New Jersey land-based casinos, sports books, and online partners consecutively collect over $450 million for the third consecutive month. While the online industry shows remarkable growth, land-based casinos in Atlantic City take another step backward compared to last year.
What You’ll Read in this Article:
- Total Casino Revenue Collected in New Jersey
- Land-based Casinos Decline
- Online Casinos Continue to Grow at a Rapid Rate
The New Jersey Division of Gaming Enforcement released the latest revenue figures earlier this week, showing casinos, sports books, and their online partners collected $471 million in May 2023.
Compared to the same period in 2022, the revenue totals reveal remarkable growth of 9.4%. However, land-based casinos fail to contribute to the whole, as only three Atlantic City establishments show an increase compared to pre-pandemic conditions in May 2019.
Compared to last year’s revenue figures, the nine land-based casinos – collecting $227.3 million last month – are down by 2.4% compared to May 2022. Revenue from land-based casinos is considered the essential metric; the new revenue figures are bound to be devastating as it follows a 1.6% decline in April.
Jane Bokunewicz studies the Atlantic City gambling market, and said even though revenue figures from in-person gambling were down last month, it’s still an improvement over pre-pandemic figures:
“This is the continuation of a return to pre-pandemic levels, but not the amount of growth many may have hoped to see from this sector,”
“Traditional gaming products like slots and table games are not growing as quickly as newer products, for example, online slots and mobile sports betting. This hints at a lasting change in consumer behavior as casino patrons have made these newer products part of their regular casino experience.”
Online Casinos in New Jersey Continue Rapid Growth
Land-based casinos in the state seem to be the only ones affected by the decline, as online casinos set their second-highest record, generating $161.4 million in May 2023.
In March 2023, NJ Online Casinos collected $165.7 million, setting its highest record, followed by $158.9 million in April 2023. Revenue collected last month shows growth of 18.7% compared to the same period in 2022.
Read More About Land-based Casino Revenue in New Jersey
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