Atlantic City Casino Revenue Down 14.1 percent in September

Atlantic City casino revenue fell 14.1 percent from August to September. Although New Jersey gaming revenue typically goes down after Labor Day, the drop this year was more than twice as high as the year before. In 2017, gaming revenue fell 4.1 percent from August to September.

In total, Atlantic City's nine brick-and-mortar casinos reported $231.9 million in revenue last month. It is significantly lower than the $269.9 million the same casinos reported in August. However, the total is still up year over year, representing a 7.7 percent increase from September 2017.

Looking critically at the four months in question, revenues from August 2018 appear to be the outstanding factor. During that month, New Jersey benefited from the newly-opened Hard Rock Atlantic City and Ocean Resort casinos.

In September, the industry experienced an outstanding 62.3 percent increase in live poker to reach $3.1 million; along with a 5.6 percent increase in other table games ($62 million). Slot machines were also up 8.6 percent year-over-year for a September total of $166.8 million.

The month-to-month comparison was far different. Poker grew by nearly 41 percent, while slot machines and table games were both down 15 percent.

Signs that New Jersey's two new casinos may be cannibalizing revenue of its existing casinos are beginning to show. Six out of the seven casinos operating before Hard Rock Atlantic City and Ocean Resort opened suffered significant revenue declines in September compared to the same month in 2017.

Caesars' was hit the hardest. The casino property reported $22.9 million in September, marking a 23.2 percent drop from the previous year.

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