The New Jersey Division of Gambling Enforcementhas published the state’s figures for April, showing that casinos, horse tracks, and online gaming operators have made $422 million, up 20% from a year earlier. In addition, the Atlantic City casinos’ revenue from in-person gamblers even surpassed the level of pre-pandemic April 2019.
The nine casinos collectively won $235 million in April from in-person gamblers, up 24% compared to 2021, and above the $207 million won from this segment in the same month in 2019.
Of the individual casinos, five surpassed their April 2019 totals, while four trailed them. Much of the increases were not only attributable to the amount of Saturdays April 2022 had, but also to the two newest casinos, Hard Rock and Ocean.
The Borgata was the top earner in April with $61.6 million, up nearly 60% from 2021, when pandemic operating restrictions were still in place. Hard Rock was the runner-up with $40.5 million, up 15% year-over-year. Ocean came in third with $26.2 million, in a rise of 18.5%. Off the podium, Harrah’s saw $23.1 million last month, up nearly 12%.
Tropicana made $22.4 million, up 17% from 2021; Caesars won $20 million, up 7%; Bally’s saw $14.4 million, up 31%; Resorts raked in $14.3 million, up 10.5%; and Golden Nugget made $12.3 million, up 12%.
Hard Rock president, Joe Lupo, noted that his casino had the largest revenue increase compared to April 2019. “Seeing the market up is encouraging as we move forward to our busier summer season”, he said, according to Associated Press.
Joe Lupo
On New Jersey’s numbers for the month, Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gaming market, stated the following, according to AP: “We see the continuation of an overall pattern of recovery for Atlantic City’s casino operators. While COVID remains a concern, the public seems to be returning to pre-pandemic social behavior by attending large gatherings, traveling more and socializing with friends.”
For the first four months of 2022, the overall casino and racetrack gambling and sports betting revenue is $1.6 billion. The in-person casino revenue number over that period reached $848 million.
Internet gambling revenue for the month was $136.9 million, up 27% from a year earlier and above April 2019. For the year-to-date period, Internet gaming win reported by casinos and their partners was $545.4 million, reflecting a growth of 30.2%
The casino and tracks were responsible for about $927 million worth of sports bets last month. According to PlayNJ, this is “a sign that the digital industry continues to fare well despite economic headwinds that are beginning to affect brick-and-mortar casinos.”
Hard Rock's sportsbook in Atlantic City
David Danzis, an analyst for PlayNJ.com, noted: “So far the national economic headwinds do not appear to be taking a significant bite out of the gaming industry. But it is entirely possible that as everyday costs increase, people will begin to curtail their betting. Time will tell, but it is a concern for the industry.”
New Jersey’s online and retail sportsbooks generated $926.9 million in handle in April which is up 23.9% from April 2021. However, it was down 17.3% from $1.1 billion in March, and was the lowest since August 2021. While year-over-year growth remained significant, April marked the first month this year with a year-over-year gain of less than 31%.
April’s bets produced $50.3 million in operator revenue, which was down 8.2% from 2021, and down 24.2% from March. Basketball betting led the numbers by generating $323.4 million.
FanDuel sportsbook at Bally's
“The popularity of the NBA has always buffered the state from a more dramatic spring slowdown. Having the Sixers and Nets in the early rounds of the NBA Playoffs this year certainly doesn’t hurt either. The market will continue to cool in the coming months as NBA games become less frequent and baseball and other sports such as golf take center stage”, Danzis added.
Online sportsbooks attracted $863.1 billion in wagers, or 93.1% of April’s handle, and won $46.3 million in revenue on those bets. FanDuel/PointsBet/SuperBook topped the online market with $29.2 million in gross revenue, down from $33.7 million in March. DraftKings/Fox Bet was second with $7.4 million in revenue.
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ, stated: “While volume is expected to remain relatively low over the summer months, sportsbooks have been successful over the years in generating significant revenue with baseball parlays and major golf tournaments. Those bets have less favorable odds for bettors than straight wagers, and help ensure operators remain profitable.”
