New Jersey’s Gaming Revenues up 8.4% in May, Atlantic City Casinos Decline

Article ByDavid Weir

June 20, 2023

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Posted in: New Jersey Gambling News, US Casino News, US Gambling News

Total gambling revenues in New Jersey topped $423 million in May, according to the most recent monthly release from the New Jersey Division of Gaming Enforcement. That’s up 8.4% on May 2022’s figures. It also marks $2 billion in revenues for 2023 so far.

Most of the month’s growth was driven by online casino gaming and sports betting. New Jersey sportsbooks bought in 61% more than last May, with revenues of $34 million. Online casinos brought in $161 million over the month, an 18.7% year-on-year increase.

The Atlantic City casinos, many of which are also invested in online operations and sports betting, still dominated the market with $227.35 million in revenues. However, that represented a 2.4% decline on May of last year.

“While most of the casinos won less at the gaming tables and slot machines, it was still Atlantic City’s second-best May in nine years,” said New Jersey Casino Control Commission Chair James Plousis.

“Internet gaming win and sports wagering revenue continued to be strong, helping push Atlantic City’s total gaming revenue to more than $400 million for a third consecutive month.”

Related: The best online casinos in New Jersey, ranked and reviewed

$2 Billion Cleared

New Jersey also hit $2 billion in revenue for the year in May. That’s the fastest it has ever hit that mark, suggesting a record-breaking year might be possible.

The top performing operator in the state during May was Borgata. It has interests in each area of legal gambling, including an online casino and sportsbook. It took in $111 million overall. That’s $50 million higher than second-best performing operator, the online only Resorts Digital.

The second place Atlantic City casino was Golden Nugget at $56 million in revenue for the month. That’s up 18% on last May.

Despite easily holding on to first place in revenues, Borgata’s overall take actually fell 1% year-on-year.

Only two casino properties grew over the previous May’s figures, Bally’s (4.2%) and Ocean Casino (17%).

The biggest decline was at Harrah’s. Its revenues fell 10.3%, bringing in $38.7 million for the month.

Sportsbooks on the Rise

Atlantic City’s casinos may have had a mixed bag in May, but the state’s 10 sports betting operators saw the biggest revenue gains.

Ocean Casino saw a 204% increase on the previous May’s sportsbook revenues, and Tropicana did even better at 243%.

Resorts Casino sportsbook venue made a loss of $200,000 last May. But this year, it saw a 170% rise on that figure. Hard Rock casino also saw a similar percentage rise.

The total revenue numbers may be lower than online casinos at slightly moe than $156,000 for Resort’s sportsbook and $3.674 million for Hard Rock’s.

But if those yearly growth figures can continue, that won’t stay the case for long.

Where there are winners, there are also losers. Bally’s sports betting operation suffered the most in May. It brought in $188,000, which is a $630,000 drop off (or 76.7%) in revenues year-on-year.

Despite the changeable situations between companies, an 8.4% growth in the overall gambling market and a $2 billion milestone hit shows a fairly good month for New Jersey’s operators.

Borgata’s owners MGM Resorts also fully opened a $55 million redevelopment of the casino site at the end of the month. That included a revamped Water Club Tower, which will now be known as the MGM Tower at Borgata. It features 40 new ocean-view suites with nautical inspired luxury décor.