After experiencing a harrowing last few months, Atlantic City casinos have managed to turn its losing streak around. The New Jersey Division of Gaming Enforcement has just reported that the nine casinos earned a total of more than $223 million last November, marking a 4% increase from the past months' revenue.

Atlantic City's casinos rallied in November 2024, reversing a two-month losing streak with impressive gains in both retail and online gaming revenues. According to the New Jersey Division of Gaming Enforcement, the nine casinos in the iconic gambling hub collectively earned $223.9 million from table games and slot machines, marking a 4% increase year-over-year. This figure translates to an additional $9 million compared to November 2023.

Borgata leads the charge

MGM Resorts' Borgata spearheaded the comeback, generating $57.5 million from its physical casino floor in November, an 11% jump from the previous year. Borgata's stellar performance solidified its position as Atlantic City's top earner and played a significant role in boosting overall revenue. Hard Rock Atlantic City followed with $44.3 million, reflecting a 7% year-over-year gain, while Ocean Casino Resort secured the third spot with $34 million, up by 8%.

James Plousis, New Jersey Casino Control Commission chair, credited a great calendar for the revenue boost. November 2024 had an extra weekend compared to November 2023, delivering the Atlantic City casino industry its highest November result in 11 years, Plousis noted.

Resorts Casino Hotel reported the largest percentage gain, with revenue up nearly 12% to $14 million. Golden Nugget also posted a solid 7% increase, with revenue climbing to $11.7 million. However, not all properties shared in the success. Caesars, Bally's, Tropicana, and Harrah's experienced year-over-year declines, with Bally's recording the steepest drop of over 10%.

Online gaming and sports betting continue growth streak

While retail gaming saw a resurgence, online gaming and sports betting continued their upward trajectory, further solidifying New Jersey's status as a leader in these markets. Revenue from online casino slots and table games hit $214 million in November, up an impressive 25%. This marked the fourth month of record-breaking online gaming revenue and the third month where iGaming revenue exceeded $200 million.

Sports betting also maintained robust growth, with oddsmakers retaining nearly $119 million from the $1.22 billion wagered. Sportsbook revenue climbed 24% compared to the previous year. Thanks to the combined strength of retail gaming, online gaming, and sports betting, New Jersey's total gaming revenue in November reached $556.9 million - the state's best November in 11 years.

Plousis highlighted the milestone, stating, "The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade."

Year-to-date revenues reflect a strong 2024

Through the first 11 months of 2024, New Jersey gamblers have lost over $5.77 billion across physical and online gaming platforms. This figure matches the state's total gaming revenue for all of 2023, setting the stage for a record-breaking year.

Despite the overall success, Atlantic City's legacy casinos have faced challenges. In-person gaming revenue for the year totaled $2.58 billion, a slight 1.1% decline from the same period in 2023, amounting to a loss of about $29.7 million.

Casino operators have voiced concerns about the differences between online and in-person gaming revenue. Unlike traditional gaming, online revenue is often shared with third-party operators such as DraftKings and FanDuel. Additionally, online players don’t contribute to ancillary revenue streams like hotel stays, dining, and entertainment, which are vital to Atlantic City's overall economy.

Industry pushback on smoking ban

Atlantic City's casino operators continue to deal with challenges beyond revenue figures. Industry leaders have pointed to the struggles in legacy gaming to argue against a proposed legislative ban on indoor smoking on casino floors. Executives warn that a smoking ban could exacerbate financial difficulties, potentially leading to job losses and even resort closures. While online gaming has provided a much-needed boost, casino leaders emphasize that it cannot fully replace the economic benefits of in-person play.