Online Gambling Boosts Atlantic City Casino Revenue in October

Revenue from New Jersey's regulated online gambling market provided a much-needed boost to Atlantic City Casino Revenue in October. The boost provided the state its fifth consecutive month of gaming revenue growth.

Total gambling revenue in New Jersey was up 13 percent last month despite the fact that revenues at multiple land-based casinos were down. The state brought in $234.3 million in October compared to $206.4 million during the same month last year.

The big difference year-over-year is the addition of two new casinos – Hard Rock Atlantic City and Ocean Resort. The two casinos provided a combined $36 million in revenue to October's total.

The two new casinos cannot be credited with boosting state revenues in October. Figures from other Atlantic City casinos show significant year-over-year dips compared to October 2017, long before the opening of Ocean Resort and Hard Rock.

Harrah's was down 22 percent; Caesar's revenue fell 21 percent; Bally's dropped 15 percent; Golden Nugget lost 10 percent of its revenue from the same month in 2017, and Both Borgata and Resorts fell eight percent. Tropicana reported two percent growth.

The real winner last month was online gambling, which reached a new record high of $26.75. It surpassed the previous record of $25.9 million set in July. Nearly every online platform in New Jersey experienced growth. Golden Nugget pulled the lion's share at $9.7 million while Resorts Digital remained flat.

So far this year, Atlantic City gaming revenues are up over five percent for a total of $2.36 billion.

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