New Jersey Casino Market Sees Record Revenues in March
Last month’s numbers are in for New Jersey’s gaming industry and operators are over the moon thanks to a record setting month. Atlantic City casino’s saw a 9% increase in revenues over last year’s take during the same period, a boost that received more than 40% of its help from online gaming operations. Excluding the now defunct Trump Taj Mahal, revenues for March reached an increase of almost 17%.
New Jersey’s Division of Gaming Enforcement released a report on gaming revenue to reveal that casinos took in a total of $221.8 million in March, a 9.3% gain over March of last year. The 40% increase in online revenues enjoyed by the state came in at $21 million and change, a gain of $6.2 million over last year’s figures.
There are seven land-based casinos currently operating in the state’s gambling district, Atlantic City. The only such venue to report a decrease last month was Bally’s, which saw revenues fall by 2.2% over previous figures. The Tropicana received the biggest boost to revenues with a 31% increase over March of 2016, pulling in $35.7 million last month. The Tropicana’s President Tony Rodio attributes the significant revenue increase to improvements made to the Havana Tower, an opening of several Jose Garces restaurants, and various other improvements to the property.
Chairman of the New Jersey Casino Control Commission Matt Levinson responded with enthusiasm at the strong numbers, stating, “Every month should be as good as March was.” In regard to whether or not he expects the trend to continue, Levinson added,
“When coupled with the very strong earnings report that came out last week, it’s clear that casinos have started to grow the market and increase their profits. That is generating a lot of positive interest in Atlantic City and has already attracted significant new investment in this market.”
The last year and a half has been an eventful period for Atlantic City with the closing of the Trump Taj Mahal, its purchase by the Hard Rock, and The former Atlantic Club changing hands to be reimagined as a resort water park, rather than a new casino venture.
The Gaming Control Commission’s director of Gaming Enforcement David Rebuck spoke positively in regard to the marked progress for local casinos during that period, stating March only served as, “further proof of the industry’s stability during the past 18 months.”
Comparing Q1 of 2017 with Q1 of 2016, Rebuck referenced that, “For the first three months of 2017, internet gaming revenue is up 32 percent compared to last year, and the (online) industry is on pace for another record year.”
Online Gaming in New Jersey
Online gaming has only been in operation in New Jersey since 2013 and was brought to the table as a way to supplement the faltering brick-and-mortar casino industry at the time. Five of the seven land-based Atlantic Casinos offer online gambling services and each enjoyed significant revenues of $3 – $6 million throughout March, with Caesars Interactive-NJ and the Golden Nugget pulling in the bookend-earnings, respectively. In terms of online gaming revenue, Resorts Digital enjoyed the biggest jump, with a 123% increase in overall revenue from $1.8 million in March 2016 to $4.2 million last month.
Nevada, Delaware and New Jersey are currently the only states in the US that offer internet gambling to players, though many other states are considering opening the practice following these pilots’ good fortune in the online arena.
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