September 2024

 

LIGHT Snapshots

 
September 2024
 

In LIGHT of the data.

September 2024 revenues for Atlantic City鈥檚 operators were a mixed bag. At $208.1 million, record-setting internet gaming revenues pushed the total over September 2023 ($163.8 million) by 4.2% but seemed to leave brick-and-mortar gaming revenues behind. 
While land-based returns for September ($230.6 million) were 6.5% below 2023 ($246.5 million) and the lowest since the pandemic, year-to-date, brick-and-mortar revenues are essentially flat year-over-year ($2.15 billion compared to $2.17 billion for 2023).  

Sports betting revenues, at $63.6 million, were the highest in the past 11 months only falling shy of the record September 2023 high of $71.6 million by a little over 11%. 
Year-to-date internet gaming continues to represent a significant share of Atlantic City operators鈥 revenue mix contributing 40.8% of the total revenue for the industry through the first three-quarters of the year compared to brick-and-mortar at 50.7%. 

Atlantic City Gaming Win & Total Casino Revenue

Source:

Monthly Revenue (Casino Licensees, $ In Thousands

September 2024

% Change from Prior Year September 2023 YTD

 2024

% Change from Prior Year YTD   2023
Casino Gaming Win 230,612,782 -6.5% 246,517,719  2,153,088,069 -0.9% 2,172,453,311
Internet Gaming Win 208,117,642 27.1% 163,790,486 1,731,501,546 23.2% 1,405,043,194
Sports Wagering Revenue 63,655,194  -11.1% 71,642,036 357,359,750 -0.4% 358,675,246
Total Gaming Win (includes Internet & Sports Wagering) 502,385,618 4.2% 481,950,241  4,241,949,365 7.8% 3,936,171,751
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

$207,872,000 $183,378,000 13.4%

Taxes & Fees

Q2 2024 Q2 2023

Casino Gaming Gross Revenue Tax

$45,303,000 $43,860,000 3.3%

Internet Gaming Gross Revenue Tax

$85,137,000 $70,339,000 21.0%

Sports Wagering - Retail Gross Revenue Tax

(includes racetracks)

$460,000 $778,000 -40.9%

Sports Wagering - Internet Gross Revenue Tax

(includes racetracks)

$31,483,000 $27,279,000 15.4%
Investment Alternative Tax/CRDA Obligations $22,940,000 $20,479,000 12.0%
1.25% Additional Tax $1,195,000 $1,255,000 -4.8%
1.25% EDT $1,899,000 $1,504,000 26.3%
Luxury Tax $12,497,000 $11,114,000 12.4%
Tourism Promotion Fee $2,264,000 $2,172,000 4.2%
Hotel Room Fee $3,070,000 $3,111,000 -1.3%
Hotel Room Surcharge $2,047,000 $2,074,000 -1.3%
Parking Fees $4,694,000 $4,598,000 2.1%

Atlantic City Casino Operator Spending

Source: - Member Reported

Total $154,678,000 $183,102,000 -15.5%

Purchase of Goods and Services From New Jersey Vendors

(By County)

Q2 2024 Q2 2023 % Change
Atlantic  $100,051,000 $129,091,000 -22.5%
Bergen $2,542,000 $3,808,000 -33.3%
Burlington $3,859,000 $5,057,000 -23.7%
Camden $5,117,000 $6,243,000 -18.0%
Cape May $2,021,000 $2,834,000 -28.7%
Cumberland $5,585,000 $6,628,000 -15.7%
Essex $10,880,000 $5,005,000 117.4%
Gloucester $2,621,000 $2,269,000 15.5%
Hudson $621,000 $800,000 -22.4%
Hunterdon $28,000 $32,000 -12.0%
Mercer $3,690,000 $678,000 444.2%
Middlesex $3,425,000 $3,422,000 0.1%
Monmouth $2,689,000 $3,195,000 -15.8%
Morris $1,565,000 $1,285,000 21.8%
Ocean  $880,000 $1,413,000 -37.7%
Passaic $926,000 $777,000 19.1%
Salem $122,000 $81,000 50.3%
Somerset $2,630,000 $2,132,000 23.4%
Sussex $0 $10,000 -100.0%
Union $5,421,000 $7,258,000 -25.3%
Warren $4,000 1,000 245.4%

Other Spending

Q2 2024 Q2 2023 %
Capital Expenditures $47,678,000 $82,333,000 -42.1%
PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) $29,788,000 29,126,000 2.3%
CRDA Special Improvement District $331,000 $314,000 5.3%
Municipal/Atlantic City Fees-  Water $1,253,000 $1,207,000 3.8%
Municipal/Atlantic City Fees- Sewer $3,445,000 $3,963,000 -13.1%

Municipal/Atlantic City Fees-

Other (permits, boardwalk seating, mercantile etc.)

$1,190,000 $1,229,000 -3.2%
Charitable Contributions $310,000 $333,000 -6.8%

Total Spending

$238,673,000 $301,606,000 -20.9%

Atlantic City Statistical Transportation Data

Source:

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

 

YTD  2023

AC Expressway
Total Toll-Paying Traffic
Pleasantville Toll Plaza
1,872,358  -3.3% 1,936,673  12,359,971 1.0% 12,235,712
AC Airport
Scheduled Service Passengers 94,737 32.9% 71,268 658,728  27.6% 516,342
Charter Passengers  15,821 18.0% 13,410 85,017  -7.2% 91,642
Total Air Passengers 110,558 30.6% 84,678 743,745 22.3% 607,984

Atlantic City Meetings and Conventions Data

Source:

  September '24 September '23 % Change
from Prior Year
TOTAL
2024 YTD
TOTAL
2023 YTD
% Change
from Prior Year
Conventions/Tradeshows/Meetings*
# of Shows 5 7 -29% 44

61

-28%
# of Room Nights 4,983 3,575 39% 73,320 79,320 -7%
# of Delegates 8,699 8,755 -1% 319,458 383,835 -17%
Delegate Spending $4,955,817 $4,413,013 12% $76,233,653 $87,299,921 -13%
Boardwalk Hall Bookings
# of Shows 1 3 -67% 25 30 -17%
# of Attendees 220 14,647 -98% 111,224 147,020 -24%
Hotel Bookings
# of Shows 14 16 -13% 112 91 23%
# of Room Nights 11,332 11,487 -1% 88,071 69,304 27%
# of Attendees 17,662 14,050 26% 114,892 101,532 13%
Delegate Spending $7,426,923 $7,361,765 1% $57,087,912 $44,497,598 28%
Monthly Totals
# Convs_Trade_Mtgs / Boardwalk Hall / Hotel 20 26 -23% 181 182 -1%
# of Room Nights 16,315 15,062 8% 162,067 148,624 9%
# of Attendees 26,581 37,452 -29% 545,574 632,387 -14%
Delegate Spending $12,382,740 $11,774,778 5% $133,321,565 $131,797,519 1%

*Includes Visit Atlantic City events booked at Boardwalk Hall

Atlantic City Information

Atlantic City Aquarium to reopen in December - As reported by , on Sept. 30, Atlantic City Mayor Marty Small Sr. announced that the facility, which has been closed for four years, would reopen to the public in December 2024. 

Atlantic City-based SOSH architects acquired by global design firm WATG - As reported by , SOSH Architects, which specializes in gaming industry design, has been acquired by national design firm WATG, which specializes in hospitality projects. SOSH's Atlantic City office will become WATG's ninth regional office. 

Atlantic City City Council, Casino Reinvestment Development Authority (CRDA) pass settlement agreement on 'Road Diet' - As reported by , the two entities reached an agreement that allows repaving of Atlantic Avenue and other improvements while retaining the current road configuration of four lanes rather than the proposed two. Atlantic Avenue from Tennessee Avenue to Missouri Avenue will be repaved and improved traffic signalization, ADA compliance and sidewalks will be added.  This section of the road will no longer be considered for "trimming" from four to two vehicle lanes. The portion of Atlantic Avenue from Missouri Avenue to Albany Avenue  will be temporarily restriped to reflect the current road configuration pending further studies and approvals. Phase 1 of the "road diet," from Maine Avenue to Tennessee Avenue, is already complete and striped for two lanes. This will remain pending further study. Once studies have been completed (or 12 months have passed), the city will resubmit to the CRDA for review and approval the road diet portions of the project.

Casino Reinvestment Development Authority to study troubled shopping center - As reported by , the Casino Reinvestment Development Authority will spend $200,000 to study conditions at the Renaissance Plaza shopping center. The shopping center has had difficulty with the anti-social behavior of drug and alcohol abusers who loiter in the area. City Council Vice President Kaleem Shabazz, whose ward includes the plaza, hopes the study will lead to positive action. 

Developers of shipping container park seek tenants - As reported by , developers of a proposed beach-block shipping container park presently seek tenants for the 22 available spaces that would become part of the entertainment, shopping and dining complex envisioned for the city's Orange Loop. 

Developers propose $22.5 million renovation of historic Atlantic City building - As reported by , Philadelphia-based Atlantic Lofts Urban Renewal Entity and Odin Forward have proposed the development of an underused 53,552-square-foot property at 1 S. New York Ave. for 56 residential dwellings and commercial space. The project, known as The Atlantic Lofts Rehabilitation Project, will preserve a historic 100-year-old building known as Schwehm Building and is expected to cost $22.5 million. The New Jersey Economic Development Authority has already approved a tax credit award of up to $8 million to rehabilitate the property under its Historic Property Reinvestment Program.

 New Jersey Gaming News

Bill banning sportsbook sponsorship of public institutions of higher education advances in legislature - As reported by was unanimously voted out of the New Jersey Assembly Higher Education Committee. If enacted, the bill would prevent sportsbooks from sponsoring public colleges and universities, and ban sports betting ads in all stadiums and facilities, inclusive of gameday programs.

Boyd Interactive purchases Resorts Digital - As reported by ,  Boyd Interactive, part of Las Vegas-based Boyd Gaming, has purchased Resorts Digital, the online counterpart of Resorts Casino Hotel in Atlantic City, for an undisclosed amount. Boyd received ResortsCasino.com and MoheganSunCasino.com in the deal, along with one unused sports betting skin. Resorts Casino will keep its revenue sharing relationship with other online gambling partners including DraftKings, Penn Gaming, PokerStars and ESPN Bet because it provides market access. Resorts Digital has outperformed its land-based counterpart for many years earning in the first eight months of 2024 nearly five times as much revenue as the land-based casino in the same period. Further reporting from and .

Fanatics opens new retail sportsbook in Ocean Casino Resort - As reported by , coinciding with the start of the NFL season, Fanatics sportsbook opened its first in-person betting location within Ocean Casino resort. The new sportsbook is located within 'The Gallery,' a 12,000 square-foot gaming and bar space.

New Jersey Supreme Court rejects an emergency relief request from challengers of casino smoking - As reported by Casino.org, "the state鈥檚 highest court ruled the lawsuit challenging the exemptions included in the 2006 Smoke-Free Air Act that allow tobacco use inside casinos and parimutuel wagering facilities 'shall proceed in the ordinary course.'" If honored, the request would have imposed an injunction on Atlantic City's nine casinos immediately halting smoking for all properties while the challenge is considered.

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 National Gaming News

Caesars Entertainment takes over operation of sports betting kiosks in D.C. - As reported by , 53 sports wagering kiosks formerly operated by GambetDC (Intralot) before being outsourced to FanDuel (Flutter), will soon be controlled by Caesars Entertainment's Caesars Sportsbook. The change comes after a series of controversies with GambetDC, and the Washington, D.C. city council's decision to expand the number of gaming companies offering mobile betting in the city eliminating FanDuel's monopoly.

Community groups oppose plan for West Manhattan casino - As reported by , three community groups, High Line (a group named after a nearby Manhattan park), Open Plans, Parks & Trails New York, and Save Chelsea, have opposed a plan by Related Cos. and Wynn Resorts to bring a casino hotel to the West Side of Manhattan. The gaming venue, which would be called Wynn New York City, is part of a $12 billion development plan proposed by Related Cos. for the west side of Hudson Yards.

DraftKings acquires live betting technology provider, Simplebet - According to DraftKings seeks to expand its sports wagering products to include in-gaming betting, by aquiring live betting technology provider, Simplebet. Other sportsbooks, including bet365, Caesars and ESPN Bet, also have deals with Simplebet for their in-game betting content.

ESPN Bet launches in New York - According to , ESPN Bet launched in New York on Sept. 26. The New York market, which accounted for 17% of the total U.S. sports betting handle in 2023, is the 20th jurisdiction, between TheScore Bet and ESPN Bet, for parent company Penn Entertainment. 

Legislation seeking federal regulation of sports wagering formally introduced - As reported by , the Supporting Affordability & Fairness With Every Bet Act (SAFE Bet Act) was formally introduced on Sept. 12. The proposed legislation would require sportsbooks to limit bettors to no more than five deposits per 24 hours, conduct 鈥渁ffordability checks鈥 on customers seeking to make large wagers and prohibit sports wagering advertising between 8 a.m. and 10 p.m. and during all live sports programming. It would also seek to prohibit the use of artificial intelligence to craft promotions and bonuses for players based on their betting history, or to produce microbetting odds and in-game lines.

National Council on Problem Gambling (NCPG) report finds states falling short on Internet Responsible Gambling Standards (IRGS) - As announced in a Sept. 19 from NCPG, a conducted by the council has found that, on average, states met only 32 out of 82 player protection standards outlined by by the IRGS. Connecticut, New Jersey and Virginia were the most compliant, but still met only 49 conditions. Further reporting by .

New York Mets owner Steve Cohen and Hard Rock International reveal renderings for proposed 鈥淢etropolitan Park,鈥 include casino hotel near Citi Field in Queens, N.Y. - As reported by , Steve Cohen and Hard Rock International have revealed plans for a development that would include 25 acres of parkland for public use including five acres of athletic fields, dining options, a live music venue, and a Hard Rock-branded casino resort. The plan also promises enhanced cycle access and roads as well as a $163 million community impact fund.

Offshore sportsbook Bovada now restricted in 14 states - According to , the offshore sportsbook Bovada pulled out of three additional state gaming markets (Kansas, Louisiana and Pennsylvania) in September, for a total 14 markets the operator is now restricted in. The IRS notes that the illegal sports betting market is .

Poll finds young men are at greater risk for poblem gambling than general population - As reported by , a new study conducted by has found that 10% of young men in the U.S. show behavior that indicates a gambling problem, compared to 3% of the general population. The nationwide survey of 801 registered voters, conducted between Aug. 17 and 20, has a margin of error of plus or minus 3.5 percentage points. As reported by , findings such as these support leaders in the gaming industry, such as David Rebuck, the recently retired director of New Jersey鈥檚 Division of Gaming Enforcement, who are calling for tougher regulations to protect young adults from developing gambling addictions.

Hospitality & Tourism News

Cape May-Lewes Ferry to receive funds to replace vessel - As reported by , the Cape May-Lewes Ferry will receive $20 million to replace a more than 40-year-old diesel engine vessel with a diesel-hybrid model. Funds for the replacement vessel will come from the Federal Transit Administration鈥檚 Electric or Low-Emitting Ferry Pilot Program.

New Jersey State Firemen's Association members vote to keep annual convention in Wildwood, N.J. - As reported by members of the New Jersey State Firemen's Association voted to keep the organization's annual convention in Wildwood through 2029. 

Ordinance to expand Atlantic City's "green zone" adjourned indefinitly - As reported by , an ordinance to amend Atalntic City's cannabis "green zone" to include sales on Albany Avanue was adjourned indefinitely at a meeting of the City Council. A referendum is expected to appear on the Nov. 5 ballot for city voters, asking them whether they approve of the expansion. 

Visit Atlantic City announces retirement of President and CEO Larry Sieg, Vice President of Sales Gary Musich to succeed him - According to a Sept. 29 , President and CEO of Visit Atlantic City Larry Sieg will retire. Gary Musich, current Vice president of Sales at Visit Atlantic City, will replace him as head of the organization at the end of 2024. 

Wildwood, N.J. announces plans for next phase of Boardwalk renovations - As reported by , work to continue renovations of the Boardwalk between Spicer and Montgomery avenues is set to begin on Oct. 7 and be completed by May 9, 2025. Contractor Fred M. Schiavone was awarded the project, with a bid of $4.17 million, funded through the New Jersey Boardwalk Preservation Fund.

 


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 Professor of Hospitality