New Jersey's gaming revenue reached a historic peak of almost $6.3 billion in 2024. The 9% increase from last year was mainly fueled by iGaming, which includes online slots and table games.
On Thursday, the New Jersey Division of Gaming Enforcement announced that iGaming's gross gaming revenue (GGR) reached $2.38 billion. This represented a 24% increase, exceeding $463.4 million, compared to 2023 figures.
Oddsmakers surpassed $1 billion in earnings for the second consecutive year. The $1.094 billion that bettors lost online and in person represented nearly a 9% increase from the sportsbooks.
It was a contrasting tale along the coastline. The nine casinos in Atlantic City earned slightly over $2.81 billion from their traditional slot machines and table games. That indicated a 1.1% decrease from 2023 — a variation of $30.4 million.
"Atlantic City casino win struggled to keep pace with the record growth of the online gaming and sports wagering segments in 2024. Still, annual casino win ranked as the second-best year since 2013,” said James Plousis, chair of the New Jersey Casino Control Commission, the parent agency of the Gaming Enforcement Division.
Plousis praised the $602.6 million that the casinos produced in state taxes, funds that mainly assist seniors and disabled individuals in the Garden State.
In-Person Rejections
In 2024, slot machines in Atlantic City generated approximately $2.1 billion from players, reflecting a 0.7% decrease from the previous year. Table game revenue decreased by 2% to $731.4 million.
Borgata preserved its dominance in the Atlantic City market with in-person GGR reaching $738.1 million, an increase of 1.2%. Hard Rock followed with $544.9 million — an increase of more than 6% — while Ocean placed third at $409.7 million (a decrease of 1.3%).
Together with Borgata and Hard Rock, Golden Nugget was the sole other casino to increase physical GGR in 2024. The property in the Marina District achieved $147.1 million, rising by 0.7%.
Harrah’s saw the most significant decrease, a 12% fall to $223.8 million. Bally's revenue decreased by 6% to reach $145.4 million, while Caesars and Tropicana's play dropped 5% each to $218.4 million and $228 million, respectively, and Resorts fell by 1% to $161.9 million.
While the online earnings easily compensated for the physical store losses, the casinos claim a significant portion of that income remains with their third-party interactive partners such as DraftKings and FanDuel. Internet gamblers also avoid expenses on accommodations, meals and drinks, and live shows. They also refrain from shopping or getting spa treatments.
Although casinos' net income from gambling, accommodations, food and beverage, and entertainment remained stable for three quarters of 2024, the latest reported quarterly results indicated that the DGE reported a decline of more than 9% in the resorts' gross operating profits.
Home Fortunate in December
In December, Atlantic City casinos experienced good fortune, with table games showing impressive holds on blackjack, roulette, and craps. Felt GGR increased nearly 12% to reach $63.8 million.
Slots experienced a 4% decrease in revenue, totaling $168 million. In contrast, iGaming contributed $228 million, an increase of 26.5%.
Oddsmakers experienced a rough end to 2024, with numerous football games favoring bettors. The Philadelphia Eagles secured victories in three out of four December games and covered the spread in two, leading to a 43% drop in sportsbook revenue, totaling around $62.8 million.
