New Jersey Gaming Revenue Increases For Third Consecutive YearDespite Continued Drop In Online Poker Numbers, New Jersey Saw Growth In Both Brick-And-Mortar and Online Casino Gambling |
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Atlantic City casinos closed out 2018 on a strong note. After releasing their revenue reports for December 2018, the city’s brick-and-mortar casinos generated $209 million for the month, which brought the total revenue for the year to $2.51 billion.
It was a 12.3 percent increase in their year-over-year numbers for December and a four percent increase from the $2.41 billion that the casinos brought in in 2017. In 2017, Atlantic City was the second-largest gaming market in the country, behind the Las Vegas Strip casinos.
When factoring in online gaming and sports betting to the state’s overall gambling revenue, the figure jumps to $2.9 billion for 2018. It is the third year in a row that the market saw growth following several years of steady decline, due mostly to increased competition from casinos in Maryland and Pennsylvania.
The online side of the New Jersey gambling market also finished strong. New Jersey regulated online gaming operators set records with $29 million in revenue for December alone. It was a 40 percent increase year-over-year and brought the total online haul to $298.7 million for 2018.
Online poker brought in $21.4 million of the total online revenue for the Garden State, while other online casino games pulled in $277.3 million. Poker made up just 7.1 percent of the market’s total haul, marked by an 11 percent drop from last year’s online poker revenue for the state.
It wasn’t all good news in the state, however. In 2018, with the openings of both Hard Rock Casino and Ocean Resort Casino, the state jumped from seven to nine commercial gaming properties. Six of the seven casinos that were already operating before those openings saw a drop in revenue for the year due to the crowding market.
Ocean Resort Casino had financial problems throughout its first six months of business. Owner Bruce Deifik sold his majority stake in the property earlier this month.
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