New Jersey gambling revenue sees 14% jump in June, but in-person casino win still lags behind

Yogonet

25 July 2023

New Jersey's gambling industry experienced a significant boost in June, with casinos, horse tracks, and online gambling platforms generating over $457 million in revenue. This marks a 14% increase compared to the same period last year, according to data released by the New Jersey Division of Gaming Enforcement.

However, in-person gambling revenue, a key metric for Atlantic City's nine land-based casinos, continues to lag behind. Despite the total narrowly surpassing pre-pandemic 2019, at $241 million, only two properties showed higher revenue than that year, driving the overall figure: Hard Rock and Ocean.

James Plousis, Chair of the New Jersey Casino Control Commission, emphasized the growing significance of online gambling and sports betting in the industry, stating: "Gains in all three reported areas — casino win, internet gaming win, and sports wagering revenue — demonstrate that online and traditional gaming are a winning combination."

Despite the positive overall revenue, casino executives warn that the numbers can be misleading. They note that online and sports betting revenues must be shared with partners such as sportsbooks and tech platforms, with up to 70% of the earnings going to these entities.

Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, highlighted a growing divide between the performance of Hard Rock and Ocean compared to other casinos, as per Associated Press. The two newer establishments have been steadily gaining market share, while the other seven casinos have struggled to regain their pre-pandemic revenue levels.

The Casino Association of New Jersey, the trade group representing Atlantic City casinos, acknowledged the sector has yet to return to its pre-pandemic days, stating: "The numbers show that the industry continues to be in a rebuilding and recovery phase from where it was three years ago."

In terms of overall revenue, including internet and sports betting, the Borgata led the market, winning nearly $105 million in June, a 5.3% increase from the previous year. For its part, Golden Nugget generated $53.7 million, up 11%; while Hard Rock earned $51.2 million, experiencing a slight decrease of 1.7%.

Ocean Casino reported significant growth with about $40 millionin revenue, up nearly 24%. Tropicana, at $29.5 million, was down 6.7%, while Caesars won $21.6 million, up 10%. Harrah’s was also up, by 3.4%, winning nearly $21 million. Lastly, Bally’s won $19.4 million, up 10%; andResorts won $15.3 million, up nearly 11%. Resorts Digital, the casino’s online arm, won nearly $61 million, up nearly 87%.

When focusing on revenue from in-person gamblers,Borgata secured the top spot with $60.5 million, up 11.6% from the previous year. Hard Rock earned $43.3 million, experiencing a decline of 2.8%, while Ocean Casino rounded out the top three with a substantial increase of 17.6%, with nearly $34.9 million in revenue.

Internet gambling contributed significantly to the overall revenue, generating nearly $150 million in June, a12.1% increase from the previous year. Caesars Interactive Entertainment NJ, an internet-only entity, reported over $9 million in revenue, down 3.6%.

The sports betting sector witnessed over $591 million worth of bets placed in June. After paying off winning bets and other expenses, the industry kept $66.3 million in earnings.

Top revenue-generating casinos in June: