New Jersey Gaming Revenue Slips from Record Highs in February

posted by Ioana
March 29, 2024

In a slight downturn from the unprecedented highs of January, February New Jersey gambling revenue saw a notable dip, marking an end to the Garden State’s streak of record-breaking months for online casinos.

Despite this, New Jersey’s internet gambling revenue showcased resilience, recording a year-over-year increase and reinforcing the state’s strong gaming market. NJ online casinos made over $182.3 million in revenue last month, which is a significant 28% increase over the same period last year. 

On the other hand, this amount is a 24% decrease from the exceptional performance in January, when online casinos reached a record high. In February, gaming income from all sources combined, including racetracks, land-based Atlantic City casinos, and sportsbooks, came to $461.5 million. While this sum represents an increase of 12% over February 2023, it represents a significant decrease of 17.5% over the outstanding results of the previous month.

February New Jersey Gambling Revenue Sees Slight Dip by Half a Percent

There was a notable decline in February New Jersey gambling revenue, which was a significant departure from the record-breaking trend that had been in place for the previous several months. This was a brief break in the virtual casinos’ continuous run of success. Despite the state’s resilient iGaming market, NJ online casinos narrowly missed the mark in February, though they did manage to bring in a respectable $182.3 million.

Even with this small setback, the business is still growing and thriving, as seen by the 27.9% yearly rise in iGaming revenue. Notably, the iGaming win for February was mostly driven by three major players: Golden Nugget, Resorts Digital, and Borgata. Their combined contributions accounted for almost 76.5% of the entire win, further solidifying their position in the sector. On a similar note, the NJ sports betting earnings rose to $1B this month.

Golden Nugget and Partners Achieve $51.5 Million in Monthly Earnings

Golden Nugget and its affiliate partners led the way in the most recent New Jersey gaming revenue report for February, bringing in an incredible $51.5 million from online casinos. Notably, Golden Nugget’s income increased by an astounding 34.4% year over year, which made its expansion even more impressive. 

In the meantime, Resorts Digital reported earnings that exceeded $48 million, which represents a significant rise of 33.5% over the same period last year. With major operators like Golden Nugget and Resorts Digital pushing their continuous progress, these impressive results in profits confirm that the NJ betting sector is still a major contributor. 

Despite an overall positive trajectory in the gambling income, the February New Jersey gambling revenue for Caesars Interactive stands out with a decline in February. 

Hard Rock AC and its partners lead the charge with an impressive 82.7% year-over-year increase, reaching $10.2 million in terms of Atlantic City Casinos revenue. Tropicana AC follows closely, experiencing a significant surge of over 71% to nearly $11.5 million, with a noteworthy 50% rise in year-to-date revenue. Similarly, Ocean Casino Resort boasts a substantial 59% year-over-year growth, achieving $6 million in revenue. Bally’s AC also demonstrates remarkable progress, recording a 46.4% increase to nearly $8.7 million in revenue, with a corresponding 54% rise in year-to-date revenue. 

However, Borgata Casino Atlantic City and its online partners report a modest 0.7% increase, generating $40 million in for the New Jersey gaming revenue in February. Caesars Interactive, on the other hand, faces a notable 32.8% revenue drop to $5.6 million, marking it as the sole licensee with a year-over-year decrease.

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