According to reports from the New Jersey Division of Gaming Enforcement, the state’s 9 casinos enjoyed a wonderful performance this June. According to the state’s gaming regulator, casinos, racetracks, and their partners managed to generate a total of $401.5 million. This was a boost of 2.2% compared to the $392.8 million that was produced in June 2021.
In addition, the combined gaming income for casinos in June reached $2.43 billion, which was an improvement compared to the $2.11 billion generated last year. This means that this year, the year-to-date gaming revenue in the state has improved by an excess of 15%.
According to the DGE, the 9 casinos in Atlantic City produced $229.1 million in June. This was a boost of 6.8% when likened to June 2021’s $214.5 million. Year to date, casinos in New Jersey produced $1.31 billion, a rise of 18% when set against the $1.11 billion that was generated last year in the same period.
In June, iGaming in New Jersey generated $133.1 million, which was an improvement of 24.4% compared to June 2021’s $107.1 million. As far as year-to-date results for online casino games are concerned, iGaming operators produced $814.5 million. This was a boost of 28.4% compared to June 2021.
Although casino racetracks saw significant improvements in revenue, the same cannot be said for sports betting. The sports betting market in New Jersey produced $39.2 million in gross revenue, which was a drop of almost 45% compared to the $71.3 million that was recorded in June 2021.
In June, Bally’s produced the highest increase in revenue when it generated $17.7 million. This was a rise of more than 50% compared to the $11.6 million that was recorded in June 2021. Hard Rock also recorded great results when it recorded a revenue increase of 25%. As a result, Hard Rock generated $52.1 million, a significant improvement in comparison to June 2021’s $41.6 million.
Oceans Casino also enjoyed a successful June. Oceans managed to generate combined gaming revenue of $32.2 million in June 2021. This was a rise of 20.6% compared to the slightly lower gaming revenue of $26.7 million that was generated in June 2021.
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Performance in July was just as strong
In July 2022, the revenue improved to reach $480.7 million, which was a boost of 7% compared to the $450.6 million that was produced in July 2021. That means that for the year to date, the combined profits have reached $2.91 billion, which is an improvement of 14% compared to the $2.56 billion that was produced in the year before.
In July, the combined casino profits from the 9 casinos in New Jersey were $298.9 million, a considerable improvement of at least 8% compared to the $276.9 million that was produced in July 2021. Year to date, casinos in New Jersey have generated $1.61 billion, an increase of 16% compared to the $1.39 billion that was produced in July last year.
Online casinos in July produced $136.7 million, which was a rise of 15% compared to last year’s $118 million. Year to date, iGaming wins have soared by 26% from $752.9 million to reach an impressive $951.2 million. Even though there was a clear improvement in combined revenue, sports wagering’s gross revenue was only $353.2 million.
This represented a 17% drop from the $423.3m stated in the previous period. Slot machines produced $215.8 million in July, which was a rise of 6%. Table games, on the other hand, produced $83.1m of the overall casino revenue, which was a boost of 15%. As far as internet gaming goes, the peer-to-peer revenue total was $2.3 million.
The majority of the revenue in internet gaming was generated from authorized gaming. As far as Atlantic City casinos are concerned, Borgata produced the highest revenues, generating $124 million in July 2022. Borgata was followed by Hard Rock, which produced a revenue of $59.9 million while Golden Nugget came in third with $49.2 million.
New Jersey casinos continue to record strong post-pandemic recovery
Based on the DGE’s reports, casinos in New Jersey managed to generate a revenue worth $299.0 million, which represents an 8% growth compared to the same period in 2021. Last year during the same period, casinos in the state produced a much lower $276.9 million. In 2019, casinos generated $277.2 million, which demonstrates the industry’s significant growth in 2022.
The year-to-date results have also improved having shown a 16% growth to reach $1.61 billion. This is in comparison to the $1.39 billion that was generated during the same period last year. It is worth noting though that in 2019, the numbers were much, much higher; casinos in New Jersey generated $1.925 billion in 2019 which means that the industry still has a long road toward full recovery.
Combined gaming revenue for July this year reached $480.7 million showing an improvement of 6.7% compared to July 2021’s $450 million. The results of year-to-date performance also demonstrate that business has been improving with casinos, racetracks, and their partners generating $2.91 billion compared to 2021’s $2.56 billion.
The gaming revenue for the same period in 2019 was $1.925 billion. This suggests that once casinos start operating at pre-pandemic levels again, without any economic interference, New Jersey will start producing some more record-breaking revenues.
The American Gaming Association, which compiles gaming revenue from all the states in the country, found that casinos in the country performed much better during the second quarter which lasts from April 1st through June 30th. Based on AGA, brick, and mortar casino gaming, sports betting, and online casino games combined generated $14.81 billion in total during Q2 2022.
This is an improvement of 8.8% compared to the same period in 2021 and a boost of more than 3% compared to Q4 2021. As you can see, the growth that has been experienced so far has been explosive and will help to keep pushing the gambling industry in the country back to pre-pandemic operation levels.
Final Thoughts
Casinos and racetracks in New Jersey are some of the most frequented and most established gaming institutions in the country. Although sports betting revenue experienced a slight slump in revenue, the tides should turn in the coming months as more sporting events continue to unfold.
