Clicky

New Jersey Casino Revenue Balloons to Record High in March - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
  • 96 views
  • 2 minutes read
cash
Published on
Update on

According to recently released revenue reports for the state of New Jersey, casino gaming revenue increased by more than 25 percent in March – this makes it the 10th straight month of revenue growth for the state’s gambling industry. This double-digit monthly increases in the state’s gaming revenue seemingly began in June last year when the Ocean Casino Resort and Hard Rock Hotel & Casino Atlantic City went live. The figures which were released by the New Jersey Division of Gaming Enforcement revealed a 25.3 percent year-over-year increase to a whopping $273.7 million.

Released at about the same time as the state’s revenue report were the quarterly reports which showed a 15.4 percent decline in gross operating profits – this essentially reflects the earnings before taxes, depreciation as well as other recurrent charges. In the Atlantic City casino industry, the gross operating profit is widely accepted as a measure of profitability hence the findings.

To clarify the issue of the rather low quarterly profits, James Plousis who is the chairman of the New Jersey Casino Control Commission said that the figures also factored in the money that the casino operators spent in efforts aimed at attracting more business. He further said that while the casinos reported tighter profit margins, there were a number of impressive results from the investments that those casinos have made.

“The regional economy is benefiting, and the industry is hiring. More than 2,000 jobs are open, including about 700 full-time positions,” he said.

March 2019 Revenue Table

LICENSEE POKER REVENUE CASINO REVENUE TOTAL WIN TAX REVENUE
Month totals $1,903,790 $37,230,590 $39,134,380 $6,848,517
Golden Nugget $14,227,820 $14,227,820 $2,489,869
Resorts $613,808 $7,858,283 $8,472,091 $1,482,616
Borgata $483,326 $4,959,092 $5,442,418 $952,423
Caesars $806,656 $4,329,137 $5,135,793 $898,764
Tropicana $3,727,872 $3,727,872 $652,378
Hard Rock $1,630,845 $1,630,845 $285,398
Ocean $497,541 $497,541 $87,070

Record Online Gaming Figures

March was, without a doubt, one of the harshest months for the gambling industry. However, New Jersey’s gambling market managed to overcome all of the obstacles with the state’s licensed online gambling operators making close to $40 million – this is a 53 percent year-over-year increase from the same month last year. This was largely driven by some newly regulated iGaming verticals such as online sports betting and daily fantasy sports. Online poker, on the other hand, did not record much of a change and therefore did not contribute much to the very impressive revenue bump.

Online Casino Licensee 2019 March Revenue 2018 March Revenue % Change
Borgata $5,442,418 $4,583,234 18.7%
Caesars $5,135,793 $4,412,034 34.1%
Golden Nugget $14,227,820 $8,655,240 64.4%
Hard Rock $1,630,845
Ocean Resort $497,541
Resorts $8,472,091 $4,234,904 100.1%
Tropicana $3,727,872 $3,694,798 0.9%

Latest Headlines

PGCB Seeks to Join Lawsuit Against Skill-Based Machines

After months of being partial to the issue of the legality of the controversial skill-based gaming machines, the Pennsylvania Gaming Control Board (PGCB) has recently decided to weigh in on the matter. The Keystone State’s gambling regulator has petitioned to join the lawsuit against the machines and they have pretty hard-hitting claims that will certainly […]

Pennsylvania Gambling Industry Posts 17 Percent Revenue Increase in January

Things definitely took off on a high note for the Keystone States gambling industry and this is now evident from a recently released revenue report. Pennsylvania’s gambling industry which consists of 12 licensed casino operators, daily fantasy sports as well as video gaming terminals posted a 17 percent increase in revenue in January 2020. This […]

PokerStars’ Bounty Builder Series Coming to NJ and Pa.

PokerStars is not slowing down in its bid to dominate the poker market in Pennsylvania and New Jersey which are two of its latest ventures. To spice its already mind-blowing offerings in both states, the world-renowned poker operator will be bringing it very popular Bounty Builder Series to the United States. As such, as from […]

Sean Sullivan Appointed as General Manager for Upcoming Live! Casino

Plans for the upcoming $150 million Live! Casino in Westmoreland County, Pennsylvania are beginning to pick up the pace as the launch of the property draws nearer. On Tuesday, the Cordish Gaming Group which is a division of The Cordish Companies announced that they had appointed Sean Sullivan as the General Manager of the yet-to-be-launched […]

The XFL Warms Up to Sports Betting

On February 8, the XFL made its long-awaited return and this time it is embracing sports betting for the upcoming season. Owned by WWE chief executive Vince McMahon, the XFL kicked off back in 2001 before going on hiatus for a while. However, it has returned just in time to fill the void that remains […]

Similar Stories in Gambling

PokerStars’ Bounty Builder Series Coming to NJ and Pa.

PokerStars is not slowing down in its bid to dominate the poker market in Pennsylvania and New Jersey which are two of its latest ventures. To spice its already mind-blowing offerings in both states, the world-renowned poker operator will be bringing it very popular Bounty Builder Series to the United States. As such, as from […]

Evolution’s Live Games Coming to Parx Casino in Pa. and NJ

Greenwood Racing Inc.-owned Parx Casino has been very busy extending its portfolio as it kicks off the new year. Recently, it integrated exclusive gaming content from Everi. As it turns out, that was just the beginning. Last week, the gaming operator announced that it has partnered with Live Casino supplier Evolution Gaming. The two intend […]

eSports Betting Live in New Jersey, Where Next?

Last month, casinos and racetracks in New Jersey began taking bets on esports tournaments, a move that further expanded the already thriving sports betting industry in the state. Needless to say, esports is a multi-billion industry that has sparked a lot of interest among investors in several different sectors. Esports betting is, therefore, a very […]

Harrah’s Philadelphia Inks New Deal with the Philadelphia Eagles

As sports betting in the United States continues to expand, more sports teams continue to warm up to the activity. A number of lucrative partnerships have been inked in order to capitalize on the rapidly growing industry. Last Monday, Harrah’s Philadelphia Casino and Racetracks announced that it has entered into a partnership with the National […]