New Jersey Sportsbooks Post Another Historic Revenue Month

New Jersey continues to enjoy record revenue numbers as they posted close to $563 million in total handle for the month of November.

The money from sports betting also helped Atlantic City casinos post their first $3 billion dollar revenue month since 2012 when there were 12 casinos as opposed to the nine operating today.

The $563 million in total bets blows past the previous record set last month of $487 million in total handle for the state’s sportsbooks.

Sports betting helped fuel a record-setting month across the board when including all areas of gaming in the state and Atlantic City.

“It is gratifying to see another month of growth in Atlantic City,” said James Plousis, chairman of the New Jersey Casino Control Commission. “All areas of the business, including slots, table games, internet wagering, and sports wagering outperformed last year.”

Source: newsobserver.com

The sportsbooks that operate in casinos and racetracks in the Garden State paid more than $4 million in total taxes. Through 2019, the group has paid $32.7 million in taxes on the $270 million in sports betting revenue they have cleared.

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What is Driving New Jersey’s Historic Revenue Numbers?

Online gaming and sports betting have driven the historic revenue reports that New Jersey casinos and racetracks have released for the month of November.

The state’s nine-land based casinos have seen revenue rise nine percent to almost $2.75 billion in total winnings.

The state’s casinos have won more than $288 million in November, an increase of 16.5% when compared to the same time frame in 2018. When the sports betting numbers from the Meadowlands and Monmouth Park race tracks are included in the total, that number rises to $306 million, a 19% rise from last November.

When looking at the individual casinos, the Ocean Casino Resort posted the biggest year-to-year jump with $22.6 million in winnings, a 48% rise from November 2018.

Terry Glebocki, Ocean’s CEO, told The News & Observer that the casino saw a 66% increase, crediting its table games and slots for the jump in revenue.

She called November’s returns “an encouraging sign that its business volume is increasing.” The Ocean Casino Resort has recently offered new specials and pushed a marketing campaign to help drive more customers to the casino.

Source: newsobserver.com

What Revenue Did the Other Casinos Earn in Atlantic City in November?

Other big winners for the Atlantic City casinos included the Golden Nugget that was up 41% since last November for a $36.2 million dollar profit. Caesars also saw a dramatic increase in winnings with $28.3 million, a boost of 27% over last year’s November.

Three casinos that didn’t experience a boisterous November included Resorts, down 16% since last November, Tropicana was down close to 5%, and Bally’s had a slight dip at 2.9% less in revenue than a year ago.

Even with the slight decline of a few casinos, the New Jersey numbers, fueled by a hot Atlantic City gaming scene, made November one for the record books.

“The month is a significant benchmark for Atlantic City’s casino industry,” said Rummy Pandit, director of the Lloyd D. Levenson Institute at Stockton University, one of the leading experts that studies the New Jersey gaming industry.

Source: newsobserver.com

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