Atlantic City Casinos Miss Out on Millions During April

View of Atlantic City Beach

Today, May 13, the New Jersey Division of Gaming Enforcement (NJDGE) reported on total gaming revenue for the month of April.

Casino closures in Atlantic City, NJ, have led to dramatic decreases in revenue for gaming companies. However, as patrons turn to internet gaming and online sports wagering, the state’s industry continues to generate income during the statewide shutdown.

No Slots Means Revenues Lost

Last year, slot machines and table games generated over $207.5 million in revenue for New Jersey’s casinos in the month of April. With no income from gaming that normally takes place in-person, casinos are missing a massive chunk of their profit pie.

The state’s casinos collectively saw a 68.9% decrease in revenue to $82.6 million, compared to $265.4 million in April 2019.

Internet Gaming Revenues Double

The NJDGE’s monthly report shows internet gaming revenue in New Jersey increased to nearly $80.0 million in the month of April. That’s a 118.6% increase from the same period in 2019, during which casinos only earned $36.6 million from online gaming.

The biggest beneficiaries from the boost in online betting appear to be Ocean Casino Resort and Borgata Casino Hotel & Spa. The two companies saw a 266% and 190% increase, respectively, in internet gaming compared to the same period last year.

Golden Nugget remains in the lead, however, reporting $27.6 million in revenue from online gaming, a 99.5% increase from April 2019.

Slow Down in Sports Betting

Although most sporting events in the U.S. had been cancelled, the NJDGE report shows over $54.5 million was wagered on sports during the month of April.

New Jersey gaming companies reported $2.6 million in sports wagering gross revenue for April 2020. During the same period last year, they generated $21.2 million in revenue.

It’s difficult to determine from the NJDGE report how each sport contributes to the total sports wagering win, but it’s safe to say sportsbooks are hurting from the lack of events to bet on.