The New Jersey gaming landscape continues to thrive as the state’s Division of Gaming Enforcement unveils the impressive gaming revenue figures for the year 2022. In a testament to the resilience and growth of the industry, New Jersey’s casinos, horse tracks, and online operations collectively generated $5.2 billion in revenue throughout the year, marking a substantial 10% increase compared to the previous year’s total of $4.74 billion.
Casino and Sports Betting Highlights:
The revenue generated by the nine Atlantic City casino hotel properties reached a substantial $2.79 billion, showcasing a robust growth of 9% in comparison to the prior year’s $2.55 billion. The digital realm of online gaming also witnessed significant gains, with a remarkable 21.6% increase in online gaming win, amounting to $166 billion. However, the sports wagering gross revenue experienced a modest decline of 6.5%, reaching $763 million, down from the $815.8 million recorded in 2021.
Top-Performing Establishments:
The market leader in this thriving landscape, Borgata Hotel Casino & Spa, emerged with $1.3 billion in gambling revenue encompassing in-person gambling, internet gambling, and sports betting revenue. This marked an impressive 18.2% surge. Notably, other notable establishments also made their mark in this dynamic market. Golden Nugget reported a win of $581 million, reflecting a growth of 10.2%, while Hard Rock Hotel & Casino Atlantic City achieved a revenue of $576 million, a substantial increase of 12.7%. Ocean Casino Resort celebrated a win of $389 million, reflecting a growth of 13.6%, and Bally’s experienced a remarkable surge with a win of $198 million, showcasing an impressive 37.3% increase.
Varied Performances:
While some establishments experienced remarkable growth, others had more modest results. Harrah’s Resort Atlantic City generated $258 million in revenue, experiencing a decrease of 3.4%. Similarly, Caesars reported a revenue of $239 million, showcasing a marginal decline of 1%, and Resorts Casino Hotel witnessed a slight dip of 0.3% with a revenue of $168 million.
Tax Contributions and December Figures:
The thriving gaming ecosystem in New Jersey not only benefits operators but also contributes significantly to the state’s coffers. In 2022, the collective tax payments from casinos, sportsbooks, and internet gambling operations amounted to over $526 million. It’s noteworthy that nearly half of this amount is attributed to a 15% tax on online gambling revenue. For the month of December, the momentum continued, with gambling revenue reaching $454 million, representing a robust growth of 12.5%. In-person casino winnings contributed $215 million, showcasing an increase of 1.8%, while internet gaming win recorded an impressive growth of 13.7%, reaching $151.5 million.
The remarkable revenue figures for New Jersey’s gaming industry in 2022 underscore the sector’s vitality and growth trajectory. As casinos, horse tracks, and online operations collectively contribute billions to the state’s economy, the industry’s success story serves as a testament to the power of strategic expansion and innovation. This robust growth not only benefits operators and stakeholders but also contributes significantly to the state’s revenue, demonstrating the positive symbiotic relationship between a thriving gaming industry and broader economic prosperity.