New Jersey gaming revenue up almost 13 per cent YoY in August

New Jersey
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New Jersey gaming revenue increased by almost 13 per cent in August in comparison to the previous year, as all verticals saw improvements year-over-year.

Data from the New Jersey Division of Gaming Enforcement stated that total gaming revenue from the Garden State’s casinos, racetracks and their partners in August amounted to $531.6m. This figure was a 12.9 per cent increase on the previous year (August 2022: $470.7m).

For the year-to-date, total gaming revenue currently stands at $3.77bn, up 11.2 per cent YoY (2022: $3.38bn).

New Jersey’s nine casino hotel properties led the way in terms of contribution towards August’s revenue total with $280.3m, followed by igaming with a win of $155.3m and sports wagering with gross revenue of $96m.

August’s casino revenue of $280.3m was a 2.3 per cent uptick in comparison to the previous year (2022: $274m). YTD, casino revenue currently stands at $1.93bn, once again a 2.3 per cent increase YoY (2022: $1.88bn).

Slot machine win generated $210.5m towards the casino total for August, up 3 per cent YoY (2022: $204.3m), while table games amounted to $69.7m, a slight improvement on the previous year (2022: $69.6m).

Vici Properties-owned and MGM Resorts-operated Borgata was the best-performing casino during the month in terms of revenue with $73m, up 1.5 per cent YoY (2022: $72m), followed by Hard Rock with $50.7m, a 10.7 per cent increase (2022: $45.8m), and Ocean Casino with $39.5m, an 8.1 per cent improvement (2022: $36.6m).

Four casinos reported YoY revenue losses during August. Bally’s was down 4.6 per cent to $15m (2022: $15.7m), Harrah’s decreased by 1.8 per cent to $24.5m (2022: $25m), Resorts dropped by 4.6 per cent to $17.6m (2022: $18.5m), and Tropicana declined by 4.4 per cent to $24.7m (2022: $25.9m).

August’s igaming revenue of $155.3m was an 18.1 per cent improvement on the previous year (2022: $131.4m). YTD, igaming revenue currently stands at $1.24bn, a 14.6 per cent uptick YoY (2022: $1.08bn).

Resorts Digital led the way in terms of igaming revenue with $42.3m, a 37.6 per cent increase YoY (2022: $30.7m), followed by Golden Nugget with $40.8m, up 30 per cent (2022: $31.4m), and Borgata with $40.2m, down 3.8 per cent (2022: $41.8m). No other operator made more than $10m in revenue during the month.

The month’s sports betting gross revenue of $96m was a 47.1 per cent increase in comparison to the previous year (2022: $65.3m). YTD, sports betting gross revenue stands at $597.9m, a 42.7 per cent uptick (2022: $418.9m). The total sports wagering handle for August in New Jersey was $725m, with $697.1m coming from online operators.

Resorts Digital/DraftKings/FoxBet earned the most revenue during the month with $56.9m, up 345.1 per cent YoY (2022: $12.8m), followed by Meadowlands/FanDuel/PointsBet with $25.7m, down 22.5 per cent (2022: $33.2m).

For August, New Jersey gaming operations paid $53.39m to the state in taxes.