Posted on: October 18, 2022, 09:20h.
Final up to date on: October 18, 2022, 09:20h.
Atlantic Metropolis casinos, sportsbooks, and iGaming platforms gained a mixed $484.8 million off of gamblers final month, a virtually 7% enchancment on September 2021. However there’s way more to the trade story than the general gross gaming income (GGR) quantity.
Brick-and-mortar GGR in September adopted the 2022 development in outpacing 2021. The casinos gained $251.7 million on their bodily flooring final month from slot machines and desk video games — 1.3% higher year-over-year.
Via three quarters, brick-and-mortar on line casino playing is greater this 12 months than final by 12.5%. And even when put next with pre-pandemic 2019 January via September, the casinos this 12 months have gained 1.3% extra retail gaming {dollars}.
Regardless of the upper income, Atlantic Metropolis’s 9 casinos proceed to emphasize that their monetary standing stays on shaky floor post-pandemic.
The native gaming trade final 12 months satisfied state lawmakers to cross a controversial and nonetheless legally disputed property tax financial savings invoice. So, why is the State of New Jersey pleading with state courts to permit the on line casino property tax financial savings invoice to be applied if enterprise is so robust in Atlantic Metropolis?
Two Casinos Account for Development
Whole brick-and-mortar on line casino income has elevated this 12 months in Atlantic Metropolis, however the 1.3% development from 2019 is primarily from Laborious Rock and Ocean On line casino. The different seven casinos are trailing their 2019 land-based income.
Paired with inflation vastly rising overhead, the trade maintains that, with out property tax financial savings, some casinos could possibly be vulnerable to closing. The property tax invoice is an modification to how the state calculates the casinos’ property tax invoice by means of the payment-in-lieu-of-tax (PILOT) program that the state and casinos reached to in 2016.
The state has agreed to take away iGaming and on-line sportsbook income from the calculation to find out the property tax duty. The change would save the 9 casinos $55 million this 12 months and between $30 million to $65 million yearly via the 2026 scheduled expiration of the PILOT scheme.
In the meantime, Atlantic Metropolis officers proceed to rejoice the trade’s efficiency.
Atlantic Metropolis’s outcomes proceed to impress,” commented James Plousis, chair of the New Jersey On line casino Management Fee. “In September, on line casino win edged final 12 months’s determine by $3 million and it was greater than each September going again to 2012.”
January via September 2022 on line casino GGR totaled greater than $2.13 billion. Plousis mentioned it’s solely the second time within the earlier eight years that the 9 casinos have eclipsed the $2 billion mark in the course of the month of September.
Borgata is the dominant participant in Atlantic Metropolis. The MGM Resorts property has gained $546.5 million on its flooring this 12 months, far forward of Laborious Rock in second at $380.5 million. Ocean is a distant third at $268 million.
Document 12 months
Although Atlantic Metropolis casinos proceed to precise fear, the state gaming trade will as soon as once more document a brand new all-time excessive in complete GGR.
Via 9 months, complete gaming income from casinos, iGaming, and sports activities betting topped $3.8 billion, which simply surpasses 2019’s year-end determine of $3.3 billion.
Slots accounted for greater than $1.5 billion, and desk video games $567.8 million. iGaming, together with on-line poker, generated GGR of $1.2 billion, and sportsbooks accounted for about $517 million.
