ATLANTIC CITY — Casino revenue was up more than 13 percent for the month of October compared to the same period last year.
According to figures released Thursday by the state Division of Gaming Enforcement, total gaming revenue from Atlantic City’s nine casinos was $234.3 million last month. In October 2017, when just seven casino properties were open in Atlantic City, total gaming revenue was $206.4 million.
October was the fifth consecutive month total gaming revenue for Atlantic City casinos had increased over the prior year and marked the sixth month this year of reported gains.
“In October, the industry continued its positive streak,” said Casino Control Commission Chairman James Plousis. “Year-to-date, the casino industry’s total gaming revenue was up more than 5 percent, showing that 2018 is shaping up to be a strong year for Atlantic City.”
Through October, total gaming revenue for the year from Atlantic City casinos was up 5.3 percent compared to the first 10 months of 2017. To date, the resort’s casinos have generated more than $2.36 billion in total gaming revenue, while last year the industry reported $2.25 billion over the same time frame.
Internet gaming revenue increased by 30.1 percent last month, generating more than $26.75 million, breaking the previous monthly record of $25.9 million in July. November marks the fifth anniversary of online casino gaming in New Jersey, and the offering has generated $965.3 million over that span. Steve Ruddock, lead online gambling analyst for PlayNJ.com, said he expects online gaming revenue to eclipse the $1 billion milestone by December.
“After its slow start, few envisioned that the legal online gambling industry would reach $1 billion so quickly,” said Ruddock. “What’s more exciting is online gambling has yet to hit its ceiling. Online casino revenue continues to climb, and the addition of online sports gambling has only added to that growth. It is safe to say at this point that the steady upward trajectory will continue at least well into next year.”
Sports betting revenue from Atlantic City casinos was down compared to last month, but the amount of money wagered, or the handle, was up significantly. Sports wagering revenue was just shy of $7 million in October, while in September it was over $14.5 million. However, the amount wagered increased 42 percent from the prior month. In October, gamblers bet $260.7 million, while that figure was $183.9 million in September.
“We know that revenue can fluctuate greatly in the sports betting industry from observing Nevada and Europe, and the new New Jersey market is no exception,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “World Series futures on the Boston Red Sox were paid out in October, and favorites did well in the month, which is typically bad for sportsbooks. NFL futures bets in prior months could have inflated revenue, too, since they haven’t been paid out yet.”
Since its inception at Atlantic City casinos in June, sports betting has generated just shy of $30 million in revenue.
Borgata Hotel Casino & Spa continued its reign as the Atlantic City market revenue leader, reporting more than $55.28 million in October. Year-to-date, the Marina District casino hotel has generated $646.88 million in total gaming revenue.
Ocean Resort Casino, which began gaming operations June 27 at the site of the former Revel Casino Hotel, reported just over $14.5 million in total gaming revenue. The resort’s other new property to open this summer, Hard Rock Hotel & Casino Atlantic City, reported gaming revenue of $24.3 million last month.
Casino win — revenue from slots and table games — generated at the Atlantic City casinos was more than $200.6 million in October, an increase of 8 percent from last year’s $185.8 million. Bally’s Atlantic City, Caesars Atlantic City and Harrah’s Resort Atlantic City — properties operated by Caesars Entertainment Corp. — all experienced double-digit decreases in casino win compared to last year, dropping 14.7 percent, 21.4 percent and 21.7 percent, respectively.