New Jersey has reported a year-over-year uptick in February gaming revenue following gains across igaming and sports betting.
However, land-based casino operations across the Garden State’s nine casino hotel properties dipped during the month in comparison to the same period the previous year, with three casinos undergoing double-digit percentage revenue declines.
According to the New Jersey Division of Gaming Enforcement, total gaming revenue in February from casinos, racetracks and partners came in at $461.5m, a 12 per cent improvement in comparison to February 2023’s $412.2m. Year to date, total revenue has risen by 20.2 per cent to $1.02bn (YTD 2023: $849.1m).
Per segment, land-based casino operations had the biggest share of total revenue generated during the month with $211.6m, followed by igaming with $182.3m and sports betting with $67.6m.
From all operators in New Jersey, $50.2m was paid in taxes to the state for February.
In comparison to the same period the previous year, casino revenue of $211.6m in February was a 1.6 per cent decrease compared to February 2023’s $215m. YTD revenue for the segment stands at $416.3m, down 2.4 per cent YoY (YTD 2023: $426.6m).
Per vertical within casino, slot machine revenue fell by 0.3 per cent YoY to $158.9m (Feb 2023: $159.3m) while table game revenue declined slightly to $52.7m (Feb 2023: $55.6m).
Borgata led the way in terms of revenue in February with $53.6m (Feb 2023: $57.5m), followed by Hard Rock at $41.1m (Feb 2023: $37.5m) and Ocean Casino rounding off the top three with $31.1m (Feb 2023: $26.3m). No other casino generated more than $19m in revenue during the month.
Three casinos saw double-digit percentage YoY revenue declines in February. Harrah’s fell by 14.7 per cent to $18.2m (Feb 2023: $21.4m), Caesars dropped by 13.7 per cent to $16.4m (Feb 2023: $19m), while Bally’s declined by 13.1 per cent to $10.7m (Feb 2023: $12.3m).
Igaming revenue improved by 27.9 per cent YoY to $182.3m (Feb 2023: $142.6m). YTD, igaming revenue stands at $365.6m, up 23.7 per cent in comparison to the previous year (YTD 2023: $295.5m).
Per operator, Golden Nugget led the way with $51.5m (Feb 2023: $36.5m), Resorts Digital was next with $48m (Feb 2023: $36m) and Borgata completed the top three with $40m (Feb 2023: $39.7m).
While no other igaming operator had more than $12m in revenue during the month, all but three operators – Borgata (0.7 per cent), Harrah’s (N/A) and Caesars Interactive NJ (32.8 per cent decline) – underwent double-digit percentage revenue growth in comparison to the same period the previous year.
Hard Rock achieved the biggest YoY revenue growth in February, rising by 82.7 per cent to $10.3m (Feb 2023: $5.6m).
Revenue during the month across New Jersey’s sports wagering operators improved by 23.7 per cent to $67.6m (Feb 2023: $54.6m) with a handle of $1.08bn. YTD, sports betting revenue rose by 87.7 per cent to $238.3m (YTD 2023: $127m) with a handle of $2.8bn.
Per operator, Meadowlands/FanDuel/PointsBet/Superbook led the way with $35.1m in revenue (Feb 2023: $32.1m), followed by Resorts Digital/DraftKings with $24.2m (Feb 2023: $12.3m), Borgata/BetMGM with $4.5m (Feb 2023: $4.1m) and Hard Rock/Unibet/bet365 with $3.7m (Feb 2023: $1.3m).
Five operators suffered revenue loss during the month, with the largest coming from Freehold Raceway/ESPNBet/betPARX with a $2.2m loss.
