New Jersey’s gambling industry saw an increase of 10.4% in April, bringing in over half a billion dollars from casinos, horse tracks, and online betting partners. However, this growth was primarily driven by a surge in internet gambling revenue, as in-person gambling numbers continued to decline. Casinos consider in-person winnings to be their core business, but they are facing challenges in that area, with six out of nine casinos experiencing a decrease in in-person revenue compared to the previous year.
Despite the struggles in in-person revenue, experts believe that the situation may improve in the coming months as visitation to Atlantic City increases during the summer season. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, suggests that Atlantic City’s revenue growth may come from non-gambling sources such as food and beverage sales. Operators are investing in improving resort offerings to compete against the threat of New York City casinos and create a unique experience for visitors.
In terms of in-person revenue, the Borgata was the top earner with $58.3 million, followed by Hard Rock with $41.1 million. However, some casinos like Ocean and Harrah’s saw significant declines in revenue due to various factors. When including internet and sports betting revenue, the rankings shifted slightly, with Borgata remaining at the top but experiencing a slight decrease in overall earnings. Internet-only entities such as Resorts Digital also saw a significant increase in revenue during April.
Internet gambling had its second-best month in April, generating nearly $188 million in revenue, an 18.2% increase from the previous year. Sports betting also had a successful month, bringing in over $1 billion in April, with $106 million of that kept as revenue after expenses. The Meadowlands Racetrack near New York City had the highest share of sports betting revenue at $73.1 million. Other racetracks and online platforms like Resorts Digital also contributed to the overall sports betting revenue in New Jersey.
Overall, the gambling industry in New Jersey is experiencing a mix of challenges and opportunities. While in-person revenue continues to decline, there is optimism for growth in the coming months through increased visitation and investments in non-gambling amenities. Internet gambling and sports betting have been consistent sources of revenue for the industry, with April showing strong numbers in both areas. As the market continues to evolve and compete with neighboring states, casinos and operators are focusing on diversifying their offerings to attract a wider range of customers and increase overall revenue.
