New Jersey Casinos Have 13th Straight Month Of Double-Digit Casino GrowthExperts Expect Pronounced Growth To End After Hitting One-Year Anniversary Of New Casinos And Legal Sports Betting |
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New Jersey’s streak of casino growth passed the one-year mark with a 21.5 percent increase year-over-year in June.
New Jersey casinos won $283.8 million from gamblers in June compared to $233.6 million in June 2018, according to numbers released from the New Jersey Department of Gaming Enforcement. It’s the 13th straight month of double-digit casino growth, but many in the industry expect the massive growth to stop here.
June 2018 was the launch of two new casinos in Atlantic City as well as the legalization of sports betting in the Garden State. With a full year of nine casinos and sports betting, the growth won’t be as drastic.
“Atlantic City revenues continue to show growth and resilience within the gaming sector, further strengthening its position as the premiere gaming destination resort on the East Coast,” Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, told the ¬_Press of Atlantic City_. “This is a trend we should expect to see through 2019 and beyond, however year-over-year and month-to-month comparisons will likely be less pronounced.”
Gamblers lost most of that money in New Jersey slot machines. Slot machine revenue made up for $168.288 million, while table games garnered another $67.716 million.
Sports betting has been a boon for the New Jersey gaming industry. After taking over the top spot in the nation for monthly sports betting handle in May, New Jersey won another $9.7 million in sports bets in June.
Despite sportsbooks popping up all over Atlantic City and at two racetracks, online and mobile betting is where sports betting thrives. 83 percent of all sports bets were made either online or on a mobile device.
Borgata Hotel Casino & Spa was the biggest earner in the state with $64.85 million in total revenue, while Resorts Casino was on the opposite end of the spectrum with $15.51 million in June earnings.
Through the first half of the year, the total gaming revenue is $1.59 billion, up $330 million from last year’s $1.26 billion during the same period.
The state collected $23.8 million in taxes on the $283.8 million in revenue.
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