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NEWS 14 June 2018
New Jersey casino revenue dips as online revenues rise
By Harrison Sayers

New Jersey casinos have seen their gaming win revenues dip as slot machines took a huge year-on-year reduction during May, according to the latest figures released by the New Jersey Division of Gaming Enforcement (DGE).

As New Jersey has finally legalised sports betting at the states casinos and racetracks, these results will be the last to not include revenue from sports wagers.

The May 2018 gaming revenue results revealed that gaming win in the state fell 5.1% year-on-year, from $229.3m in May 2017 to $217.6m during the same period in 2018.

This reduction was as a result of the total casino win revenue falling to $193.3m, accounting for a 7.2% loss compared to the $208.3m recorded the previous year.

However, one of the only two verticals accounted for in casino win, slot machines win, actually increased slightly by 0.8% totalling $145.1m for the month.

It was the underperforming table games sector which saw a staggering 25.1% reduction to year-on-year revenue that saw casino win unable to match the figures recorded last May.Table games brought in just $48.2m during the month compared to $64.3m in 2017.

The $16.1m year-on-year loss suffered by table games is nearly half of the verticals entire year-to-date loss which stands at $35.5m.

Internet gaming revenues managed to avoid the losses experienced in their land-based counterparts. Overall revenue intake form online gaming rose 15.3% to $24.3m, with those figures likely to increase further once online sports wagering is introduced in New Jersey.

Of the individual casinos in the state, the Golden Nugget saw the largest increase to its revenue, rising 15.2% year-on-year to $19.7m. While Caesars experienced the largest decrease to its revenue at 24.3% year-on-year to $22.2m.

The results for May 2018 reflect the shifting focus in the New Jersey gambling market form land-based casinos towards online offerings, however, as sports betting wagers go live on 14 June, 30 days prior to mobile sports wagers, these results could be completely different next month.

RELATED TAGS: Financial | Industry
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