Online Gambling Thrives while Retail Casinos in New Jersey Experience Decline

New Jersey’s online gambling industry has maintained its impressive growth, reporting consistent revenue increases throughout the year. While the land-based casino segment experienced a slight decline in May, the online gambling sector continued to forge ahead, showcasing its resilience and potential for success.

During the 31-day month, the entire online gambling ecosystem in New Jersey witnessed a remarkable 9.4% surge in revenue, reaching $470.92 million compared to $430.63 million in the previous year. The state aims to surpass the $5 billion mark achieved in the previous year, and so far, it is tracking well with a year-to-date revenue of $2.27 billion, which is 11.7% higher than the same period last year ($2.03 billion).

Recent figures released by the New Jersey Division of Gaming Enforcement reveal that online casinos and poker rooms experienced substantial year-on-year growth, closing at $161.41 million, an 18.7% increase from the previous year’s $136 million. The year-to-date revenue for the online gaming sector reached $781.52 million, marking a significant 14.7% rise from the previous year’s $661.38 million.

Continuing the trend observed throughout 2023, the Borgata, owned by Vici Properties and operated by MGM Resorts, maintained its position as the top-performing casino with a revenue increase of 3.3% to $44 million, surpassing the previous year’s $42.58 million. Golden Nugget secured the second spot after achieving a noteworthy 25.6% growth, closing the month at $43.46 million compared to $34.5 million. Resorts Digital claimed the silver position with a substantial 39.9% increase, generating revenue of $41.68 million in contrast to $29.79 million in the previous year.

However, the overall win across the nine casino hotel properties experienced a modest decline of 2.4%, totaling $227.34 million compared to $223.02 million in the previous year. Despite this decline, the venues recorded a 3.1% growth in the first four months of the year, with a year-to-date revenue of $1.11 billion, surpassing the previous year’s $1.08 billion.

The Borgata also maintained its dominance in another segment, securing the highest revenue of $60.51 million, although it experienced a slight decrease from the previous year’s $63.36 million. Hard Rock followed with $38.78 million, a 6.5% decline from $41.5 million, while Ocean Casino generated $29.75 million, reflecting a 5% decrease from $31.14 million. Bally’s was the only property that witnessed an increase of 4.2%, reaching $13.19 million compared to $12.67 million in the previous year.

Breaking down the casino verticals, slot machines reported revenue of $172.93 million, experiencing a marginal decline of less than one percentage point. Table games, on the other hand, earned $54.41 million, a 7.3% decrease from the $58.7 million recorded the previous year.