New Jersey's Booming Gambling Industry: Highest Monthly Revenue in a Decade
Most people are aware of how successful Atlantic City's casinos are, but the three New Jersey horse tracks that take sports bets, and their online partners are thriving. According to the latest figures, operators made over half a billion dollars from gamblers in July, up 5.3% from a year earlier.
The month was especially good for Atlantic City's top-performing casino, the famous Borgata, which broke its own record for the most money any Atlantic City casino has ever earned in a single month. Between casino, internet and sports betting winnings combined, they made more than $127 million.
A Small Dip in Live or In-Person Revenue
But the amount of money earned from live or in-person gamblers at the nine casinos declined by 3% year-over-year (YOY), to less than $290 million.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which thoroughly analyzes the Atlantic City gambling industry, said the 3% dip is definitely not a cause for concern.
“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,” Bokunewicz said.
An Overall Positive Outlook for Brick-and-Mortar Casinos
Despite the dip, New Jersey's total gaming revenue, including money from online and sports betting at casinos and three horse racing tracks, jumped to $506 million in July.
That number was the highest in any July in over a decade, said James Plousis, chairman of the New Jersey Casino Control Commission.
The amount of money won from the old-school gamblers on casino floors is the key metric for Atlantic City casino executives. Internet and sports betting money help the bottom line somewhat, but that money must be shared with third parties such as sportsbooks and technology platforms and is not solely for the casinos to keep.
In-person gambling is also a closely watched metric when compared to the levels the casinos were experiencing before the pandemic hit. Just two of the nine casinos — Hard Rock and Ocean — won more from in-person gamblers last month than they did in July 2019, although several came close to equaling that mark.
The Borgata's record-breaking $127 million total win in July was up nearly 3% from a year earlier. It broke its own monthly revenue record of $124 million in July 2022.
Top Performing In-Person NJ Casinos
Borgata president Travis Lunn said the strong performance is due to positive customer response to the former Water Club hotel, now reconditioned as the MGM Tower. From casino and poker table games to slots and sports betting, gaming revenue in July was the best result for Atlantic City gambling for any month in over a decade.
Behind Borgata's tremendous earnings, here are the brick-and-mortar operators that performed best in July as per NJ.bet, an online casino guide:
- Hard Rock: Earned $62.7 million in July, up nearly 5%
- Golden Nugget: Earned nearly $54 million, up nearly 10%
- Ocean: Earned $42.4 million, down 2%
- Tropicana: Earned $32.3 million, down nearly 10%
- Harrah's: Earned $25.2 million, down 4.2%
- Caesars: Earned $25.1 million, down 1.5%
- Bally's: Earned $24.1 million, up more than 16%
- Resorts: Earned $15.3 million, down more than 16%
The fresh and promising aspect of online betting brought in $155 million in July, up 13.5% from the last season.