Operator News
US – Gambling revenues bloom in the Garden State but only three casinos beat pre-COVID revenues
By Phil - 19 March 2024
The New Jersey Division of Gaming Enforcement released its February financials for the Garden State with total gaming revenue covering casino, online gaming and sports betting, surging by 12 per cent to $461.5m in February 2024, from $412.2m in February last year.
Revenues have climbed by 20.2 per cent for the year so far, reaching $1.02bn. The State’s casinos collectively beat the $196m they won from in-person gamblers in February 2019, before the COVID-19 pandemic, but only three of them won more in person this February than they did pre-pandemic.
Casino win came in at $211.6m, marking a 1.6 per cent drop from last year with the year so far reflecting a 2.4 per cent drop. Online gaming proppped the casinos up, increasing by 27.9 per cent to $182.3m in February. Sports betting was up 23.7 per cent with casinos, racetracks, and their partners generating $67.6m for February 2024. The year so far has seen a massive 87.7 per cent increase in sports betting numbers.
The market could be bouyed by New Jersey State Senator Joe Pennacchio bid to bring slot machine gambling to horse racetracks although it remains to be seen whther this would provide a new revenue stream or simply cannibalise the casinos further. Tax would be set at 50 per cent rather than the eight per cent paid by the land-based casinos on their slot takings.
