New Jersey gambling revenue rises 6.7%
Borgata was the highest performing of Atlantic City casinos.
New Jersey reported a 6.7% increase in gambling revenue, winning $480.7m in July. The Garden State’s nine casino hotels made $276.9m of this total, which was an 8% year-on-year increase for retail gambling.
IGaming also put in a strong performance, with an overall gaming win of $136.7m, reflecting a growth of 15.2% compared to $118.7m for the same period in the prior year. Meanwhile, sports betting in New Jersey generated $45m, which was a drop of 18.1% from Q2 of 2021.
New Jersey’s sports betting market is facing a new challenge from New York, which began offering mobile sports betting earlier this year and immediately took the lead in numbers of bets wagered nationwide.
Before deduction, the state showed a total gaming revenue of $2.91bn, representing an annual rise of 13.7%. The state has nine casinos; they announced mixed results compared to last year’s second quarter.
The biggest earner of the casinos was the Borgata which won $124m from all forms of betting in July, up 16.4%. It was one of three casinos to have a double-digit percentage rise (the Ocean rose 29.5%, Bally’s rose 28.4%). The Tropicana, Caesars and Resorts reported minor drops in year-on-year revenue while Harrah’s fared the worst, falling by 10%.
Hard Rock rose 8.4% while the Golden Nugget reported flat results compared to last year’s Q2 results.
Stockton University Institute Director Jane Bokunewicz commented: “Atlantic City showed indications of a strong summer season fueled by a return to normal operations and consumer behavior. Unlike last summer, Atlantic City casinos in 2022 are operating without official public health restrictions, which were still in place at the start of summer 2021.”
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