Released late last week, the New Jersey Division of Gaming Enforcement reported revenue of $412.2m from racetracks, casinos, and partners.
Compared to the same period of 2022 – generating $373.3 million – the latest report shows a growth of 10% across all gaming and betting portals.
Sports betting generated the lowest amount at $54.6 million but showed the most significant growth of 77% compared to the $30.9 million collected in February 2022.
Ranking based on growth percentages, online casinos fill the second place with revenue amounting to $142.6 million for February 2023, a 10% increase compared to the same period in 2022, during which online casinos generated $130 million.
The nine land-based casinos revealed the smallest growth percentage, with revenue totalling $215 million. It’s just 1% higher than the $212.4 million generated in February last year.
The Ups and Downs of Land-based Casino Growth in New Jersey
Before the revenue figures of February 2023, many assumed that land-based casinos in New Jersey finally put the pandemic decline behind them. However, with a growth of just 1% compared to last year, a closer evaluation is undoubtedly valid.
Five of the nine land-based casinos in the state show increases of up to 14.3% compared to last year. However, two of those establishments saw less than 2% growth, while the rest suffered a decline of up to nearly 14%!
|Bally’s AC||+ 14.3%|
|Harrah’s Casino||+ 8.1%|
|Hard Rock||+ 0.3%|
|Resort Casino||– 2%|
|Ocean Casino||– 11.5%|
|Golden Nugget||– 13.9%|
Irrespective of lower than expected growth, it’s still an increase compared to last year. However, it’s clear that many players are turning to other forms of betting and platforms. The increase in sports betting and online casino gaming is a good indicator as to why land-based casinos might experience a decline.
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