Casino Revenues Soar 13% in Atlantic City for October

October was a good month for the nine operating casinos in Atlantic City, New Jersey. According to the revenue figures released by the Division of Gaming Enforcement, the total gaming revenue for the month generated by the casinos came in at $234.3m (€205.3m), almost $30m (€26.2m) more than October 2017 totals.

Nice revenue increase

In October 2017, Atlantic City had only seven casino properties in operation, bringing in $206.4m (€180.9m) in total gaming revenue. This summer, the Hard Rock Hotel & Casino Atlantic City along with the Ocean Resorts Casino opened up, which placed two more venues in the mix for this October’s totals.

Last month was the fifth month running that total gaming revenue for casinos in Atlantic City had increased from the previous year.

Reviewing the entire year up until October, total gaming revenue earnings have increased by just over 5% when compared to the first 10 months of last year. In total, the casinos in Atlantic City have earned more than $2.36bn (€2.01bn) this year.

Helping to push last month’s totals up even higher than 2017 was online gaming revenues. In October, online gaming increased by more than 30%, with $26.75m (€23.4m) generated. The online gaming numbers actually set a new record, breaking the previous record-setting month from July of $25.9m (€22.6m).

Casino Control Commission chairman James Plousis said: “In October, the industry continued its positive streak. Year-to-date, the casino industry’s total gaming revenue was up more than 5%, showing that 2018 is shaping up to be a strong year for Atlantic City.”

Adding in sports betting

Since June, the casinos of Atlantic City have had the added bonus of sports betting revenues. The casinos began services in the summer and, so far, have been able to generate just under $30m (€26.2m) in revenues. In October, sports betting revenues decreased when compared to the previous month, but the amount of money wagered had increased.

For October, revenues for sports betting came in just under the $7m (€6.1m) mark while the previous month saw more than $14.5m (€12.7m) earned. Despite this difference, the amount wagered in October was up 42%, with gamblers betting $260.7m (€228.4m).

Since sports betting began, gamblers have wagered almost $600m (€525.8m), a staggering amount in a short four-and-a-half-month time frame.

CEO of William Hill US, Joe Asher, said: “The numbers continue to be impressive. It’s important to remember that the New Jersey sports betting industry is just ramping up. We didn’t even have our app in the Apple Store until the end of September, so we are very pleased.”

Sports betting is only going to continue to grow in the region, as operators open full-service sports books. For most casinos in Atlantic City, they are operating sports betting from temporary facilities until their sports books can be constructed.

Resorts Casino and DraftKings are preparing to enter the industry as well, later on this month. The two will be opening a full-service sports betting venue before the month’s end, offering 5,000 square feet of space just off the casino floor at the Resorts property.