Borgata Sets Monthly Revenue Record, Atlantic City Casinos See July Win Jump Eight Percent
Posted on: August 15, 2019, 02:00h.
Last updated on: August 14, 2019, 04:08h.
The Borgata, MGM Resorts’ only casino in Atlantic City, enjoyed its best month in its 16-year history, as the Marina District property won $88 million from its land-based, internet, and sportsbook operations.
The news comes by way of the New Jersey Division of Gaming Enforcement’s (DGE) July gaming revenue report for the state’s nine Atlantic City casinos and two horse racetrack sportsbooks. July 2019 marked the first fully comparable year-over-year month for the beachfront town since the late June 2018 openings of Hard Rock and Ocean Casino.
Statewide gross gaming revenue (GGR) totaled $334.3 million, a 10.7 percent increase, or $32.3 million premium, on the same month in 2018. Land-based gaming win was up 1.8 percent in Atlantic City, and internet operations continued to grow, with online GGR totaling $39.3 million, a nearly 52 percent surge.
“July provided the first opportunity to compare year-over-year results in Atlantic City’s nine casino market, and those results confirm the market has grown,” Casino Control Commission Chairman James Plousis told the Press of Atlantic City. “It is clear the increase in competition has led to market adjustments, while providing new and exciting options for gaming and leisure visitors to explore.”
Through July, land-based, internet, and sports betting GGR stands at $1.9 billion. That’s up 23.2 percent ($362.3 million).
No Dog Days of Summer
There’s economic uncertainty around the globe, and US stock markets plunged yesterday after the bond market sounded an economic bell. But the summer has been starkly different in Atlantic City, as the sun is shining on the casino operators. That’s especially true for the Borgata.
Opened July 2, 2003, the MGM property has never won more gaming money in a month than it did in July 2019. Its physical casino floor took $80.7 million from gamblers, a 13.6 percent gain. Its internet operations tacked on another $6.3 million, and sportsbook $859,000.
Playing lucky in table games, complemented by healthy July volumes, led to Borgata enjoying an all-time record in total gaming revenue,” Borgata President Marcus Glover told the Associated Press.
Borgata controlled a 27.2 percent market share of Atlantic City last month. After the MGM casino, Hard Rock was a distant second, with GGR of $40.7 million. Golden Nugget was third with $34.5 million, primarily driven by its market-leading internet platform that was responsible for $14.9 million.
The (Slightly) Bad News
July 2019 wasn’t all fireworks. The DGE report reveals that five of the nine Atlantic City casinos reported less revenue from their land-based operations.
Caesars GGR dropped 15.2 percent, Tropicana 13.8 percent, Bally’s 13.6 percent, Harrah’s 5.4 percent, Golden Nugget 3.3 percent, and Resorts 1.3 percent. The other year-on-year gainers joining Borgata were Hard Rock and Ocean, which respectively saw their brick-and-mortar casino win increase 19.5 and 21.4 percent.
The somewhat disappointing land-based GGRs are being largely offset by online gaming and sports betting.
As for sporting betting on events that have been completed (an outcome revealed), New Jersey sportsbooks have reported a win rate of 5.8 percent on a year-to-date handle of $2.23 billion. That delivered oddsmakers a win of $129 million.
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