The New Jersey Division of Gaming Enforcement has released its latest report on the state’s gaming revenue for October, revealing a total revenue of $445.7 million. This figure reflects a marginal decrease of 0.7 percent compared to October 2021, which saw a total revenue of $483.7 million. The report provides insights into various sectors of the gaming industry, including casino performance, online gaming, and sports wagering.
Casino Performance:
In October, the casino win for the nine Atlantic City casino hotel properties reached $220.6 million, marking a 7.1 percent decline from the previous year’s $237.5 million. Despite this monthly dip, the year-to-date total casino win demonstrated a positive trajectory, standing at $2.36 billion, an encouraging 10.3 percent increase from the same period in the prior year. Notable contributors to in-person casino revenue included Borgata, which achieved a 1.2 percent year-on-year growth, and Hard Rock, experiencing a 4 percent increase.
Online Gaming:
Online gaming continued to be a bright spot for the industry, with an online gaming win of $147.2 million in October, reflecting a significant 15.9 percent growth compared to the same month in the previous year. The year-to-date online gaming total amounted to $1.37 billion, indicating a robust 22.3 percent increase from the prior-year period. This growth underscored the ongoing popularity of digital gaming platforms.
Sports Wagering:
Sports wagering gross revenue, on the other hand, faced a slight setback in October, totaling $77.9 million, down 7.4 percent from September 2021’s $84.2 million. The year-to-date sports wagering revenue stood at $594.8 million, showing a 7.3 percent decline compared to the same period in the previous year. Despite the recent challenges, sports wagering remained a substantial contributor to the overall gaming revenue.
Detailed Casino Performance:
The individual performances of Atlantic City’s casino properties varied in October. Borgata managed to achieve a 1.2 percent increase, securing $62.4 million in revenue, while Hard Rock experienced a modest 4 percent growth, totaling $38.9 million. In contrast, Ocean reported a 6.1 percent decrease with $28.3 million, and Harrah’s faced a significant decline of over 17 percent, reaching $20.2 million in revenue.
Caesars, Tropicana, Resorts, Golden Nugget, and Bally’s also navigated their own challenges. Caesars and Tropicana both saw decreases of more than 17 percent, generating $17.5 million and $17.3 million in revenue, respectively. Resorts followed suit with an 11.6 percent decrease and revenue of $12.9 million. Golden Nugget’s revenue dipped by 15.8 percent, amounting to just over $12 million, while Bally’s experienced a decline of 13.4 percent, garnering $10.8 million.
Combining Internet Gambling and Sports Betting:
When considering the amalgamated revenue from both internet gambling and sports betting, several casinos showcased commendable performances. Borgata’s total revenue reached nearly $113 million, reflecting a 4 percent growth from the previous year. Golden Nugget achieved $50.3 million, indicating a 3 percent increase. However, Hard Rock experienced a slight decline of half a percent, securing $44.1 million, and Ocean reported a 2 percent decrease with $31.5 million.
Further Challenges and Growth:
Tropicana faced an 18.7 percent decline in this combined category, generating $25.3 million, while Harrah’s revenue dropped by 16.4 percent to $20.3 million. Caesars and Resorts both saw declines of around 17.5 percent and 11.5 percent, respectively, with revenue of $18 million and nearly $13 million. In contrast, Bally’s exhibited growth of 20 percent, amounting to $15.5 million.
Year-to-date Gaming Revenue:
Looking at the broader picture, the year-to-date gaming revenue showcased a positive trend. The accumulated revenue for the year stood at $4.32 billion, indicating a noteworthy 10.8 percent increase compared to the same period in the prior year, which reported revenue of $3.89 billion. This sustained growth highlighted the industry’s resilience and ability to adapt to changing circumstances.
The New Jersey gaming industry’s October revenue of $445.7 million revealed a mixed landscape of challenges and successes. While the casino sector experienced a slight decline, online gaming demonstrated remarkable growth, and sports wagering faced some setbacks. The performances of individual casino properties further emphasized the diverse nature of the market. As the year-to-date revenue continued to show a positive trajectory, the industry’s ability to evolve and innovate remained evident, reinforcing its position as a dynamic contributor to the state’s economy.