New Jersey Casino, Sports Revenue was Up 10.4% in February

March 21, 2023 | Gambling

ATLANTIC CITY, N.J. (March 17, 2023) — New Jersey’s casinos, horse tracks that take sports bets and the online partners of both types of gambling saw their revenue increase by 10.4% in February.

But what the industry considers to be its core business — money won from in-person gamblers — was up only slightly for the month, and only three of the nine casinos won more than they did in February 2019, before the coronavirus pandemic hit.

According to ‘The Associated Press‘ figures released Thursday by the New Jersey Division of Gaming Enforcement show the casinos and tracks won over $412 million in February, up 10.4% from a year earlier.

But that figure can be misleading because it includes online winnings, which must be shared with third parties like sports books and tech platforms, and is not solely for the casinos and tracks to keep. Up to 70% of online winnings are shared with these outside parties, casino executives say.

From on-site gambling, casinos won nearly $215 million, up 1.2% from a year earlier. Just three casinos — Borgata, Hard Rock and Ocean — won more from in-person gamblers last month than they did in February 2019.

“Locally, the addition of two new casino resorts to the established seven has disrupted market share,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry. “The local market pie has grown, but the way that pie is cut has changed, shifting in favour of the newest entrants to the market.”

Internet gambling brought in $142.5 million, up nearly 10% from a year earlier.

February sports best including the Super Bowl totalled $847.4 million, with $54.6 million left after paying off winning bets and other expenses.

Bally’s in-person revenue was $12.2 million, up 14.3% from a year earlier; Borgata won $57.4 million, up 8.8%; Caesars won just over $19 million, up 1.4%; Golden Nugget won $11.1 million, down nearly 14%; Hard Rock won $37.5 million, up less than 1%; Harrah’s won $21.3 million, up 8.1%; Ocean won $26.2 million, down 11.5%; Resorts won $12.6 million, down 2%; and Tropicana won $17.2 million, down just under 1%.

When internet and sports betting money is included, Bally’s won $18.1 million, up 49%; Borgata won $101.2 million, up 7.4%; Caesars won $19.2 million, up less than 1%; Golden Nugget won $47.8 million, virtually identical to a year earlier; Hard Rock won $44.4 million, down less than 1%; Harrah’s won nearly $21 million, up 7.4%; Ocean won $30.1 million down 2.2%; Resorts won $12.6%, down 5.4%, and Tropicana won $26.2 million, up half a per cent.

Among internet-only entities, Resorts Digital won $48.2 million, up more than 25%; and Caesars Interactive NJ won $8.3 million, down 17.5%.

SOURCE: The Associated Press.

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