The New Jersey Division of Gaming Enforcement posted October gaming revenues for Atlantic City, revealing that new properties are eating away at the revenues of existing locations.
The casinos in Atlantic City brought in $200.6 million in revenues in October, which is up 8% from the year prior. The numbers are down from $232 million that was taken in during the month of September. Slot revenues are up 5.3% to $142.5 million, while table game revenues were up 15.2% to $58.1 million. The Tropicana property was the only casino that was established before this summer to post an increase in revenues, with revenues up 2.1%. Other spots were down, with Harrah's down 21.7%, Borgata down 8.1%, and Caesars down 21.4%.
New casinos such as the Hard Rock and Ocean Resort Casino are eating away at those revenues, even as they see declines themselves. The Hard Rock brought in $23.2 million, down $2.7 million from the month prior, and the Ocean Resort Casino was at $13.1 million, down $1.8 million from the month before.
Online betting brought in $26.75 million in casino revenues, with $6.9 million made for sportsbetting. For the year to date online betting is up 13.5% to $234.3 million.
It'll be interesting to see how the casinos work to win back some of the business being cannibalized. Will there be better promotions to draw in players, or will they gussy up their properties? Time will tell, and Casino Listings News will keep readers posted regarding the industry's performance.