New Jersey Gaming Revenue Rebounds in October

Article by : Erik Gibbs Nov 21, 2023

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In October, New Jersey’s land-based casinos experienced a rebound in revenue, aligning more closely with the consistent growth observed in online gaming and sports betting operations.

According to data from the New Jersey Division of Gaming Enforcement, the total gaming revenue reported by casinos, racetracks and their online partners reached $487.1 million, marking a 9.3% increase compared to the same month the previous year.

Year-to-date, the total gaming revenue has reached $4.77 billion, reflecting a 10.6% improvement year-over-year. In 2022, the figure was $4.32 billion.

Breaking down the revenue by vertical, land-based casino revenue rebounded in October after a negative year-over-year comparison in September, showing a 3.4% increase to $228.1 million from the $220.6 million a year earlier.

iGaming revenue demonstrated a robust 13.3% improvement, reaching $166.8 million. This was a solid jump from the $147.2 million in 2022. Simultaneously, sports betting revenue experienced an 18.4% rise, totaling $92.3 million and beating 2022’s figure by $12.4 million.

Looking at the year-to-date figures, land-based casino revenue stands at $2.4 billion, marking a 1.9% increase year-over-year from the $2.36 billion in 2022.

iGaming revenue has reached $1.57 billion, reflecting a significant 15.1% uptick from the $1.37 billion last year, while sports betting has surged to $801.3 million, representing a notable 34.7% increase on the $594.8 million in 2022.

Examining land-based casinos more closely, the year-over-year improvement was supported by increased revenue from table games, which saw a 19.7% rise in October, reaching $65.1 million. In 2022, the figure was $54.4 million.

Despite being the primary contributor, slot machine revenue experienced a modest decline of 1.9% to $163 million. This represented a $3.2 million drop from last year.

Among the land-based operators, Borgata led with $56.8 million. However, its revenue showed an 8.9% year-over-year decrease from the $62.5 million it earned in 2022.

Ocean Casino followed with $43.4 million, achieving the most significant year-over-year increase during the month, at 53.3%, and Hard Rock with $41.2 million. During October, no other casino surpassed $18 million in revenue, and four casinos experienced year-over-year declines.

Caesars recorded the most substantial drop by 18% to $14.4 million, followed by Harrah’s, which fell by 11.9% to $17.8 million, Borgata and Tropicana, decreasing by 5.6% to $16.4 million.

Considering iGaming operators, Golden Nugget led with $49.4 million, followed by Resorts Digital with $46 million and Borgata with $35.6 million. However, Borgata’s figure represented a 13.2% decline compared to the previous year.

In the realm of sports betting operations, only two operators generated revenue exceeding $15 million. Meadowlands/FanDuel/PointsBet took the lead convincingly with $60.2 million, followed by Resorts Digital/DraftKings with $15.3 million. Borgata/BetMGM was the next closest competitor with $7.8 million.