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. However, the industry’s core business, money won from in-person gamblers, was only up slightly for the month, and only three of nine casinos won more than they did in pre-pandemic 2019.
According to the 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% year-over-year. Nonetheless, that number includes online winnings, which must be shared with third parties like sportsbooks and tech platforms, and is not exclusive for the casinos and tracks to keep. Up to 70% of online winnings are shared with these outside parties, according to casino executives.
From on-site gambling, casinos won nearly $215 million, up 1.2% year-over-year. Just three casinos – Borgata, Hard Rock and Ocean – won more from in-person gamblers last month than they did the year prior to the outbreak of the COVID-19 pandemic.
As reported by the Associated Press, Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, said: “Locally, the addition of two new casino resorts to the established seven has disrupted market share. The local market pie has grown, but the way that pie is cut has changed, shifting in favor of the newest entrants to the market.”
Internet gambling brought in $142.5 million, up nearly 10% from a year earlier. February sports bets, including the Super Bowl, totaled $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 raked in $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 million, down 5.4%; and Tropicana won $26.2 million.
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%.
As the Atlantic City industry rebounds, hospitality properties in the gaming destination are undergoing facelifts. This week, Borgata Hotel Casino announced a $55 million tower remodel that will see the property’s The Water Club hotel rebranded to the MGM Tower. The project comes amid Caesars Entertainment’s $400 million revamp of its three AC properties; and as millions of dollars are poured for improvements at Ocean Casino Resort.
Original article: https://www.yogonet.com/international/news/2023/03/17/66493-new-jersey-sees-gaming-revenue-grow-10-to-412m-in-february-but-inperson-win-only-up-1-
