New Jersey’s gaming industry reached new heights in 2024, with total gaming revenue (GGR) climbing to nearly $6.3 billion, a 9% increase over the previous year. This surge was largely fueled by the booming online gaming sector.
According to figures released by the New Jersey Division of Gaming Enforcement (DGE) on Thursday, iGaming, which includes online slots and table games, generated $2.38 billion in revenue in 2024, marking a 24% increase from 2023. This translates to an additional $463.4 million over the previous year.
Sports wagering also contributed significantly, with total revenue surpassing $1 billion for the second consecutive year. The $1.094 billion reported for 2024 reflects an 8.7% increase over the $1.01 billion recorded in 2023.
However, December was a challenging month for sportsbooks, with revenues plunging 43% year-over-year to $62.8 million. Many football bettors capitalized on the Philadelphia Eagles’ strong performance, which included three wins and two successful spread covers.
Despite the impressive growth in online gaming, Atlantic City’s brick-and-mortar casinos faced headwinds. The city’s nine casinos collectively generated $2.81 billion in GGR from physical slots and table games in 2024, down 1.1% from 2023, a decline of $30.4 million.
James Plousis, chairman of the New Jersey Casino Control Commission, highlighted the positives amidst the challenges. “Annual casino win ranked as the second-best year since 2013,” he said, noting the $602.6 million in state taxes generated by the casinos, funds that primarily benefit seniors and disabled residents in New Jersey.
Slot machine revenue in Atlantic City fell slightly to $2.1 billion, a 0.7% drop, while table game revenue decreased 2% to $731.4 million. Borgata retained its dominance, reporting $738.1 million in in-person revenue, up 1.2% from the prior year. Hard Rock followed with $544.9 million, a 6% increase, while Ocean placed third at $409.7 million, down 1.3%.
Harrah’s saw the steepest decline, with revenue falling 12% to $223.8 million. Bally’s reported a 6% drop to $145.4 million, while Caesars and Tropicana experienced 5% decreases, earning $218.4 million and $228 million, respectively. Resorts Casino Hotel recorded a 1% drop to $161.9 million. Golden Nugget was a bright spot, posting a modest 0.7% increase to $147.1 million.
Online gaming ended the year with a bang, and in December 2024 alone generated $228 million in revenue, a 26.5% increase from the same month in 2023.
While the online gaming sector has been a boon for the state, some casino operators have expressed concerns. Unlike traditional casino patrons, online players do not spend on ancillary services such as hotel stays, dining, and entertainment. Furthermore, a significant portion of online gaming revenue is shared with third-party operators like DraftKings and FanDuel, limiting the financial impact for local casino owners.
Atlantic City casinos closed 2024 with a mixed December. Table games fared well, with GGR rising nearly 12% to $63.8 million, driven by strong results in blackjack, roulette, and craps. However, slot revenue dipped 4% to $168 million. Total gaming revenue for December 2024 stood at $522.6 million, a slight increase from $522.2 million in December 2023.
Original article: https://www.yogonet.com/international/news/2025/01/17/92140-new-jersey-gaming-revenue-hits-record-63-billion-in-2024-driven-by-igaming-surge
