The New Jersey Division of Gaming Enforcement has released its revenue figures for July 2024, revealing a mixed but generally positive performance across the state’s gaming sectors.
Overall Revenue Growth
In July 2024, New Jersey’s gaming revenue reached an impressive $547.8 million, marking an 8.3% increase from the $506.2 million reported in July 2023. This growth highlights a robust market for gaming activities in the state, driven by multiple segments including traditional casinos, online gaming, and sports betting. The increase in overall revenue underscores the strength and resilience of New Jersey’s gaming industry.
General Trends
The nine casino hotel properties in Atlantic City reported a total casino win of $272.3 million for July 2024. This represents a 6.1% decrease from the $290 million earned in July 2023. This decline in traditional casino revenue suggests that while the gaming market remains strong overall, brick-and-mortar casinos are facing significant challenges.
Individual Casino
The performance of individual casinos within Atlantic City varied widely. For instance, the Borgata, a key player in the market, experienced a 3.3% decline in revenue to $75.9 million. In contrast, Hard Rock saw a 3% increase, achieving $54.6 million. Other casinos, such as Harrah’s and Caesars, faced notable declines of 24% and 19%, respectively. The variations in performance reflect broader market trends and competitive pressures faced by these properties.
Online Gaming: A Rising Star
Online gaming in New Jersey continues to flourish, with July 2024 revenue reaching $195.4 million. This marks a substantial 25.9% increase from the previous year. The significant growth in online gaming revenue underscores a shift in consumer behavior, with more players turning to digital platforms for their gaming experiences. The success of online gaming contrasts with the declines seen in traditional casino revenue, highlighting the evolving landscape of the industry.
Sports Betting: Continued Expansion
Sports betting revenue in New Jersey also saw impressive growth, reaching $80 million in July 2024. This represents a 31% increase from the $61 million reported in July 2023. The rise in sports betting revenue reflects a growing interest in wagering on sports, contributing to the overall increase in gaming revenue for the state. The expanding sports betting market is a key component of New Jersey’s gaming industry, driving additional revenue and engagement.
Year-to-Date Trends
For the year-to-date period, New Jersey’s total gaming revenue stands at $3.61 billion, reflecting an 11.5% increase from the $3.23 billion reported in the same period last year. Despite this overall growth, the casino win for the year-to-date period is $1.63 billion, indicating a slight 1% decrease compared to the previous year. This mixed performance highlights the complexities within the gaming industry, where overall revenue growth is accompanied by challenges in specific segments.
Integrated Casino Performance: The Role of Online and Sports Betting
When integrating online and sports betting revenues with traditional casino earnings, a clearer picture of each casino’s performance emerges. For example, Borgata’s total revenue, including online and sports betting, reached $129.4 million, reflecting a 1.4% increase. Hard Rock reported $70.9 million, up 13%, while the Golden Nugget saw a significant 25% increase with a total of $67.4 million. These figures demonstrate the growing importance of online and sports betting in enhancing overall casino revenue.
The July 2024 gaming revenue report for New Jersey presents a complex but promising picture of the state’s gaming industry. While traditional casino revenues have faced declines, the growth in online gaming and sports betting illustrates a significant shift in consumer preferences and market dynamics. The year-to-date figures confirm overall industry growth, despite the challenges in traditional casino sectors. As New Jersey’s gaming market continues to evolve, understanding these trends is crucial for stakeholders and investors navigating this dynamic landscape.