New Jersey casino revenues reach $719.8m in Q1 2022
The state reported its highest Q1 combined casino gross profit in eight years.
New Jersey’s Division of Gaming Enforcement (DGE) has released its first quarter 2022 results. According to the report, overall state casino revenue rose by 27.4% when compared to 2021’s corresponding quarter and reached $719.8m.
Gross operating profit for the state’s industry climbed to $155.6m, a 63% increase from the previous period in 2021.
New Jersey’s nine casinos generated the largest combined profit for a first quarter since the DGE began releasing its reports eight years ago.
In a breakdown of performance by casino, Borgata grabbed the lead during the first quarter, with close to $45.9m in profits. Hard Rock followed to take the second spot. The casino recorded a total profit of $26.9m.
Tropicana was third, reporting $19.8m in profit during the first quarter. Ocean, Harrah’s and Caesars recorded profits of $18.5m, $15.9m and $10.6m respectively.
Golden Nugget held the seventh-place spot with $5.6m in profit. Resorts showed a profit of $536,000 for 2022’s first quarter.
According to the report, Bally’s had a net loss of $6.8m during Q1. The casino’s net loss was close to half of the net loss it reported for the same period in 2021.
Bally’s is currently in the final stages of its $100m property upgrade.
New Jersey ranked second highest in gross casino revenue during the month of April, reaching a total of $136.9m. The top spot went to Pennsylvania, which generated a total of $138m in gross revenue, the largest of all the US markets during April.
Pennsylvania came close to surpassing the national record, falling short in April by less than $5m.
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