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NJ Casinos Make $211 Million in January 23
In-person attendance and revenue at Atlantic City casinos increased in January, according to the latest data from the New Jersey Division of Gaming Enforcement. Although there’s a 15% increase in revenue from the previous year, the industry is still behind when compared to the period before the pandemic.
In addition to traditional retail betting, horse betting, sports betting, and online gaming operators also had a busy year when it comes to their revenue, which resulted in a total of $436.8 million, which is up 14.5% when compared to 2022.
Although these are positive results, the executives of these establishments aren’t happy. Many have argued that the provided data does not accurately reflect the industry’s state, particularly in light of smoking as the new hot issue in Atlantic City. Furthermore, casinos need to partner with interactive third parties that take a significant portion of the revenue, which is why around 70% is being shared with sportsbooks, tech providers, and online gaming brands.
In-person gaming remains a vital part of casino operations and a metric of the sector’s health. Borgata, Hard Rock and most other properties saw an increase in their overall results. Borgata, in particular, managed to bring in $58.3 million from people that enjoy playing games in land-based establishments, which gave them a rise of 20.6%. However, when factoring in online gaming revenue, Borgata had the edge as the brand earned $105.9 million, which is an increase of 14.7% when compared to last year.
Resorts Digital was up 22.5% as it turned in $52.9 million. Golden Nugget had a slightly lower rise of 10.1% earning $51.6 million, whereas the mighty Hard Rock had revenue of $43.2 million or an increase of 2.2%. Finally, Ocean Casino Resort also added a total of $34.6 million, which gave the company an increase of 31%. Nonetheless, there are third parties that casinos have to collaborate with and they get a big chunk of the revenue.
Overall, the casino industry is still on the mend from the impact of the pandemic, and although the January results were positive, they have yet to react to the levels before the pandemic. Despite the strong performance of online gaming and sports betting, land-based casinos are crucial to keeping the sector healthy and alive.
With results like these, it’s clear that the entire industry in the States is bouncing back after a tough hit. The executives aren’t happy with the results, but bouncing back is a slow ride.