New Jersey Casinos Down 2.7% to $268M in July

The New Jersey Division of Gaming Enforcement (NJDGE) has released its latest results for July, revealing a 2.7% fall in revenue to $267.8 million versus the $275.2 million collected in the same month last year. When the now shut Taj Mahal is taken out of the equation, though, Atlantic City’s seven remaining casinos actually posted a 3.9% revenue increase year-over-year.
So far this year, the state’s casinos have noted an almost 10% increase in their revenue compared to the first seven months of 2016, with NJDGE director David Rebuck stating that this points to a “continued stabilization in the industry.”
Topping the market in July was the Borgata with $76.3 million in revenue, followed by the Golden Nugget, Bally’s, Caesars and Harrah’s. Meanwhile, Resorts reported the biggest growth, with business higher by 14.4% at $20.4 million, with the Tropicana close by with a 13% y-o-y gain at $37.5 million.
Internet gambling also continued its winning ways for the state, and in July generated revenue of $20.6 million, up by 17.4% from the $17.3 million collected a year earlier. From that tally, online casino games saw its revenue soar by 21% to $18.6 million, while poker remained fairly flat, with just a -0.2% decline to $2 million.
As a result, online gambling revenue is currently 26.6% higher at $142 million for the first seven months of this year, year-over-year. Furthermore, the Garden State has now generated $619.36 million in gross revenue since iGambling was regulated in November 2013, and commenting on the solid result, PlayNJ.com analyst Steve Ruddock, said:
“Stuffing state and local coffers with over $100 million in tax revenue [since it was approved in November 2013] certainly drops the curtain on any lingering revenue concerns. While states such as Pennsylvania drag their feet on legalizing online gaming, companies of all stripes are flocking to the Jersey Shore to grab a piece of the online gaming action.”