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NJ Casinos Hit Historic Milestone In July
In July, NJ Casinos saw a 5.3% jump in gaming revenue over the same period last year, bringing in $506 million in revenue, while land-based casinos saw a decrease of 3% compared to July 2022.
The New Jersey gambling industry reported $506 million in revenue in July, the biggest monthly performance in over a decade. Land-based casinos accounted for about 53% of the total revenue, with online casinos contributing 30% of total monthly revenues. While casinos posted a gross profit of almost $146 million in the second quarter of 2023, that number was down more than 20% from last year.
NJ Casinos See Record Growth
Borgata Casino saw record-breaking revenue in July, with over $127 million, surpassing its $124 million performance last year by 3%. This represents nearly 25% of the total revenue the entire New Jersey gambling industry won for the month. Borgata’s president, Travis Lunn, feels the July performance is due to customers’ response to its new dining options and redesigned gaming floor.
However, profits from in-person gambling at the nine Atlantic City casinos were down by 3% compared to a year ago, to under $290 million. The industry watches the in-person gambling metric to compare revenue levels experienced before the COVID-19 pandemic. Only two casinos, Hard Rock and Ocean, earned more from land-based gaming than they did during the same month in 2019, with several others nearly equaling that number.
NJ Online Casinos Paving the Way
New Jersey igaming wins documented by the state’s casinos and online partners showed an increase of 12% to $155.2 million, up from $136.7 million in July 2022. So far, in 2023, the state’s igaming revenue exceeded the $1.1 billion mark, a 13.6% increase compared to the $951 million over the same period in 2022.
Borgata’s $43 million in online revenue moved it ahead of Golden Nugget, which beat Borgata’s monthly wins for the first time in June. Resorts Digital increased its online revenue by almost 25%, with earnings of $40.6 million, and Golden Nugget fell to third, increasing revenue by 23.3% with $39.8 million.
NJ Casinos Poised For More Gains
Atlantic City casinos earned $229 million in June, but profits increased by 31%, or about $70 million, in July. The nine retail casinos haven’t seen revenue levels this high since November 2016, when they topped monthly earnings of $360 million. Last month’s performance also beat numbers from July 2021 by 8%, or about $22 million.
After several consecutive months of solid gains, Atlantic City casino revenue is almost back to pre-pandemic levels. Since the state lifted health mandates in New Jersey, retail casinos have had at least $212 million in revenue for six consecutive months.
New Jersey casinos are optimistic after earning over $1.6 billion this year, which is well ahead of 2021’s pace. While June to July increases are typical, a 30% monthly increase is significant when looking at future trends. 2023 revenue has increased by about $220 million, a 16% increase from last year’s $1.39 billion in the first seven months.