New Jersey reports $412M gaming revenue in February

(The Center Square) — New Jersey clearly still loves its gambling, with the state’s casinos, horse tracks and sportsbooks reporting double digit growth in profits last month.

The New Jersey Division of Gaming Enforcement reported Thursday the state’s casinos and tracks won over $412 million in February, up 10.4% from a year earlier.

Internet gambling brought in more than $142.5 million, which is up nearly 10% from the same period last year, the agency said.

Meanwhile, sports bets reported by casinos, racetracks and others was $54.6 million for February, a 76.9% increase compared to $30.9 million for the month a year ago.

Year-to-date gaming revenue reported by casinos, racetracks, and their partners was $849.1 million, a 12.5% increase from $755 million reported in the same period last year.

New Jersey is one of four states, including Connecticut and Michigan, that offer online casino gambling. The law authorizing wagers on games was approved in 2013 following a U.S. Supreme Court ruling in a case brought by New Jersey that paved the way for states to offer legalized sports betting.

So far, more than two thirds of U.S. jurisdictions, including the nation’s capital, now regulate sports betting and/or online casino games in one form or another.

On-site casinos in Atlantic City and elsewhere in the state reported $215 million in gaming revenues in February, up 1.2% from a year earlier, according to the commission.

Bally’s in-person revenue was $12.2 million, up 14.3% from a year earlier; Borgata won $57.4 million, up 8.8%; Caesars won just over $19 million, up 1.4%, according to the commission’s report. But the casino’s winnings in the previous month were boosted even higher by revenue among those authorized to offer internet and sports betting.

Overall, New Jersey’s gambling revenue remained high in 2022, with casinos, horse tracks and others reporting $5.21 billion last year, up 10% from a year earlier, according to a previous report.

But those revenue gains were helped by internet gambling and sports betting, which has raised questions about the long-term viability of brick-and-mortar casino operations.

Mark Giannantonio, president of the Casino Association of New Jersey, said the Atlantic City casino industry last year “continued to face challenges, including the lingering effects from the pandemic, a difficult economy and high inflation.”

“Our industry is facing strong economic headwinds, like most businesses across America, as we continue to experience uncertain days ahead,” he said. “With that in mind, our ongoing partnership with local and state officials to advance the economic growth of Atlantic City is vital to the long-term success and viability of our historic seaside resort.”

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