United States
United Kingdom
Summary:
- New Jersey’s gaming sector generated nearly $5.8 billion in revenue in 2023
- In-person gambling revenue dropped for most casinos
- Only three casinos managed to surpass their 2019 results in terms of money won from in-person gamblers
New Jersey’s gaming revenue hit a new all-time high of nearly $5.8 billion in 2023, according to figures released by the New Jersey Division of Gaming Enforcement (NJDGE). But that’s not necessarily good news, especially for some of the casino operators in Atlantic City whose businesses primarily focus on in-person gambling.
A breakdown of figures shows that most of the casinos in the resort city are still struggling to match their pre-pandemic results in terms of money won from in-person gamblers. While total revenue in this category exceeded 2019 levels, growth was mainly driven by the city’s three newest casinos – Borgata, Hard Rock and Ocean.
NJ Sets New Gaming Revenue Record in 2023
Gambling operators in New Jersey and their online partners saw their revenue jump by 11% to $5.77 billion in 2023, setting a new record for the industry. Of that figure, nearly 46% accounted for internet gambling (over $1.9 billion) and sports betting (over $1 billion).
That means in-person gambling only generated around half of the total gaming revenue in New Jersey in 2023. Atlantic City casinos collectively won $2.8 billion from in-person gamblers, which surpassed pre-pandemic figures, but the bulk of that figure came from the three leading casinos in the city, each of which managed to exceed their 2019 results.
Borgata remains the market leader with $728 million in in-person revenue, an increase of less than 1% from the previous year. Hard Rock generated $512 million, up 4.1%, while Ocean recorded nearly $415 million in in-person winnings, up 16.3% from 2022.
Most NJ Casinos Winning Less Money from In-Person Gamblers
Most of the remaining casinos suffered declines in the past year: Harrah’s ($254 million, down 1.5%), Tropicana ($240 million, down 3.3%), Caesars ($231 million, down 1.7%), Resorts ($163 million, down 2.3%) and Golden Nugget ($146 million, down 1.8%). Bally’s generated $155 million, a slight increase of less than 1%.
When internet gambling and sports betting are taken into account, the majority recorded some revenue growth. Borgata still leads the pack with $1.3 billion, followed by Golden Nugget ($672 million), and Hard Rock ($626 million). However, revenue from these two verticals has to be shared with partner entities, such as software providers and sports books.
