July 2023 Unveils Unprecedented Revenue Surge in New Jersey’s Thriving Online Gaming Scene
TLANTIC CITY, N.J., Aug. 30, 2023 /PRNewswire/ — In a heartening homage to the Garden State’s unwavering devotion to online casino gaming, Oddsseeker.com reports that July 2023 has etched itself into the fabric of New Jersey’s casino history as a month of monumental revenue proportions.
The figures, freshly released by the state Division of Gaming Enforcement, weave an astonishing narrative: a collaboration between New Jersey’s nine casinos, racetracks, and their enterprising partners has conjured an astounding $506 million in total gross online gaming revenue for July. This marks an impressive 5.3% surge compared to the same period the previous year, painting a picture of an industry that thrives beyond the constraints of time.
Yet, it’s the nuances that illuminate this tale. Atlantic City, the very heart of New Jersey’s gaming ethos, takes center stage with its record-breaking performance. James Plousis, Chairman of the New Jersey Casino Control Commission, beams with pride as he heralds July’s gaming revenue in the city as unprecedented in over a decade. The pivotal role of internet gaming and sports wagering revenue is emphasized, contributing to the remarkable 5% upswing in total gaming revenue year-over-year. The crown jewel is internet gaming win, breaching the billion-dollar threshold at a pace quicker than ever before. It’s clear that online casinos in New Jersey are still going strong as the market approaches its 10 year anniversary.
Deeper into the narrative, one discovers a symphony of contrasts. Brick-and-mortar gaming revenue, though experiencing a modest 3% dip from the prior year, continues to hold its allure, a testament to the timeless charm of in-person casino experiences. In parallel, the digital realm reveals its prowess with a resounding 13.5% surge in internet gaming win, embodying the modern era’s connectivity and convenience.
The sports betting realm also leaves its mark. While the handle may have dipped slightly by less than 1%, the revenue stream surges with an astonishing 35.6% increase, confirming the enduring appeal of sports wagering.
Amidst this crescendo, the spotlight shines on Borgata, celebrating its 20th anniversary amidst recent renovation endeavors. July witnesses the stalwart amassing an awe-inspiring $127 million in total gaming revenue, a nearly 3% elevation from the previous year. This monumental achievement surpasses a prior record set under similar circumstances.
Here’s the total revenue breakdown for July 2023:
- Borgata won $127.7 million, up 2.9%
- Hard Rock won $62.7 million in July, up 4.8%
- Golden Nugget won nearly $54 million, up 9.8%
- Ocean won $42.4 million, down 2%
- Tropicana won $32.3 million, down 9.8%
- Harrah’s won $25.2 million, down 4.2%
- Caesars won $25.1 million, down 1.5%
- Bally’s won $24.1 million, up 16.1%
- Resorts won $15.3 million, down 162%
Year-to-date, total gaming revenue was $3.23 billion, an 11.0% increase from $2.91 billion reported in the prior period.
Nonetheless, every triumph comes with challenges. Brick-and-mortar gaming revenue, though solid and surpassing pre-pandemic 2019 levels, falls short of the previous July’s numbers. The post-pandemic resurgence, coupled with heightened regional competition and the ever-ascending tide of internet gaming, underscores the ongoing endeavor to invigorate in-person experiences.
As this chapter concludes, Control Commission Chairman Plousis reflects on nuanced victories, acknowledging that while casino wins were the second-highest in July’s ten-year history, industry fluctuations are inevitable. While revenue performance is impressive, factors like inflation and operating costs shape true industry growth and profitability should be noted.
The journey persists. As we await subsequent quarter reports, the saga of New Jersey’s gaming industry will be defined by its ability to harmonize tradition and innovation, in-person allure and digital convenience. Above all, it embodies an indomitable spirit that transcends limitations, setting the stage for an enthralling narrative in the world of casino gaming.
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SOURCE: Odds Seeker.Tags: online gaming, New Jersey, Odds Seeker.