In June 2024, New Jersey’s gaming industry reported a total revenue of $491 million, reflecting a 7.4% increase from the $452.7 million recorded in June 2023. This growth highlights the sector’s overall positive performance, driven primarily by a significant rise in online gaming revenue. Despite this, sports betting revenue saw a decline, suggesting a complex landscape within the gaming market.
Casino Performance Highlights
The performance of Atlantic City’s casino hotels varied in June. The nine properties collectively reported a casino win of $244.1 million, a modest 1% increase from the previous year. Among these, Borgata led with a notable win of $64.3 million, marking a 6% improvement over June 2023. Hard Rock also showed strong performance, with casino wins up 11.8% to $48.4 million.
Conversely, some casinos faced declines. Ocean and Tropicana saw decreases in casino win, down 4% and 4% respectively. Harrah’s experienced a significant drop of 15%, while Caesars and Resorts also reported declines of 11% and 2% respectively. This mixed performance underscores the varying market dynamics influencing individual properties.
Online Gaming Revenue Surge
Online gaming in New Jersey has been a major growth driver, with June 2024 revenue reaching $186.8 million. This represents a robust 25.2% increase from $149.3 million in June 2023. The surge in online gaming revenue reflects the sector’s expanding popularity and the growing consumer preference for digital platforms.
Sports Betting Revenue Trends
In contrast to online gaming, sports betting revenue in New Jersey fell to $60.1 million in June, down 9.5% from $66.4 million in the previous year. This decline highlights potential challenges within the sports betting sector, which may include market saturation, changes in consumer behavior, or regulatory impacts.
Year-to-Date Revenue Insights
Year-to-date, New Jersey’s gaming revenue stands at $3.06 billion, showing a significant 12.2% increase from $2.73 billion for the same period in the previous year. This substantial growth underscores the overall health of the gaming industry and its ability to expand despite the fluctuations in specific segments.
Future Outlook and Legislative Considerations
Looking forward, the New Jersey gaming industry is expected to continue evolving, influenced by both market trends and legislative changes. Recent legislative efforts to allow in-state college sports betting could impact future revenue streams and market dynamics. Industry stakeholders should stay informed about these developments to adapt strategies and capitalize on emerging opportunities.
June 2024 demonstrated a period of overall growth for New Jersey’s gaming industry, with notable increases in total and online gaming revenue. While sports betting faced challenges, the positive trends in other areas suggest a resilient and expanding market. The industry’s future will likely be shaped by ongoing legislative changes and evolving consumer preferences.