New Jersey casinos enjoy second-best month with $511M win in April 2024

New Jersey casinos enjoy second-best month with $511M win in April 2024

New Jersey’s gambling-friendly properties, including casinos and horse tracks, experienced a significant as total winnings surpassed $511 million, marking a noteworthy jump of 10.4 per cent year-over-year. The Garden State’s outstanding performance in the field of internet gambling emerged as the key driving force. In fact, the state achieved its second-best month in internet gambling.

A major contributing factor to this growth was the state’s exceptional performance in internet gambling, achieving its second-best month ever in this sector. However, even as the online segment continues to demonstrate resilience and adaptability, the core business of in-person gambling slipped by 6.3 per cent year-over-year. While this trend seems to be posing challenges for traditional brick-&-mortar establishments, it also points to the consumers’ evolving preferences in the digital age.

The separation between in-person and online gaming is quite crucial for casinos as revenue from in-person gaming is the cornerstone of their business. In-person gaming represents a stable revenue stream not affected by profit-sharing arrangements.

Stockton University’s Lloyd Levenson Institute’s director, Jane Bokunewicz, pointed to the potential shift in revenue dynamics in Atlantic City’s growing gaming market. She stressed on the importance of diversification of revenue resources.

When asked for a comment, Bokunewicz said, “Operators’ recent investments in improving resort offerings suggest that a significant shift in the market’s overall revenue mix could be coming.” Bokunewicz emphasized the importance of diversifying revenue sources beyond gambling to give a further boost to competitiveness as well as resilience.

When it comes to in-person revenue, a number of gaming properties experienced varying levels of accomplishment. The Borgata Casino topped the list of with winnings of $58.3 million. Hard Rock followed with winnings of $41.1 million, marking a year-over-year jump of 6 per cent. Some properties faced declines, with Harrah’s Casino witnessing a notable revenue fall around 25 per cent.

Sports betting also made a significant contribution to last month’s revenue, surpassing the mark of $1 billion in total bets. With a revenue of $73.1 million, the Meadowlands Racetrack surfaced as the frontrunner. The Resorts Digital followed with a revenue of roughly $19 million.

Despite various challenges, New Jersey’s gaming industry is well-positioned to capitalize on emerging opportunities. By leveraging technology, gaming operators have successfully managed to enhance in-person experiences. Looking ahead, the industry seems all set for sustained growth.

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