New Jersey Gaming Revenue Hits Record High at $5.77B
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Posted on: January 16, 2024, 02:53h.
Last updated on: January 16, 2024, 03:29h.
New Jersey gamblers lost more money in 2023 than they have in any other year.
The New Jersey Division of Gaming Enforcement (DGE) revealed on Tuesday the December and 2023 full-year results for the nine casinos in Atlantic City. The revenue report also detailed iGaming and sports betting performances.
Casino revenue from brick-and-mortar operations totaled $2.847 billion, a 2.2% bump from 2022. iGaming income was north of $1.92 billion, up almost 16%, and sportsbooks won more than $1 billion. Oddsmakers experienced a 32% uptick in hold during the 12 months.
All totaled, gross gaming revenue (GGR) climbed to $5.778 billion, which was nearly 11% higher than 2022. It was an across-the-board solid showing.
In 2023, Atlantic City achieved its highest total gaming revenue compared to any other year in its history, with positive results in all three components — casino win, internet gaming win, and sports wagering revenue,” James Plousis, chair of the New Jersey Casino Control Commission, told Casino.org.
The only metered segment to report a revenue decline from 2022 was physical table games in Atlantic City. The felt’s hold of about $736.2 million represented a 0.7% year-over-year drop.
Slots Continue Reign, Sportsbooks, iGaming Post Record
Atlantic City casinos won $2.686 billion in pre-pandemic 2019. After in-person play plummeted to $1.5 billion in 2020 when the casinos were closed for a considerable part of the year, pent-up demand fueled a quick legacy gaming comeback.
The nine gaming floors won $2.554 billion in 2021 and returned to better-than-2019 levels in 2022 when GGR totaled $2.785 billion. Casinos managed to keep the momentum going last year, with slots, the casino industry’s old faithful, propelling the 2023 win.
Slots accounted for more than $2.111 billion of the casino income, a 3.3% year-over-year premium. It’s the most money the terminals have won in Atlantic City since 2012, when GGR from the machines totaled $2.183 billion and the town was home to 12 casinos.
Online slots also continued to find favor among gamblers in New Jersey. Interactive slots accounted for the bulk of the $1.9 billion in online casino revenue last year, which marked a new yearly high.
Oddsmakers ended the year strong, keeping more than $100 million of the nearly $1.3 billion in bets placed in December. It was the books’ second-best month in 2023 after September when they won $111.1 million.
December moved sports betting revenue past the $1 billion annual mark for the first time in state history.
2024 Outlook
Following a robust year both online and in-person, Atlantic City officials and gaming executives are hopeful the trend will continue in 2024.
New Jersey’s vision for a vibrant and competitive Atlantic City is coming to fruition after the addition of online gaming and sports wagering. Atlantic City’s attractions, amenities, and its diversified gaming options are appealing to consumers and providing momentum for the new year,” added Plousis.
There are legislative issues that could complicate 2024 for the casinos. Efforts are ongoing to cease indoor smoking on the nine casino floors and legislation introduced last week in Trenton seeks to allow slot machines at the state’s three horse racetracks.
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