ICasino Provides More August NJ Tax Revenue Than B&M Casinos

Atlantic City casinos

The New Jersey Division of Gaming Enforcement reported $531.6 million in gaming revenue for August, with the bottom line boosted by double-digit year-over-year growth in internet casino gaming and sports wagering.

The state’s nine casinos in Atlantic City combined for $280.3 million in operator revenue, an increase of 2.3% compared to the same month last year. Slots revenue was up 3% to $210.5 million, while table revenue was flat at $69.7 million.

New Jersey internet casino gaming revenue jumped up 18.1% from 2022 to $155.3 million, while a big month for New Jersey sportsbooks resulted in $96 million in winnings — up 47.1% compared to the previous August.

It was the second consecutive month total gaming revenue surpassed a half-billion dollars, with August’s total a 12.9% increase from last year’s $470.7 million and 5% better than the $506.2 million generated in July.

Taxes across the wagering disciplines amounted to $53.4 million. Internet casino gaming represented the largest share with $23.2 million, and in-person casino wagering provided $17.8 million. Sports betting accounted for $12.3 million, the highest amount since the state received $14.6 million in November 2021.

Hard Rock lone AC venue with double-digit gains

Five of the nine Atlantic City casinos had year-over-year gains, but only Hard Rock saw a substantial spike. Every other property in the state fell inside a band ranging from an 8.1% increase to a 4.6% decrease. Hard Rock generated $50.7 million in revenue in August, up 10.7% from last year — boosted by a 29.5% jump in table games revenue to $15.7 million.

Borgata, which set a state record in July with $127.6 million in revenue across the three wagering disciplines, fell short of that mark at $120.8 million in August. Its $73 million in casino revenue was tops in Atlantic City and an increase of 1.5% compared to the previous August. It surpassed $20 million in table games revenue and $50 million in slot revenue for the second straight August and the second consecutive month.

Ocean Casino‘s $39.5 million in revenue was its second-highest figure all-time, trailing only the $40.4 million claimed in July 2022. August’s number was an 8.1% year-over-year improvement, keyed by a 7.7% rise in slot revenue to $29 million and a 9.3% rise in table games revenue to $10.5 million. It can be argued Ocean Casino left money on the felt as its 15.7% hold was 1.6 percentage points lower than last year, while table drop was up 20.5% to $66.9 million.

Despite a 2023 best for revenue at $17.6 million, which was 15.7% better than July, Resorts tied Bally’s for the biggest year-over August decline at 4.6%. Bally’s revenue of $15.9 million was also down 12.8% off its all-time high of $17.2 million in July.

Resorts Digital takes top spot for iGaming

August was the second consecutive month iGaming revenue the state surpassed $150 million and the seventh time overall, all of those coming in the last nine months.

Resorts Digital, which has DraftKings‘ iGaming platform among its mobile casino offerings, led the way with $42.3 million, a 37.6% improvement from last year and second only to the $44.7 million generated in March. When including sports betting, Resorts came within $800,000 of $100 million in total revenue.

Golden Nugget edged back over $40 million for the sixth time in 2023, as the $40.8 million was up 30% compared to August 2022. It was also enough to knock Borgata to the No. 3 spot for the month. Borgata needed its $800,000-plus poker rake to narrowly top $40 million, posting iGaming revenue that was down 3.8% from last year and 6.4% compared to July.

Bally’s set its record for the second straight month at $8.2 million, up 81.3% from last year as August’s total was $1.4 million higher than July’s short-lived standard of $6.8 million.

Ocean Casino online revenue surged 58.3% higher to more than $4.6 million, its third-highest total all-time, as it surpassed $4 million for the fifth time in the last six months.

The $1.24 billion in total iGaming revenue the first eight months of the year s 14.6% higher versus 2022. The poker rake of $2.4 million in August was an 8.6% increase from last year, which slightly outpaced the 6.6% year-to-date growth from the $19.8 million accrued in 2023.

The state has received $186 million in iGaming taxes in 2023, which is $23.5 million ahead of last year’s pace through the first eight months of the year.

Photo: Getty Images

Author: Peter Griffin