Publish Date: 09/18/2022
Fact checked by: Mike Goodpaster
The gaming industry in New Jersey—including casinos, horse tracks offering sports betting and the online partners of both kinds of gaming establishments—gained $470.6 million in August. This number was a 10 percent increase compared to last year’s August.
The revenue report was released by the New Jersey Casino Control Commission. The commission’s chairman, James Plousis, said that this year’s summer season had been “a great summer” for Atlantic City and its surrounding area.
“The recent efforts to create impressive in-person experiences will continue to provide positive momentum going into the fall,” Plousis said.
Brick-and-mortar casinos gained about $274 million from in-person players, a 4.4 percent increase from last year. This number was still less than August 2019 (pre-pandemic) which reached $286 million.
Five casinos reportedly increased their year-to-year revenue this August. Borgata gained a 29 percent increase and earned $120.7 million, while Hard Rock’s revenue went up by 2.8 to $54 million.
Ocean Casino Resort also saw a 14 percent increase to $40 million. Bally’s, on the other hand, grew by 30 percent to over $20 million. Resorts got a 0.2 percent hike, gaining $18.7 million in revenue.
An increase in online gaming activity in New Jersey was also reported by Jane Bokunewicz, director of Lloyd Levenson Institute. She explained that the faster growth rate of internet gaming compared to in-person gaming potentially suggested “a change in consumer behavior.”
“A decreased reliance on exclusively in-person gaming activity has the potential to keep the New Jersey casino industry competitive with its neighbors and make it more resilient to market disruptions that might potentially occur in the future,” Bokunewicz explained.
This August, the online casino games reportedly collected $131.4 million, which was a 16 percent increase compared to last year. Meanwhile, sports betting in casinos and horse tracks gained $546.7 million but the net revenue was $65.2 million after the establishments paid off wins and other expenses.
The development of the online gaming industry in New Jersey is expected to influence policymakers’ decisions in extending authorization for online gambling.