New Jersey Casinos and Sports Betting Surpass Records, But Challenges Linger

In a triumph for the Garden State's gaming scene, New Jersey's casinos and sports betting operations achieved an unprecedented milestone in 2023, generating an astounding $5.8 billion in revenue—a remarkable 11% increase from the previous year. In the meantime if you are looking for the best sports betting casinos in New Jersey, make sure you stay on CasinoLandia. 

Key Points and Takeaways

Before we dive into the article let's have a look at the key points and takeaways from the recent New Jersey developments. Below, you will also find a list of the Hottest Casinos in New Jersey for 2024.

• New Jersey's casinos and sports betting operations achieve a record-breaking $5.8 billion in revenue in 2023, marking an impressive 11% increase from the previous year.
• Two-thirds of Atlantic City's nine casinos face challenges in reclaiming pre-COVID-19 revenue levels from in-person gamblers.
• Borgata, Hard Rock, and Ocean casinos stand out as top performers, contributing significantly to the overall success.
• James Plousis, Chairman of the New Jersey Casino Control Commission, expresses cautious optimism, citing a decade-high in-person casino winnings, record internet gambling revenue, and sports wagering success.
• Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, credits the success to innovative gaming products, specifically internet gaming and sports wagering.

The Challenges Ahead

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The standout performers in this success story are the trio of Borgata, Hard Rock, and Ocean casinos. Together, they not only surpassed 2019 figures but also played a pivotal role in contributing significantly to the overall success. However, the crux of the challenge lies in the fact that only three out of the nine casinos managed to exceed their 2019 in-person gambling revenue.

James Plousis, Chairman of the New Jersey Casino Control Commission, remains cautiously optimistic, noting that in-person casino winnings reached a decade-high, internet gambling revenue exceeded the 2022 record by over 15%, and sports wagering set a yearly record.

“New Jersey’s vision for a vibrant and competitive Atlantic City is coming to fruition after the addition of online gaming and sports wagering,” Plousis stated.

 

While the industry is celebrating its record-setting revenue, Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, offers insight into the driving forces behind this success. She credits the innovative contributions of new gaming products, particularly internet gaming and sports wagering, which collectively contributed nearly 46% of the total gaming revenue for the year.

Delving into the revenue breakdown, sports betting emerged as a significant contributor, bringing in over $1 billion in revenue from nearly $12 billion worth of bets placed by gamblers. In terms of in-person gambling, Borgata led the market with $729 million, followed by Hard Rock at $512 million, and Ocean at nearly $415 million.

Internet gambling experienced substantial growth, contributing over $1.9 billion, marking a nearly 16% increase from the previous year. When combined with sports betting revenue, Borgata secured the top spot with $1.3 billion, followed by Golden Nugget and Hard Rock at $672 million and $626 million, respectively.

The Final Remarks

Resorts Digital, an internet-only entity, demonstrated an impressive surge, winning $822 million, reflecting a substantial 50.4% increase. However, not all internet-based platforms shared the same success, with Caesars Interactive Entertainment NJ facing a decrease of 20.7%, winning $90 million.

In conclusion, the figures unveil a complex narrative of both successes and challenges for Atlantic City's gambling industry. While the record-breaking revenue and growth in online gaming and sports betting underscore the industry's resilience, the struggle for some casinos to recover to pre-pandemic levels reflects the ongoing challenges within the market. The journey towards a vibrant and competitive Atlantic City continues, shaped by both triumphs and hurdles in the ever-evolving world of gambling. For more news and updates of the best casinos in the USA, make sure you check out CasinoLandia's other pages!