New Jersey Sportsbooks Set New Record for the Third Month in a Row
Atlantic City recorded a new high in gambling revenue as wagers were up by 15% in October compared to the previous month. The New Jersey sports betting market set a new record for three straight months. Online betting revenue increased by 106% even as revenue from physical casinos dropped by 8%.
According to the latest data from the State Division of Gambling Enforcement, a total of $803,096,172 was collected in revenue from Atlantic City’s casinos and the three race tracks. Thus, breaking the previous records of $667.9 million in August and $748.5 million in September.
What Do the Figures Look Like?
The total gambling revenue from casinos and the racetracks were pegged at $338 million. And a fair share of the amount arrived from sports betting. In-person gambling revenue was down to $186.1 million in October. While online gambling generated $93.4 million during the same time, doubling since last year.
James Plousis, Chairman of the New Jersey Casino Control Commission, said, “Casinos recorded barely 92% revenue figures compared to last year. And although the circumstances are noncomparable, Atlantic City continues to show resilience even in the face of adversity”.
NJ Casinos are currently limited to 25% occupancy in a bid to stop virus transmission. And business has been tough. One of the city’s largest casinos, the Borgata, laid off 73 employees last Friday and reduced the hours of 349 more in response to virus regulations that came into effect on Thursday.
The order from the Governor’s office prevents indoor dining at restaurants, pubs, bars, and other establishments between 10 PM and 5 AM until further notice. The regulation affects casinos, too, although they can offer gaming services round the clock. The order allows drive-ins, takeaways, deliveries, and outdoor dining.
Total Wins and Losses
The Ocean Casino Resort recorded the maximum gains this past month, up 37% to $29.1 million, compared to the same period last year. A statement by CEO Terry Glebocki read, “Ocean just posted its 12th straight YoY growth. We are grateful to our patrons for their loyalty, even during these unprecedented times”.
Hard Rock’s business was up by 25.6% to $35.4 million compared to October 2019, while Golden Nugget, Borgata, and Tropicana posted gains of 21.2%, 10.5%, and 3.5%, respectively. The respective figures amount to $38.6 million, $67.5 million, and $27.2 million. Harrah’s posted its biggest loss yet, down 19.5% to $19.4 million. Meanwhile, Bally posted a similar decline of 17.1% to $11.4 million.
Overall, the casinos posted $186.1 million in total revenue in October. And the figures are down by over $16 million compared to October 2019. Just two properties, Ocean Casino Resort and Hard Rock Hotel & Casino Atlantic City, recorded massive gains in the last month. Thus, leading to such dismal figures. James Plousis, however, is hopeful of a quick recovery even in the face of adversity.