Casinos in New Jersey Earn $506 Million, an All-Time High; Borgata Breaks Records

Revenues in the state of New Jersey's gambling business hit $506 million in July 2023, an increase of 5.3% over the same month the previous year. New Jersey's casinos, horse tracks, and internet affiliates and partners all had a role in the record-breaking month of July income reported by the Associated Press (AP), with the Borgata Casino in Atlantic City posting the greatest results.

Sales of $506 million

More than $500 million was gained by the business in July from casino, online, and sports betting, while less than $290 million was won by land-based gambling establishments, as reported by AP.

Atlantic City gambling industry analyst and Lloyd Levenson Institute director at Stockton University Jane Bokunewicz was quoted as saying, "As is the nature of the gaming industry, there are always fluctuations in the monthly revenues and this 3% decline does not appear to be part of a lasting trend."

One of the best years in almost ten years:

This number also demonstrates that in the month of July, gamblers in New Jersey won only around 53% of the entire amount bet, with the online gambling part reaching 30% of the total profits earned in the state. New Jersey Casino Control Commission Chairman James Plousis told the Associated Press that the state's gambling business had its best year ever, earning $506 million.

The $127 Million Record at Borgata:

The same source claims that in July 2023, the Borgata Casino broke its own record by winning over $127 million, a 3% increase over the $124 million it had won in July 2022. The positive response from customers to the casino's new gaming floor and dining improvements is credited by the president of Borgata, Travis Lunn, for the impressive performance in July. For the month of March, Borgata was responsible for about 25% of the total revenue earned by the state's brick-and-mortar and online gambling establishments.

Metrics on Dry Land:

However, the AP reports that in Atlantic City, executives only look at live gambling as an indication of market health. Land-based revenue does decrease when casinos with online expansions split their earnings with online sportsbooks and technology companies. The overall July 2023 gaming gain is reported to be $506 million, with $155 million coming from online betting, $61 million from horse tracks and casinos, and $290 million from land-based establishments.

According to the data above, online sports betting facilities took home about $30 million of the $506 million pie, casting doubt on the market success measures used by Atlantic City administrators.

Patterns in Online Gambling:

According to news accounts, this pattern dates back to the period of the pandemic, and just two of Atlantic City's nine casinos, Hard Rock and Ocean, made more money from land-based casinos in July 2023 than they did in July 2019. However, the data indicates that a number of casinos were rather close in arriving at the same conclusion. In July 2023, the Hard Rock and Golden Nugget each earned over $62.7 million in Atlantic City, while the Ocean and Resorts each won approximately $15.3 million. The online branch of Resorts won $59.5 million, confirming the popularity of internet gambling.