The New Jersey Division of Gaming Enforcement recently released its August report, revealing impressive growth in the state’s gaming revenue. With a total of $470.6 million generated, representing a remarkable 6.7% increase compared to the same period in 2021, the state’s casinos, horse tracks, and online operations are thriving. This surge in revenue comes amidst ongoing efforts to extend online gambling legislation for another decade, ensuring a continued boost to the state’s economy.
Atlantic City Casinos Outperform Expectations:
The nine Atlantic City casino hotel properties demonstrated robust performance, with their combined casino win reaching $274 million in August. This reflects a commendable 4.4% rise from the $262.4 million recorded during the same month last year. Year-to-date, the total casino win has impressively reached $1.88 billion, marking a significant 14.1% increase from the previous year’s $1.65 billion. These encouraging figures underscore the city’s continued appeal as a premier gambling destination.
Online Gaming Enjoys Steady Growth:
The popularity of internet gaming in New Jersey has surged, with casinos and their partners reporting an internet gaming win of $131.4 million in August. This marks a substantial 16.1% growth compared to the same period in 2021. Notably, the year-to-date total stands at an impressive $1.08 billion, representing a remarkable 25% increase from the prior-year period’s $866.1 million. This rapid expansion in online gaming revenue highlights the growing preference for digital gambling platforms among players.
Sports Betting Thrives Despite Some Decline:
Sports wagering gross revenue demonstrated resilience, reaching $65.3 million in August, reflecting a noteworthy 25.5% increase from the $52 million reported in the previous year. However, year-to-date revenue experienced an 11.9% decline, settling at $418.9 million, compared to the $475.3 million reported in the prior period. Despite this dip, the overall sports betting landscape remains strong, showing consistent interest from bettors and sports enthusiasts.
Property Performance:
Among the various properties, Borgata emerged as a standout performer, with an impressive win of $120.7 million in August, representing a remarkable 29% year-on-year increase. Hard Rock and Ocean also demonstrated commendable growth, with wins of $54 million (up 2.8%) and $43.3 million (up 29.5%), respectively. Bally’s reported a notable 30% increase in revenue, reaching $20 million, while Resorts experienced a modest 0.2% year-on-year growth, garnering $1.7 million in August. However, four casinos faced revenue declines, with Tropicana, Harrah’s, Caesars Atlantic City, and Golden Nugget experiencing downturns of 7.8%, 10.4%, 13%, and 2.7% respectively, compared to the previous year.
Extended Online Gambling Legislation:
New Jersey lawmakers are currently considering legislation to extend online gambling for an additional decade. With the existing legalisation set to expire in 2023, the proposed extension until 2033 aims to secure the long-term sustainability and economic benefits of online gaming in the state. Since its legalisation in 2013, online betting has proved highly lucrative, contributing nearly $5 billion to the casinos, excluding additional sports betting revenue. In 2021 alone, New Jersey’s casinos earned nearly $1.4 billion from internet gaming, representing a remarkable 41% increase over 2020’s $970 million.
New Jersey’s gaming revenue surge in August 2023 demonstrates the industry’s resilience and consistent growth. The remarkable performance of Atlantic City casinos, coupled with the increasing popularity of online gaming and sports betting, reaffirms the state’s position as a thriving gambling hub. As the state legislature explores the extension of online gambling legislation, the gaming industry’s future looks promising, promising sustained economic benefits and continued support for casinos, horse tracks, and online operators alike.