• July 15, 2024

New Jersey Casinos Hit Historical $506 Million Revenue Level; Record-Breaking Borgata’s Performance

The New Jersey gambling industry generated a total of $506 million in revenues in July 2023, up 5.3 percent from the same period of the prior year. As Associated Press (AP) reports, New Jersey casinos, horse tracks, and their online arms and partners contributed to the result, with the Atlantic City-based Borgata casino achieving the best performance with the record-breaking revenue level of $127 million in July.

$ 506 Million in Revenues:

The industry reportedly won more than half a billion dollars in July from casino, internet and sports betting, but the land-based gambling facilities saw a 3% revenue decline when compared to July 2022 generating less than $290 million, according to AP.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University and the Atlantic City gambling industry analyst, reportedly commented: “As is the nature of the gaming industry, there are always fluctuations in the monthly revenues and this 3% decline does not appear to be part of a lasting trend.”

Top Performance in Over a Decade:

This figure also shows that the in-person gambling accounted to only around 53% of the total amount won from New Jersey‘s gamblers in July, with the online gambling share reaching 30% of the total revenues generated in the jurisdiction over the given month. AP reports that James Plousis, chairman of the New Jersey Casino Control Commission, said that the $506 million level won by gambling industry represents its top performance in over a decade.

Borgata Hits $127 Million Record:

New Jersey Casinos Hit Historical $506 Million Revenue Level; Record-Breaking Borgata’s Performance

The same source reports that the Borgata Casino made a record-breaking performance in July 2023 to win more than $127 million, which represents a 3% increase over the prior year’s level of $124 million. Borgata president Travis Lunn reportedly said the strong performance in July is the result of the favorable customer response to the casino’s new gaming floor and dining developments. Borgata stands for almost 25 percent of the total money won by the state’s land-based and online gambling industry in the same month.

Land-Based Metrics:

But, according to AP, the Atlantic City executives exclusively use in-person gambling as the main indicator of the market performance. Indeed, casinos with online extensions have to share profits with internet sports books and technology platforms thus bringing the land-based numbers down. The source reports that internet betting brought $155 million in revenues in July, horse tracks and casinos $61 million, and the land-based properties $290 million to make the total of $506 million of the  July 2023 gaming win.

The above figures confirm that around 30 percent of the $506 million cake went to online sports wagering facilities to cast a shade on the market performance metrics preferred by the Atlantic City executives.

Online Gambling Trend:

As reported, the trend originates from the pandemic times and only two of the nine Atlantic City’s casinos — Hard Rock and Ocean — won more from land-based casinos in July 2023 than in July 2019. Though, the source reports that several casinos were close to make the same result. In Atlantic City, Hard Rock won $62.7 million in July 2023, Golden Nugget around $54 million, with other operators ranging from $42.4 million won by Ocean to $15.3 million won by Resorts, which online arm won $59.5 million to confirm the preferred gambling fashion.