New Jersey casinos in bullish mood following strong end to 2023

Article by : Charles Perrin Jan 23, 2024

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New Jersey casinos have had ample reason to celebrate after seeing revenue records tumble in 2023, according to the official figures published.

The New Jersey Division of Gaming Enforcement, which is responsible for regulating the gambling industry in the state, revealed the casino sphere is in rude health after announcing casinos pulled in nearly $5.8 billion in revenues last year.

This underpins the exponential growth of the casino landscape in New Jersey. Indeed, the year-to-date figure for 2023 represented a 10.9% uptick on the 2022 result, where $5.2 billion was clocked up in revenues.

As a point of reference, the nine land-based casinos remained the primary source of gambling revenue in New Jersey, accounting for $2.85bn of all revenue, a year-on-year increase of 2.2%.

However, it was interesting to note that six of the city’s casinos faced in-person gambling challenges in 2023, with only Borgata, Hard Rock, and Ocean experiencing a rise in revenues compared to 2019.

Similarly, the appetite for iGaming remains insatiable with internet gaming revenues soaring to $1.9bn in 2023, reflecting a staggering 15.7% rise compared to 2022.

Insofar as the monthly figure is concerned, total revenues stood at $522m for December 2023, highlighting growth of 14.8% in relation to the same period for 2022.

Golden Nugget led the way for iGaming revenues for the year, raking in $524.8m in revenues, while Resorts Digital came in second spot with $507.8m.

Despite New Jersey’s staggering growth from a revenue perspective, recent research suggests the iGaming industry is actually having a detrimental impact on the economy.

Although New Jersey makes significant tax contributions, a report conducted by the National Economic Research Associates (NERA) indicates fewer people are employed to supply iGaming services. As such, much-needed revenue is not being recycled back into the economy through wages.

For now, New Jersey casinos are riding the crest of a wave, and the 2023 results should give the casinos the impetus to push on and shake things up once again this year.