New Jersey iGaming Revenues Soar 27% in FebruaryMarch 14, 2017 11:39 am
In February, New Jersey’s casino market generated revenues of $205.3 million, representing a slight 0.3% increase compared to the $204.7 million that was taken in the same month last year. Without its online gambling market, though, overall revenues would have been lower by almost 2% year-on-year.
New Jersey’s online gambling operators collected $18.7 million in February, up by a whopping 27% versus the $14.7 million taken in February of last year. Furthermore, the vertical has been described as a “growth vehicle for the gaming industry” by Richard Schwartz, the president of Rush Street Interactive which operates the Golden Nugget gambling site, www.playsugarhouse.com.
Pointing out that online gambling products help attract a younger demographic to the industry, Schwartz further noted that land-based casino players, who also played online, are more frequent return visitors to land casinos, and on average tended to spend 15% more than other customers.
From the internet revenues of $18.7 million generated in February, online casinos accounted for $16.55 million of that tally, up by almost 30% year-on-year; while poker, too, posted a modest gain of 8.8% to $2.17 million.
Leading the online market was the Golden Nugget, whose casino only site collected $5.175 million; followed by Borgata with $3.745 million, of which $3.13m was from its online casino, and $615k from poker. Meanwhile, Caesars earned $3.5m (casino:$2.83m, poker:$666m); Tropicana’s casino-only website took $3.25 million in February; and Resorts brought in $3.05 million, with poker accounting for $890k of that amount.
Not including online gambling, New Jersey’s casinos generated revenues of $186.6 million last month, down by 1.8% from a year ago. Once the now shut Trump Taj Mahal is excluded from the equation, the remaining casinos would have seen their overall revenues improve by 6.6% year-on-year.
In February, five of the seven casinos reported an increase in their y-o-y revenues, headed by the Tropicana up 28% to $28.3m; and then Resorts up 21.4% to $15.1m. On the flip side, Borgata saw its business contract by 0.7% to $58.2m; while Caesars’ revenues slipped by 4.7% to $16.3m.