New Jersey Casinos Generate $211 Million in Revenue During January 2023
Casinos in Atlantic City saw a surge in in-person attendance and revenue in January, as per latest data from the New Jersey Division of Gaming Enforcement. Although this marks a 15% increase from the previous year, it's evident that the industry is still struggling to reach its pre-pandemic levels.
The bustling year included traditional retail betting, horse racing, sports betting, and online gaming, contributing to a grand total of $436.8 million - an impressive 14.5% rise compared to 2022. However, executives of these establishments remain unimpressed, arguing that the presented data doesn't accurately depict the industry's true state.
Smoking, a new hot topic in Atlantic City, and the need to partner with interactive third parties taking a significant portion of the revenue are key factors influencing their dissatisfaction. Typically, around 70% of the revenue is shared with sportsbooks, tech providers, and online gaming brands.
Breakdown of the Numbers
Borgata, Hard Rock, and other properties experienced a rise in overall results. Borgata, in particular, netted $58.3 million from land-based gamblers, marking a 20.6% increase. However, when online gaming revenue is factored in, Borgata led the pack, earning $105.9 million - a 14.7% rise compared to the previous year.
Resorts Digital recorded a 22.5% increase, bringing in $52.9 million. Golden Nugget remained slightly behind with an 10.1% rise, earning $51.6 million. The mighty Hard Rock logged $43.2 million, marking a 2.2% increase. Lastly, Ocean Casino Resort added $34.6 million, representing a 31% increase. Despite these impressive numbers, casinos have to collaborate with third parties who take a big chunk of the revenue.
Overall, the casino industry is gradually recovering from the pandemic's impact, but it hasn't quite reached its pre-pandemic levels yet. Although online gaming and sports betting continue to flourish, land-based casinos play a vital role in maintaining the sector’s health.
Despite the overall positivity, industry executives remain disgruntled due to various factors such as competition from iGaming, rising costs, the need for collaboration with third parties, and potential threats from nearby casinos. Nonetheless, the slow but steady progress indicates a hopeful future for the entire gambling industry in the States.
- Casinos in Atlantic City, including Borgata and Hard Rock, reported an increase in in-person gambling and revenue, despite still struggling to reach pre-pandemic levels.
- In January, casinos saw a surge in various forms of betting, such as traditional retail, sportsbooks, horse racing, and online gaming, resulting in a total of $436.8 million - a 14.5% rise compared to 2022.
- Executives, however, argue that this data doesn't accurately reflect the industry's true state, citing factors like competition from iGaming, rising costs, and partnerships with third parties as points of concern.
- individual properties like Borgata, Resorts Digital, Golden Nugget, Hard Rock, and Ocean Casino Resort all reported significant increases in their earnings, with Borgata leading the pack in both land-based and online gaming revenue.
- Although online gaming and sports betting continue to thrive, industry leaders emphasize the importance of land-based casinos in maintaining the sector's health and overall success.
- Despite ongoing challenges and the need for adjustments, the gradual recovery of the casino industry, coupled with the continued growth of sports betting and casino-gambling culture, suggests a promising future for the gambling industry in the United States.
