Many of the higher-ups in New Jersey were wondering how a slow sports schedule in the month of August would affect their bottom dollar. Well, it turns out, everything is just fine.
According to numbers just tabulated, the state of New Jersey saw gamblers wager more than $293 million in August. This total was heavily pushed by Atlantic City casinos, which took in about 13 percent more than they did at this same time last year.
The Borgata took in nearly $80 million, which was up 4.7 percent than it was from a year ago. Incredibly, this was Borgata’s best summer since it opened back in 2003.
In addition, two of the newer Atlantic City casinos – Hard Rock and Ocean – had their best months since opening just a few months ago. The Hard Rock was the second-most profitable, with about $41 million in revenue, up nearly 31 percent from a year ago. Ocean had a record-breaking month, with $25 million in revenue, up more than 25 percent from a year ago.
The Difference Of A Year
Going back to August 2018, both the Hard Rock and Ocean were in their second months of existence, and grabbing a market share of the sports betting landscape.
“We continue to see strong volumes, highlighted by a 42 percent increase in our slot business compared to a year ago,” said Michael Donovan, Ocean’s senior vice president and chief marketing officer.
Even more surprising was that August had the casino’s highest gross gambling revenue, slot revenue, hotel revenue, and non-gaming revenues. Not to mention, Ocean’s sportsbook had the most successful month of August for any land-based casino, with $1.2 million in sports betting.
The Borgata claimed $219 million in land-based gambling revenue for the months of June, July and August. Casino president Marcus Glover called it a “record-breaking success,” attributing the performance in part to vital capital investments in the property and well-thought promotions to customers.
Golden Nugget took in $36.1 million, which was up 25 percent from last August; Tropicana took in $30 million, less than one percent of an increase from a year ago; Caesars took in $30.9 million, up from 10.6 percent last August; Resorts took in $19.4 million, up from 7.2 percent last year; Bally’s took in $19.3 million, up 2.1 percent from August 2018.
Harrah’s was the only Atlantic City casino that had a decline in the month of August, coming in at $31.2 million – and that was only a decline of less than one percent.
“These results show there is a great deal of customer interest in Atlantic City,” said James Plousis, chairman of the New Jersey Casino Control Commission. He also mentioned that casinos do the most business in the summer months, and operators made the necessary adjustments to prepare for that.
The Meadowlands Racetrack in East Rutherford, NJ, had just under $12 million in revenue this August. Last year at this time, they took in just over $3 million. Part of the success of Meadowland Racetrack is its partnership with FanDuel and its close proximity to New York City residents.
Monmouth Park, at the tip of the Jersey Shore, took in just over $2 million in revenue, which increased from a total of nearly $900,000 at this time last year.