- Joined
- Jan 23, 2024
- Messages
- 1,308
- Reaction score
- 314
New Jersey’s booming online gambling industry set a new record in September, with Atlantic City casinos and their digital partners raking in over $208 million.
Data released Thursday by the state’s Division of Gaming Enforcement reveals that online gambling revenues surpassed the $200 million mark for the first time, highlighting the growing importance of internet-based gaming as profits from physical casino operations continue to decline.
However, the earnings are not solely retained by the casinos, as a portion is shared with technology providers and other external partners. As a result, many gambling establishments still view their in-person operations as the cornerstone of their business.
Despite a slight recovery, many casinos are struggling to reach pre-pandemic performance levels. Although the total in-person revenue for all nine casinos was $6 million higher than September 2019, five of them reported lower individual floor earnings compared to five years ago.
The surge in online gambling, coupled with a modest boost from sports betting, pushed overall revenue for casinos, racetracks offering sports bets, and their partners to $558 million last month—a 7.1% increase from September 2023.
“The continued success of internet gaming helped elevate Atlantic City’s gaming revenue to its highest September total in over a decade,” said James Plousis, chairman of the New Jersey Casino Control Commission. “This marks the third consecutive month that total revenue has exceeded $500 million—a threshold reached only once in 2022, during August.”
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which monitors the Atlantic City gambling market, noted that September’s results reflected a “mixed bag,” with soaring online revenues that “seem to have outpaced physical casino earnings.”
She added that online gaming has become an essential part of the revenue stream, accounting for 40.8% of the total gaming income through the first nine months of the year.
In September, Borgata led in in-person earnings with $62.4 million, up 15%, while Hard Rock took in $44.6 million, a 4.7% decline. Ocean brought in $28.4 million, down 28%, and Caesars reported $20.5 million, a 4.1% drop. Harrah’s earned $18.6 million, a decline of 16.3%, followed by Tropicana with $17.9 million (down 16.3%), Resorts with $14.3 million (down 3.9%), Bally’s with $12.5 million (down 4.4%), and Golden Nugget with $11 million (down 12.5%).
When including online and sports betting, Borgata’s total revenue climbed to $120.2 million, reflecting a 12% increase. Golden Nugget saw a 25.8% boost, earning $72.8 million, while Hard Rock’s revenue rose 10.8% to $64.4 million. In contrast, Resorts reported a 3.4% decline, earning $106.5 million. Ocean took in $33.9 million, down 24%, while Bally’s saw a 19.2% increase to $24.1 million. Caesars earned $20.6 million (down 3.4%), with Harrah’s and Tropicana both reporting declines, at $18.7 million and $18.1 million, respectively.
In total, the casinos, racetracks, and their partners retained $119.5 million in revenue from nearly $1.1 billion in bets placed throughout the month.
Source: https://www.wjtv.com/news/national/...evenue-set-new-record-in-sept-at-208-million/
Data released Thursday by the state’s Division of Gaming Enforcement reveals that online gambling revenues surpassed the $200 million mark for the first time, highlighting the growing importance of internet-based gaming as profits from physical casino operations continue to decline.
However, the earnings are not solely retained by the casinos, as a portion is shared with technology providers and other external partners. As a result, many gambling establishments still view their in-person operations as the cornerstone of their business.
Despite a slight recovery, many casinos are struggling to reach pre-pandemic performance levels. Although the total in-person revenue for all nine casinos was $6 million higher than September 2019, five of them reported lower individual floor earnings compared to five years ago.
The surge in online gambling, coupled with a modest boost from sports betting, pushed overall revenue for casinos, racetracks offering sports bets, and their partners to $558 million last month—a 7.1% increase from September 2023.
“The continued success of internet gaming helped elevate Atlantic City’s gaming revenue to its highest September total in over a decade,” said James Plousis, chairman of the New Jersey Casino Control Commission. “This marks the third consecutive month that total revenue has exceeded $500 million—a threshold reached only once in 2022, during August.”
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which monitors the Atlantic City gambling market, noted that September’s results reflected a “mixed bag,” with soaring online revenues that “seem to have outpaced physical casino earnings.”
She added that online gaming has become an essential part of the revenue stream, accounting for 40.8% of the total gaming income through the first nine months of the year.
In September, Borgata led in in-person earnings with $62.4 million, up 15%, while Hard Rock took in $44.6 million, a 4.7% decline. Ocean brought in $28.4 million, down 28%, and Caesars reported $20.5 million, a 4.1% drop. Harrah’s earned $18.6 million, a decline of 16.3%, followed by Tropicana with $17.9 million (down 16.3%), Resorts with $14.3 million (down 3.9%), Bally’s with $12.5 million (down 4.4%), and Golden Nugget with $11 million (down 12.5%).
When including online and sports betting, Borgata’s total revenue climbed to $120.2 million, reflecting a 12% increase. Golden Nugget saw a 25.8% boost, earning $72.8 million, while Hard Rock’s revenue rose 10.8% to $64.4 million. In contrast, Resorts reported a 3.4% decline, earning $106.5 million. Ocean took in $33.9 million, down 24%, while Bally’s saw a 19.2% increase to $24.1 million. Caesars earned $20.6 million (down 3.4%), with Harrah’s and Tropicana both reporting declines, at $18.7 million and $18.1 million, respectively.
In total, the casinos, racetracks, and their partners retained $119.5 million in revenue from nearly $1.1 billion in bets placed throughout the month.
Source: https://www.wjtv.com/news/national/...evenue-set-new-record-in-sept-at-208-million/
I’ll be doing a giveaway for one of our home games on StockPoker when we hit 20,000 posts. We’re also at 3,502 threads! Thanks everyone for helping the community continue to grow!