Summary:
- iGaming hits new record with $198m+ in August earnings.
- Six of nine land-based casinos saw a decrease in revenues.
- Only three casinos won more than pre-pandemic numbers.
Online gaming in the Garden State is booming, as players are logging in now more than ever. The state has released the August totals, showing online activity brought in more than $198 million for the month.
This is the most the industry has ever earned for a monthly total since its inception in 2013. Land-based casinos are not so lucky, as six of nine have seen a decrease in overall earnings.
August Revenue Details
The New Jersey Division of Gaming Enforcement released the iGaming totals this week, showing $198.4 million in earnings. This was an increase of almost 28% from 2023. While this was a huge boost, the land-based casinos did not fare as well.
Only $294 million was earned, and six of the nine properties brought in less than they did in August 2019, which is pre-pandemic. If you add all the revenues together, online and land-based, the overall total is more than $555 million, which is 4.4% more than last year.
Only the Borgata, Ocean, and Hard Rock were able to win more from physical visits than they did back in 2019 before the pandemic began.
In-Person Totals
Despite the lower totals, most of the casinos were up from last year, which continues to showcase how the venues are trying to recover post-pandemic. Borgata brought in just over $74 million, which is a boost of 1.6% from last year. Hard Rock was up over 9% with $55.3 million in earnings. Ocean was up even more at 11.4%, with $44 million.
Harrah’s was up over 2% with $25.1 million, and Caesars jumped over 9% with $24 million. Bally’s increased by over 4% with $15.6 million, and Golden Nugget was also up at 11.2% with $14.6 million.
Tropicana decreased by less than 1%, with $24.9 million, and Resorts went down by almost 9%, with $16.1 million. The percentages change a bit when you add online gaming and sports betting back in, especially for the more successful operators.
It’s interesting to note that Resorts Digital, Resorts Casino’s online casino arm, was down over 30% with $69.2 million in earnings. This was a huge decrease and surprising given that the iGaming sector earned so much for the month.
Land-based casinos will continue to rely on iGaming to bring in major revenues as the physical numbers remain low. Hopefully, the operators will find a way to reduce revenue totals or work on additional entertainment to bring in visitors and earnings.
About the Author
