New Jersey Gambling Operators Continue Post Pandemic Recovery
LISTEN TO THIS ARTICLE:In evidence of the recovery of the sector after the COVID-19 pandemic, gambling and sports betting operators in New Jersey reported revenue of $457 million in June. However, the state's brick-and-mortar casinos still have a way to go in catching up to their pre-pandemic results.
According to the New Jersey Division of Gaming Enforcement, the state's nine casino hotel properties earned $241.6 million in June 2023, representing a 5.4% increase compared to June 2022's $229.1 million. The year-to-date casino win for these properties amounted to $1.36 billion, a 3.5% year-on-year increase.
Meanwhile, the internet gaming win for the period reached $149.3 million, indicating a growth of 12.1% compared to 2022's $133.1 million. The year-to-date revenue from the live casino sector stood at $930.8 million, reflecting a solid 14.3% increase from last year's $814.5 million.
New Jersey's sports betting operators and racetracks reported revenue of $66.4 million, showing a remarkable 69.1% increase from June 2022's $39.2 million. The gross revenue for the year-to-date reached $440.8 million, representing a substantial 42.8% year-on-year increase.
Total gaming revenue, including casinos, racetracks, and their partners, amounted to $457.2 million for the month, marking a 13.9% year-on-year increase from June 2022's $401.5 million. The year-to-date revenue reported by the state's gambling and betting operators reached $2.73 billion, reflecting a 12.1% year-on-year increase from the prior-year period's $2.42 billion.
Land Casinos Still Facing Challenges
Despite these positive results, the retail sector, particularly land-based casinos, still faces challenges in fully recovering from the pandemic. While the total revenue from physical casinos surpassed pre-pandemic levels, certain venues experienced lower revenues from in-person gamblers.
For example, Bally's reported $12.4 million in revenue from in-person gamblers, an 8.2% year-on-year decline. On the other hand, Borgata saw a revenue increase of 11.6% to $60.5 million, while Caesars recorded a growth of 11.4% to $21.4 million. Golden Nugget experienced a 6% decline to $11.8 million, and Hard Rock's retail gaming win decreased by 2.8% to $43.3 million. Harrah's, on the other hand, reported a 3.8% increase to $21 million, and Resorts showed an almost 11% increase to $15.2 million. Finally, Tropicana's revenue decreased by 2% to approximately $21 million.
These mixed results indicate that New Jersey's land-based sector is still on the path to a full recovery from the pandemic's impact, but it is some way from reaching the end.
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