The New Jersey gaming industry has reported robust financial results for March, showcasing a remarkable 15% year-on-year increase in revenue. This surge in revenue was driven by the combined efforts of casinos, horse tracks offering sports betting, and their online counterparts.
Casino Performance:
The nine Atlantic City casino hotel properties collectively achieved a casino win of $228.6 million, marking a significant 5.6% increase compared to the previous year.
Leading the way in land-based casino revenue, Borgata generated $61.5 million, an impressive rise of nearly 12% from the previous year.
Other key players included Hard Rock ($40 million), Ocean Casino Resort ($34.6 million), and Harrah’s ($20.6 million), all of which displayed positive growth trends.
Online Gaming Success:
Online gaming continues to thrive in New Jersey, with a total online gaming win of $165.7 million, reflecting a substantial year-on-year increase of 17.8%.
Resorts Digital, the online arm of Resorts casino, played a pivotal role in this growth, reporting a staggering $74.6 million in revenue, a remarkable rise of over 75%.
Sports Betting Boom:
Sports wagering gross revenue witnessed a phenomenal 40.1% increase, reaching $93 million, up from $66.4 million in the previous year.
The online partners of horse tracks contributed significantly to this surge, as the digital landscape continues to reshape the sports betting industry.
Individual Casino Performances:
Borgata, not only excelling in land-based revenue but also thriving in the online realm, secured a total revenue of $113.5 million, marking a 6.2% increase from the previous year.
The Ocean Casino Resort reported a substantial 42% growth, reaching $39.5 million in revenue, while Golden Nugget and Hard Rock both displayed strong performances with revenue growth of 7.7% and 8.4%, respectively.
Caesars’ Mixed Results:
Caesars witnessed mixed results, with its land-based revenue declining by 10%, while its online arm reported a revenue of $17 million.
This highlights the evolving landscape of the gaming industry, where a diversified approach is essential to success.
Trends in Revenue:
Tropicana and Harrah’s both reported moderate yet positive revenue growth, showcasing the industry’s resilience.
Bally’s, however, faced a challenging year with nearly a 22% decline in revenue.
New Jersey’s gaming industry is on an upward trajectory, with a 15% year-on-year revenue increase in March 2023. This growth is driven by a combination of strong performances in land-based casinos, online gaming, and sports betting. While some casinos face challenges, the overall picture is one of resilience and adaptability, as the industry continues to evolve in response to changing consumer preferences and technological advancements.