NJ Casino Revenue Tops Charts with January 2024 All-Time High

posted by Ioana
February 22, 2024

January NJ casino revenue in 2024 marked a significant milestone for online gambling in the state, with the fourth consecutive month of record-breaking earnings. The state New Jersey Division of Gaming Enforcement reported that online casinos in NJ generated $183.3 million in revenue. Simply put, this pinpoints a substantial month-over-month increase and a nearly 20% rise from the previous year.

The surge in casino profit also had a notable impact on state finances. A 15% tax on internet gambling revenue brought in over $27.4 million for New Jersey, far outpacing the $13 million from the 8% tax on Atlantic City’s in-person casino activities. This stark contrast shines a light on the growing importance of online gambling as a key revenue driver.

The momentum built up from a strong finish in 2023, with December reaching $180.3 million, November at $171.6 million, and October at $166.8 million in NJ online casino revenue. Furthermore, this upward trend culminated in an annual total of more than $1.92 billion for 2023, a nearly 16% increase from 2022’s $1.66 billion.

January NJ Online Revenue Sets New Record in 2024

January NJ casino revenue hit a new high in 2024, reaching $183.3 million, up 19.9% from January 2023. Even compared to December’s record, January saw a 1.65% increase, keeping the momentum going strong.

Looking back, January 2023’s figure was $153 million, and we must admit – it has set the stage for a year of continuous growth. The end of 2023 was particularly strong for NJ online gambling revenue, with earnings consistently topping $180 million. Here is a brief recap of last year’s figures surrounding Atlantic City Casinos:

Leaders in this surge include Golden Nugget, Resorts Digital, and Borgata, which stand out as the top earners. In contrast, NJ’s traditional casinos faced challenges, with January’s revenue. It reached $205.0 million, marking a 3.1% year-over-year decline and an 11.79% drop from the previous month.

A Closer Look at Casino Profit for January 2024

Our experts at Jersey Casinos have taken a closer look at the specifics of January NJ casino revenue. And guess what? The industry is thriving, as many operators have reported significant year-over-year growth. Below is a detailed breakdown of the revenue figures for each NJ casino in the first month of the year.

LicenseTotal RevenueSlots & Table GamesPokerTaxes
Caesars Interactive$5,771,331$5,040,358$730,973$866,816
Borgata$42,020,289$41,160,212$860,077$6,270,827
Harrah’s Atlantic City$210,039$210,039$31,506
Golden Nugget Atlantic City$52,232,878$52,232,878$7,832,229
Tropicana Atlantic City$10,302,299$10,302,299$1,545,345
Ocean$5,715,453$5,715,453$858,405
Hard Rock Atlantic City$9,406,046$9,406,046$1,410,907
Resorts Digital$49,271,998$48,375,560$896,438$7,378,956
Total$183,281,386$180,793,898$2,487,488$27,447,649

Caesars Atlantic City was the only casino to experience a downturn, with January revenue dropping to $5.7 million, a 30.2% decrease from the previous year.

Borgata Hotel Casino & Spa and its online affiliates, such as BetMGM, Party Casino & Party Poker, the former Pala Casino, and Wheel of Fortune Casino, reported $42 million in revenue, a modest 3% increase from the previous year. 

While a giant in the physical casino world, Harrah’s Atlantic City, reported a more modest presence online with a total revenue of $210,039 in January 2024. Conversely, Golden Nugget Atlantic City emerges as NJ’s leading internet casino licensee, with its online platforms. The list includes FanDuel, BetRivers, and BetWay, which brought in $52.2 million last month. In other words, this marks a 29% increase from January 2023.

Tropicana Casino Atlantic City is also among the top earners: the casino enjoyed a more than 31% boost in online revenue, reaching over $10.3 million last month.

Ocean Casino Atlantic City and its online partners experienced a 45% year-over-year increase, with earnings of $5.7 million. The entities of Hard Rock Atlantic City also saw notable growth, with revenues of $9.4 million, up 55.5% from 2023. 

Resorts Casino Atlantic City experienced one of the most staggering growths, with nearly $49.3 million in revenue, a 22.5% year-over-year increase. The success stems from Resorts Casino, Mohegan Sun Casino, PokerStars, and DraftKings, all of which operate under its license.

As January 2024 wrapped up, the fervor of Super Bowl betting largely drove NJ online gambling revenue. The state’s gaming regulators revealed that the excitement surrounding one of the most memorable Super Bowl games in recent history led to a significant betting uptick. Bettors wagered approximately $141.6 million across New Jersey’s 12 retail sportsbooks and 18 online platforms. In terms of stats, the numbers marked a nearly 30% increase from the previous year.

The competitive 2024 Superbowl odds (which were significantly higher than the Super bowl odds 2023) and the captivating array of Super Bowl Sunday events notably fueled this year’s enthusiasm. That said, it’s clear that Super Bowl betting has become a pivotal event for New Jersey’s sportsbooks, significantly outperforming last year’s handle of $109.3 million.

These numbers underscore the growing appeal and impact of major sporting events on January NJ casino revenue, which is setting a positive and prosperous tone for the year ahead.

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