New Jersey’s gaming industry continued its upward trajectory in May 2024, with significant revenue gains across various sectors. According to the latest report from the New Jersey Division of Gaming Enforcement, the state’s casinos and horse tracks offering sports betting generated a total of $510 million in gaming revenue. This represents an impressive 8.3% increase compared to the $470.9 million reported in May 2023.
Revenue Breakdown and Trends
The growth in gaming revenue was primarily driven by notable gains in online gaming. In May 2024, online gaming revenue soared to $192.1 million, up by 19% from $161.4 million in the same month last year. This surge reflects the continued expansion and increasing popularity of online platforms, which have become a significant component of New Jersey’s gaming landscape.
In contrast, sports betting revenue saw a slight decline of 4.2%, amounting to $78.8 million compared to $82.2 million in May 2023. This decrease highlights the inherent volatility in sports betting revenue, influenced by seasonal fluctuations and the outcome of major sporting events.
The traditional casino sector also contributed to the overall revenue growth. The nine Atlantic City casino hotel properties collectively reported a win of $239.1 million, marking a 5.2% increase from the $227.3 million achieved in May 2023. This increase was driven by a few standout performances among the casinos.
Casino Performance Insights
The Borgata, a leading player in the Atlantic City casino market, reported a win of $61.4 million in May, reflecting a modest 1.5% increase from the previous year. However, its total revenue, including online and sports betting, experienced a slight decline of 0.3%, reaching $110.3 million. This underscores a challenging environment despite its strong individual casino performance.
In contrast, Hard Rock saw a remarkable 28% increase in its in-person revenue, reaching $49.8 million. This growth was complemented by a substantial 32% rise in its total revenue, which reached $63.8 million when including online and sports betting. Similarly, Ocean Casino demonstrated strong performance with a 7.5% increase in in-person revenue and a 16.5% rise in total revenue.
The Tropicana and Golden Nugget also showed notable increases. The Tropicana’s in-person revenue grew by 7% to $20 million, while its total revenue surged by 16.5% to $39.3 million. The Golden Nugget experienced a significant 21% increase in its total revenue, reaching $68.1 million, driven by its growing online gaming segment.
Conversely, some casinos faced challenges. Harrah’s and Caesars both saw declines in their in-person revenue, with Harrah’s down by 4% and Caesars down by 2%. Their total revenue figures also reflected these challenges, with Caesars experiencing a 4.9% decrease and Harrah’s showing a modest 3.9% increase.
Year-to-Date Performance
For the year-to-date period, New Jersey’s gaming industry has achieved a total revenue of $2.57 billion, reflecting a robust 13.1% increase from the $2.27 billion reported in the same period of the previous year. This substantial growth highlights the resilience and expansion of the gaming sector, driven by both traditional casino operations and the burgeoning online gaming market.
The May 2024 gaming revenue figures for New Jersey underscore a thriving and evolving industry. While online gaming continues to be a significant growth driver, traditional casino operations and sports betting present a mixed picture. The overall revenue increase demonstrates the continued strength and resilience of New Jersey’s gaming market, with promising prospects for sustained growth throughout the year.