February Revenue Indicates Atlantic City Casinos Stumbling as Online Gambling Emerges as the Industry Leader
For Atlantic City casinos, leap years have always been a hit-or-miss situation. It seems obvious, of course, to assume that February’s additional day offers gamblers one more opportunity to part with their cash, thus the casinos usually win out.
The in-person gaming revenue recorded by the casinos in AC grew by double-digit percentages in February 2020 and February 2016.
That isn’t always the case, however.
The amount of money made by AC casinos’ slot machines and table games fell by 5.9% and 7.6%, respectively, in February of 2012 and 2008. And while the brick-and-mortar operators are lacking, casinos online in NJ have become the market leaders.
Four Years later, Atlantic City Casinos are Still Adjusting to the Effects of COVID-19
February 2024 is one of those down leap years for the current Atlantic City casinos, just like the years mentioned above.
The New Jersey Division of Gaming Enforcement releases monthly financial statistics, and last month’s land-based gaming revenue recorded by Atlantic City casinos was 1.6% YoY lower.
The casinos in Atlantic City have lost 2.4% of their total value so far this year as compared to the same time in 2023. Through the first two months of 2024, four casinos have reported double-digit percentage YoY declines in brick-and-mortar revenue.
Online Gaming is the New King in NJ
According to Atlantic City casino licensees, through February, online gambling income accounted for a higher proportion of overall gambling revenue than all forms of land-based gambling put together.
Online casinos and sportsbooks in New Jersey have recorded $456.2 million (52.3%) of the $872.2 million in overall gaming income so far this year. The brick-and-mortar operators saw revenue of roughly $413 million (47.7%).
