New Jersey’s casinos in August won over half a billion dollars, up by almost 13% from a year earlier, according to the latest figures released by the New Jersey Division of Gaming Enforcement. The revenue generated during the month includes in-person gambling, internet, and sports betting. The total gaming revenue reported by casinos, racetracks, and their partners was $531 million.
According to the report, in-person gambling done on the premises of Atlantic City’s nine casinos was up 2.3% from a year ago to $280.2 million, but down from the $286 million reported in 2019. In-person winnings are a key metric for the casino industry as online and sports betting revenues must be shared with partners such as sportsbooks and tech platforms, with up to 70% of the earnings going to these entities.
James Plousis, chairman of the New Jersey Casino Control Commission, said: “Atlantic City’s total gaming revenue in August exceeded $500 million for only the second time in history, and it is on pace for a very strong year. The casino hotels reported their second-highest total gaming revenue since inception and their highest result in 18 years.”
Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, which studies the Atlantic City gambling industry, says that 2023 is shaping up to be a good year for the city’s casinos.
“If New Jersey follows nationwide trends, we may be looking at the industry’s best year for (gross gambling revenue) in more than a decade,” she told the Associated Press.
However, she cautioned that higher revenue is not translating directly into higher profits, as second-quarter earnings were down compared with the same period last year.
Casino executives say the combined revenue totals from in-person, sports betting, and internet gambling can be misleading since money won online and from sports betting is not solely for the casinos to keep.
In terms of combined revenue, Borgata won nearly $118 million in August, down 2.3% from a year ago; Hard Rock won over $59 million, up nearly 10%; while Golden Nugget Atlantic City won $54 million, up 21.5%; and Ocean won $44.6 million, up 11.7%.
Bally’s Atlantic City won $23.3 million, up 15.4%; Tropicana Atlantic City won $33 million, down nearly 6%; Harrah’s Resort Atlantic City won $24.5 million, down 2.5%; Caesars Atlantic City won $22 million, down less than 1%; and Resorts Casino Hotel won $17.6 million, down 5.6%.
In terms of internet-only entities, Resorts Digital won over $99 million, up 128% from a year earlier, and Caesars Interactive Entertainment NJ won $6.6 million, down over 25%.
The casinos and tracks took in $725 million worth of sports bets in August. Of that, $96 million was kept as revenue after paying off winning bets and other expenses.