The New Jersey Division of Gaming Enforcement (DGE) released November 2024 gaming revenue results Dec. 16, with total gaming revenue reported by casinos, racetracks and their partners up 15.4% to $556.9 million.

Addition toplines from last month’s report include (year-over-year trend in parentheses):

• Casino win: $223.9 million (up 4.2%)
• Internet gaming win: $214 million (up 24.7%)
• Sports wagering gross revenue: $119 million (up 24.1%)
• Sports wagering handle: $1.2 billion (down 24.5%)
• Total gaming revenue reported by casinos, racetracks and their partners: $556.9 million (up 15.4%)
• Total gaming revenue for the casinos-only: $503.9 million (up 20.3%)
• Top performing properties based on casino win:
  • • Borgata – $57.6 million (up 11.4%)
    • Hard Rock – $44.3 million (up 7.1%)
    • Ocean Casino – $34 million (up 8.2%)

Four-month streak

“Atlantic City’s internet gaming win set a monthly record for the fourth consecutive month, and it exceeded $200 million for the third month in a row,” said New Jersey Casino Control Commission Chairman James Plousis in his remarks following the release of the November report. “In-person monthly casino win achieved its highest November results in 11 years, thanks in part to a favorable calendar. Year-to-date, casino win has lagged in comparison to the prior year – yet it continues to rank as the second-best year since 2013.”

“Despite another record run from internet gaming, brick-and-mortar gaming held the top seat once more for Atlantic City’s casino operators, representing the largest share of total gaming revenue at $224 million for the month compared to $214 million from internet gaming and $66 million from sports wagering (the figure reported by just casinos and partners without racetracks included),” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT), Stockton University School of Business, in her analysis of the report. “Internet gaming revenues exceeded last month’s record high ($213 million) and captured more than $200 million in revenue for the third consecutive month.”

Bokunewicz noted that the sports betting revenue jump was a result of a 9% increase in hold – especially given the steep decline in handle reported for the month.

“At $556.9 million, state total gross gaming revenue for the month increased 15.4% over November 2023 ($482.4 million) and casino-only total gross gaming revenue, at $503.9 million, increased 20.3% over November 2023 ($418.9 million) – continuing a positive trend,” said Bokunewicz.

Year end

“The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade,” said Plousis.

Bokunewicz also pointed out the calendar included two additional weekend days versus last November.

“That will not be the case in December, when operators will have two fewer weekend days compared to the prior year,” she said. “While monthly numbers give us a snapshot of the industry, and the year as it develops (fluctuating with favorable and unfavorable calendar breaks such as we see this month and next), year-to-date figures give us a better impress of the long-term trends.”

The year-to-date, brick-and-mortar casino revenue ($2.59 billion) is 1.1% behind 2023 ($2.62 billion).

“Given the unfavorable calendar for December 2024, it would have to be an exceptional month for Atlantic City’s casinos to surpass 2023 for total year-end brick-and-mortar revenue in 2024,” said Bokunewicz. “Total gross gaming revenue for casino operators, however, is on track for another impressive year at $5.21 billion already in the year-to-date compared to year-to-date November 2023 ($4.8 billion) and year-end 2023 ($5.24 billion).”

“Total gaming revenue has already exceeded $5 billion for the second consecutive year,” Plousis also noted.

“November’s gaming revenue results reflect strong growth for New Jersey’s gaming industry, with Total Gaming Revenue surging 15.4% compared to the same month last year,” Bill Pascrell III, partner at PPAG, told NJBIZ. “Internet Gaming continues to be a standout performer, increasing nearly 25% and reinforcing its critical role in diversifying and expanding the market. Sports wagering also showed impressive growth, up 24.1%, demonstrating its enduring popularity among consumers. The industry’s ability to adapt and innovate across platforms is key to sustaining this momentum and meeting the evolving demands of bettors.”

Editor’s note: This story was updated at 11:01 a.m. EST Dec. 17, 2024, to include a statement from Bill Pascrell III, partner at PPAG.

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