895 -14.48%

Total Spending

$96,201,276 $102,093,806 -5.77%

Atlantic City Statistical Transportation Data

Source:

Travel Mode June
2024
Change
from Prior
Year
June
2023
YTD 
2024
Change
from Prior
Year

 

YTD  2023

AC Expressway
Total Toll-Paying Traffic
Pleasantville Toll Plaza
1,694,123 2.2% 1,657,588 8,564,499 2.3% 8,374,031
AC Airport
Scheduled Service Passengers 77,259  32.4% 58,359  485,423  27.0% 382,166
Charter Passengers  13,888 -5.2% 14,653  56,629  -11.9% 64,287
Total Air Passengers 91,947 24.8% 73,012 542,052  21.4% 446,453

Atlantic City Meetings and Conventions Data

Source:

  July '24 July '23 % Change
from Prior Year
TOTAL
2024 YTD
TOTAL
2023 YTD
% Change
from Prior Year
Conventions/Tradeshows/Meetings*
# of Shows 2 7 -71% 38 51 -25%
# of Room Nights 9,972 11,175 -11% 68,229 74,287 -8%
# of Delegates 40,120 52,476 -24% 307,259 370,005 -17%
Delegate Spending $9,256,871 $11,761,005 -21% $70,552,471 $81,645,536 -14%
Boardwalk Hall Bookings
# of Shows 2 1 100% 23 25 -8%
# of Attendees 9,565 2,514 280% 110,884 128,653 -14%
Hotel Bookings
# of Shows 15 7 114% 92 70 31%
# of Room Nights 12,605 14,692 -14% 71,144 55,535 28%
# of Attendees 10,541 6,325 67% 91,766 78,972 16%
Delegate Spending $6,909,418 $6,414,283 8% $45,977,280 $34,984,002 31%
Monthly Totals
# Convs_Trade_Mtgs / Boardwalk Hall / Hotel 19 15 27% 153 146 5%
# of Room Nights 22,577 25,867 -13% 139,373 129,822 7%
# of Attendees 60,226 61,315 -2% 509,909 577,630 -12%
Delegate Spending $16,166,289 $18,175,288 -11% $116,529,751 $116,629,538 0%

*Includes Visit Atlantic City events booked at Boardwalk Hall

Atlantic City Information

Atlantic City City Council overrides mayor's veto, allows stores in higher-crime areas to stay open longer - As reported by , an ordinace passed last year limiting operating hours for "stores identified by the Police Department as generating more calls for service or in areas that generate a lot of police calls" has been revised. Under last year's guidelines, the stores, which at one time operated 24 hours, were restricted to operating only between 8 a.m. and 10 p.m. Under the latest rulling they would be permitted to operate between 6 a.m. and midnight.  

Atlantic City Development Corp. and the Atlantic County Economic Alliance receive $1 million in grants from Fulton Bank - As reported by , Fulton Bank, as part of the state Department of Community Affairs' Neighborhood Revitalization Tax Credit program, has allocated $1 million in grants to the Atlantic City Development Corp. and the Atlantic County Economic Alliance. The funding will support revitalization efforts in Atlantic City's Chelsea and Ducktown neighborhoods.

Business owners and officials gather for Atlantic City Business Roundtable breakfast - As reported by , on July 30, dozens of business owners and elected officials gathered to discuss business development in Atlantic City with an emphasis on cybersecurity, opening a grocery and workforce housing. 

Credit repair counseling offered to Stanley Holmes Village residents who must leave by October 2025 - As reported by , the Atlantic City Housing Authority will offer credit repair counseling for residents who have been told they must all be out of their units by October 2025. Residents were told their options are moving to another housing authority property, moving into private rentals in the city or elsewhere with a Section 8 voucher, or becoming a homeowner with the help of Section 8 and other programs.

Flood control system receives additional $22 million in improvements - As reported by , annother $22 million will be invested in improving Atlantic City's flood control system. Six large pumps will be added to the Atlantis Avenue flood gate system as well as screens to remove litter at Atlantis Avenue and Fisherman鈥檚 Park. An automation system will also be added to allow remote management of the canal.

Good Dog Bar to close - As reported by , after opening in Spring 2023, the dog friendly restaurant located at 3426 Atlantic Ave. closed on Aug. 11. The owners, who also operate a Good Dog Bar in Philadelphia, sited operations and financial issues. 

The Botanist, first legal cannabis business in Atlantic City, to close - As reported by , The Botanist, a medical marijuana location at 1301 Boardwalk, will close Aug. 18. The multistate cannabis business will continue to operate other locations in New Jersey including 100 Century Road in Egg Harbor Township. The decision to close the Atlantic City location came as the city decided not to allow recreational cannabis sales on the Boardwalk. The location opened in early 2020. 

 New Jersey Gaming News

Atlantic City Police Department responds quickly to threat of violence at Borgata Hotel Casino & Spa - As reported by and , police responded to Borgata on July 18 after receiving a call claiming a man was in possession of firearms and an explosive device at the casino resort. Out of an abundance of caution, portions of the building were evacuated and entries blocked as ACPD officers and Borgata security conducted a sweep of the building. Patrons were soon allowed to reenter the building as police and security confirmed that there was no threat. 

DraftKings fined - As reported by , New Jersey gambling regulators fined DraftKings $100,000 for reporting inaccurate sports betting data to the state.The mistakes involved overstating the amount of money wagered on multi-tiered bets, or parlays, and understating other categories of wagers. The inaccurate data caused Resorts Digital, the online arm of Resorts casino, to file incorrect sports betting tax returns for December 2023 and January and February 2024. Further reporting from .

FanDuel fined - As reported by , New Jersey gambling regulators fined FanDuel $2,000 for taking bets on mixed martial arts fights that had already happened a week earlier. The company paid out over $230,000 to settle 34 bets on the fights that were promoted by the sports book as live events scheduled to take place on April 1, 2022. Reporting from .

Hard Rock Digital partners with Aristocrat Interactive to add new gaming content to Hard Rock Bet online casino - In a July 2 Hard Rock Digital and Aristocrat Interactive announced a partnership to bring new gaming content to Hard Rock Bet, the company's online casino in New Jersey. Further reporting from . 

Ocean Casino Resort introduces cardless system - In a July 2 , Ocean Casino Resort announced the launch of a "cardless gaming feature." Using the Ocean Casino Resort Mobile App, patrons will now be able to sign-in to table and slots games without the use of a rewards card. The technology is the first of its kind in the state. Further reporting by and .

Resorts Atlantic City adds live table games to DraftKings Sportsbook, new table games and slots - According to a July 16th , Resorts Atlantic City has added live dealer games to the DraftKings Sports book and added new table games (electronic and traditional) and new slots to the gaming floor. Further reporting from .

Sara Ben-David named as Acting Executive Director of the New Jersey Racing Commission - According to a July 24 from Attorney General Matthew J. Platkin's office, Sara Ben-David has been named as Acting Executive Director of the New Jersey Racing Commission. Ben-David succeeds Interim Director of the Racing Commission Thomas Salerno, and Judy Nason, executive director of the Racing Commission.

淫性视频 Atlantic City Summer Experience: Live-Work-Learn

 National Gaming News

Amid calls to limit or restrict sportsbook advertising, American Gaming Association (AGA) claims ads are critical to ridding illegal gaming operations - As reported by , the AGA is defending sports betting advertising, noting "advertising by legal sportsbooks plays an important role in informing consumers about legitimate betting operators and in migrating those consumers to safe betting options." Legislators and industry opperators have betting advertising. 

Bally's bought out by Standard General L.P., merges with The Queen Casino & Entertainment Inc., committed to development of Las Vegas Tropicana site - According to a July 25 , Standard General L.P. has bought out Bally's Corporation. Bally's will combine with The Queen Casino & Entertainment Inc. for a total of 19 properties accross 11 states. In an interview with , Bally's Chair and managing partner of Standard General L.P., Soo Kim, had a positive on outlook for the company and was commited to development of the Tropicana casino-hotel site in Las Vegas. As reported by , on July 11 Bally鈥檚 Corporation, which closed the Tropicana Las Vegas last April, filed an application to implode the property's 22-story towers by Oct. 8, 2024. Further reporting by and .

Jim Allen named to Gaming Hall of Fame - On July 10, the American Gaming Association the Class of 2024 including Jim Allen, Chairman, Hard Rock International; Chief Executive Officer, Seminole Gaming; Former Chairman, American Gaming Association; Alan Feldman, Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming, UNLV International Gaming Institute; Former Executive, MGM Resorts International; and Debi Nutton, Board Member, Everi Holdings; Executive Coach-Consultant; Former Casino Operations Executive, MGM Resorts, Wynn Resorts. Further reporting by . 

Legislation exempting sportsbooks from federal handle tax introduced - As reported by , a bill known as the WAGER Act, for Withdrawing Arduous Gaming Excise Rates, has been introduced in the U.S. Senate. If approved and signed into law, the bill would exempt legal sportsbooks from paying a 0.25% handle tax per wager and a $50 annual fee per sportsbook employee to the federal government.

Massachusetts legalizes online lottery - As reported by , on July 29, Massachusetts legalized online lottery sales as part of the state's $58 billion budget. A late 2025 launch is expected.

Mirage closes, celebrates history with goodbye ceremony - As reported by and , The Mirage Las Vegas officially closed its doors on July 17 after 34 years in business. A goodbye ceremony celebrated the resort's history and culminated with the final eruption of Mirage鈥檚 signature volcano. Redevelopment of the property, which originally opened in 1989, will include a new 600-room hotel in the shape of a guitar as Hard Rock International plans to open Hard Rock Las Vegas by 2027.

Pennsylvania Supreme Court strikes down challenge to development of State College casino - As reported by , the Pennsylvania Supreme Court struck down a challenge that would have prevented developers from building a casino at State College's Nittany Mall. The challenge was brought by Stadium Casino, a development group that runs Live! Casino and Hotel Philadelphia. The Nittany Mall casino, which would take an estimated 12 months to build, would feature 750 slot machines, 30 table games, a sportsbook and a sports-themed bar. 

Playgon halts production of live gambling programs at Las Vegas studio - As reported by , Canadian-based company Playgon has stopped producing live gaming content at their Las Vegas studio in compliance with a Nevada Gaming Control Board (NGCB) issued order. NGCB claims Playgon dealers did not have appropriate Nevada licenses and called the programming a 鈥渃riminal violation鈥 of the Nevada Gaming Control Act. Playgon insists it complied with relevant Nevada laws but will seek other options for their studio location. Playgon representatives note their business "is exclusively outside the U.S., and does not target Nevada or any U.S. state operators or players."

Hospitality & Tourism News

Air travel surges according to U.S. Transportation Security Administration (TSA) - As reported by a record 3 million people passed through U.S. airport security in a single day on July 7. Eight of the 10 busiest travel days in TSA's history have occured in 2024.  

Global tech outage impacts multiple industries including airlines, Delta Air Lines struggles to recover prompting investigation - As reported by and , a faulty software update caused a global tech outage on July 19. Numerous industries were impacted including airlines resulting in thousands of flights being canceled and tens of thousands being delayed. While the worst disruptions ended within hours, cascading effects lingered for days. as other airlines prompting an investigation by the U.S. Department of transportation. 

Jack Morey, of Morey鈥檚 Piers, dies at 63 - Jack Morey, co-owner and "creative force" behind Morey鈥檚 Piers, died Friday, July 19, of complications from cancer. Coverage and condolences from , , , , , and .

Ryan Blatstein, son of Bart Blatstein, dies at 39 - As reported by the , Ryan Blatstein, the son of Atlantic City and Philadelphia developer Bart Blatstein and his wife, Jil, died on Aug. 4. Atlantic City Police Chief James Sarkos, as well as members of the Philadelphia Police Department, honored Ryan Blatstein, a supporter of law enforcement, at his funeral on Aug. 6. 

 


LIGHT Snapshots is a publication of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, 淫性视频 School of Business

Jane Bokunewicz, Ph. D., Faculty Director and Associate Professor of Hospitality