New Jersey Casino Revenue Increased 10.4% in February
The New Jersey Division of Gaming Enforcement released the February revenue on Thursday, March 16th. An increase of 10.4% is evident in casinos, horse tracks that accept sports bets, and online partners of gambling properties. The casinos and tracks’ revenues were more than $412 million.
However, in-person gaming hasn’t recorded such an increase. the results might not be relevant because the COVID-19 pandemic greatly impacted the whole business.
The results are good, but the numbers aren’t precise since most of the revenue came from online betting. Online betting winnings must be shared with partners such as sports books and tech platforms, so the profit for casinos and tracks is smaller than expected.
On-site gambling brought about $215 million in revenue. It is only a slight increase compared to last year, when the revenue was 1.2% less than in 2023. However, online gambling is in expansion since it achieved $143.5million
Director of the Lloyd Levenson Institute, Stockton University, Jane Bokunewicz, studies the Atlantic City gambling industry. He claimed: “Locally, the addition of two new casino resorts to the established seven has disrupted market share. The local market pie has grown, but the way that pie is cut has changed, shifting in favor of the newest entrants to the market.”
Bally’s gained 14.3% more revenue in land-based casinos compared to the next year, with an earned amount of $12.2 million. Borgata’s revenue was $57.4 million, 8.8% more than in 2022, while Caesars got more than $19 million, up 1.4%. Hard Rock had a small increase of almost 1% in revenue and earned $37.5 million. Harrah’s had a great month, earning 8.1% more than in 2022 and revenue of $21.3 million.
Golden Nugget decreased by 14%, with revenue of $11.1 million. Ocean’s decrease was 11.5%, with earnings worth $26.2 million. Resorts had a smaller decrease of 2%, with winnings of $12.6 million, and Tropicana’s losses also weren’t so significant – the casino was down a bit under 1%, with a revenue of $17.2 million.
When it comes to online gambling, Bally’s was up 49%, with earnings of $18.1 million, and Borgata was up 7.4%, with revenue of $101.2 million. Caesars has almost the same results, improving by less than 1%, with revenue of $19.2 million. Golden Nugget’s results were almost the same as last year’s, with earnings of $47.8 million, and Hard Rock had a slight decrease of nearly 1% and revenue of $44.4 million. Harrah’s increased 7.4%, and its revenue was about $21 million. Ocean’s results were 2.2% worse than in 2022, with revenue of 30.1 million. Resorts were down 5,4%, revenue was $12.6%, and Tropicana has been half a percent better with revenue of $26.2 million.
Resorts Digital, an online-only casino, has a huge increase of more than 25%, with revenue of $48.2 million. Caesars Interactive NJ, also an online-only casino, decreased by 17.5%, and its revenue was $8.3 million.