New Jersey iGaming Revenues Soar 29% in January

Atlantic City casinos have continued their positive run into 2017, and for the first month of the year noted a 7.7% increase in revenues to $204.7 million versus the $190.1 million that was collected during January of 2016. That figure includes the now closed Taj Mahal, though, without which AC’s remaining seven gambling venues would have seen their revenues soar by 15.2%.
Taking online gambling from the equation, Atlantic City’s land-based casinos generated $185.9 million, representing a 5.9% revenue increase compared to the same month last year. Meanwhile, internet gambling contributed a further $18.8 million to the state’s overall tally, marking a 29% improvement over the $14.6 million collected in January of 2016. As a result, iGaming currently accounts for around 10% of overall gambling revenues, and is fast becoming a saving grace for the Garden State’s gambling market.
Commenting on the development, analyst Tony Marino, explained: “It is well to remember that brick and mortar versus internet gaming win numbers do not always move in the same direction in any given month. This January, however, both significantly increased.”
Nevertheless, the numbers were flattered by a favorable comparison to last January in which the Winter Storm Jonas “effectively wiped out a full weekend” at Atlantic City’s casinos. As a result, Fitch Ratings casino analyst Colin Mansfield tempered over optimism by stating that the past 12 months have demonstrated that New Jersey’s gambling market is “still a $2.4 billion industry.”
In February, all seven AC casinos reported year-on-year growth, headed by Caesars up 41% to $28.2 million, followed by Golden Nugget up 20.2% to $23 million; Tropicana up 14% to $27.3 million; Borgata up 13.5% to $64.3 million; Resorts up 8.6% to $12.3 million; Harrah’s up 1.1% to $28.1 million; and finally Bally’s up 0.6% to $14 million.
In terms of online gambling, the Golden Nugget ($4.7m) lead the market, followed by Caesars ($4m) next, with both overtaking the one time leader Borgata ($3.7m). In the meantime, Resorts Digital saw its iGaming revenues soar by 120% to $3.1 million, while not far behind was Tropicana on $3 million.