Casinos and sports wagering operators in New Jersey, involving their online allies, earned almost $5.8 billion in the previous year, which represents the newest record, according to numbers revealed on January 16. Additionally, these numbers represent a growth of 11% compared to 2022.
Profits from in-person gamblers are lower than before COVID-19:
However, that’s not the case for Atlantic City’s 9 casinos, as two-thirds of them are still making less cash from in-person players compared to what they did prior to the COVID-19. According to figures published by the New Jersey Division of Gaming Enforcement, the 3 horse tracks that include sports wagering within them, their online allies and casinos earned $5.77 billion in 2023, exceeding the state record of $5.2 billion set in 2006 and matched last year.
However, only half of that income is earned from the “casinos’ core business,” aka the profits made on their “physical premises.” As for the income earned from sports wagering and internet gambling, it is shared with other sides, involving sportsbooks and tech platforms, and it’s not exclusive to casinos. Because of this, casinos think in-person earnings to be their “core business.”
On a related note, for 6 out of 9 casinos, the aforementioned business didn’t do so great in the previous year. In this sense, just 3 casinos such as Hard Rock, Borgata and Ocean, earned notably more from in-person players in 2023 compared to the levels from 2019, prior to the outbreak of the pandemic. Combined, casinos exceeded 2019 levels with $2.8 billion in profits earned from in-person players. But that was achieved mainly thanks to 3 new casinos.
Internet gambling and sports betting as a significant contributors to the total revenue performance in 2023:
Despite that, for New Jersey Casino Control Commission Chairman, James Plousis, the newest data has many reasons for optimism. He emphasized that in-person casino earnings were the biggest in a decade, sports betting income has established an annual record, and profits collected from internet gambling has exceeded the 2022 record by over 15%.
In this regard, he commented, as reported by the Associated Press: “New Jersey’s vision for a vibrant and competitive Atlantic City is coming to fruition after the addition of on-line gaming and sports wagering.”
Also, director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, who studies the gambling industry of the Atlantic City, commented that the record-setting overall income performance wouldn’t have been possible without sports betting and internet gaming, which are the fresh gaming products, and which accounted for almost 46% of the overall gaming income for 2023.
On that note, director Bokunewicz commented: “The industry’s gamble on innovative new gaming products for the internet gaming and sports wagering markets seems to be paying off.”
Sports wagering delivered more than $1 billion in income on almost $12 billion worth of wagers placed by players following payouts for winning wagers and other costs, figures revealed on the January 16 show.
Detailed revenue data for 2023:
As for the profits earned from in-person players, Borgata again came out on top with $729 million, an increase of less than 1%, and Ocean earned almost $415 million, an increase of 16.3%.
Then there are:
- Tropicana, earned $240 million, a decrease of 3.3%
- Harrah’s earned $254 million from in-person gamblers, a decrease of 1.5%
- Resorts earned $163 million, a decrease of 2.3%
- Caesars earned $231 million, a decrease of 1.7%
- Golden Nugget earned $146 million, a decrease of 1.8%
- Bally’s earned $155 million, an increase of less than 1%
When it comes to internet gambling, it delivered more than $1.9 billion in 2023, an increase of almost 16% from 2022. In this regard, in terms of money earned from sports wagering and internet gambling, the numbers are:
- Golden Nugget earned almost $672 million, an increase of 15.5%
- Ocean earned almost $473 million, an increase of 21.4%
- Hard Rock earned $626 million, an increase of 8.6%
- Harrah’s earned $255 million, a decrease of 1%
- Borgata earned $1.3 billion, nearly the same amount as in 2022
- Tropicana earned $366 million, almost the same as in 2022
- Caesars earned $233 million, a decrease of 2.6%
- Bally’s earned almost $239 million, an increase of 20.7%
- Resorts earned $163 million, a decrease of 2.7%
As for the internet-only operators, Caesars Interactive Entertainment NJ earned $90 million, a decrease of 20.7%, and Resorts Digital earned $822 million, an increase of 50.4%.