New Jersey August Gaming Revenue Jumps 16 Percent, Boosted by Sports Betting, Borgata, Hard Rock Among Atlantic City Leaders
Posted on: September 13, 2019, 08:30h.
Last updated on: September 13, 2019, 12:51h.
Casino win at the nine Atlantic City, N.J. casinos rose in August, while revenue from internet gaming and sports betting surged, helping total gaming revenue in the Garden State swell to $352.8 million last month from $303.9 million in the year earlier period.
Boardwalk gaming properties posted slot machine win of $208.26 million in the eighth month of the year, up from $196.38 in the year-ago time frame. Table game win increased to $78.21 million from $73.55 million, according to the New Jersey Division of Gaming Enforcement (DGE).
Casino Win for August was $286.5 million, increasing 6.1% from the same month last year,” said the DGE in a statement. “Internet Gaming Win was $41.1 million in August, compared to $24.8 million in the prior period, reflecting an increase of 65.7%. Sports Wagering Gross Revenue was $25.2 million for the month, compared to $9.2 million for the same month last year.”
Borgata, operated by MGM Resorts, retained its perch as the dominant casino in the beachside gaming hub. That venue posted August revenue of nearly $80 million, up 4.7 percent from August 2018. That after Borgata won $88 million in July, the best month in its 16-year history.
For the June through August period, Borgata generated $219 million in land-based turnover, which President Marcus Glover called “record-breaking success” in an interview with NJ.com
Hard Rock held the second spot with $41 million in gaming turnover, a year-over-year increase of 31 percent.
Sports Betting Boost
The Garden State continues solidifying its position as one of the sports betting meccas of the East Coast, and remains on pace to challenge or surpass Nevada in terms of annual sports handle. Last month, New Jersey sports betting revenue more than doubled to $25.21 million, up from $9.19 million a year ago. Total August handle there was $293 million.
Increasing sports betting is a money-maker not only for the operators, but for Trenton, too.
“For the month of August 2019, total gaming taxes were $29.4 million,” said the DGE. “Total gaming taxes reflect 8% of taxable casino gross revenue, 15% of internet gaming gross revenue, 8.5% tax on casino and racetrack sports wagering gross revenue, and 13% tax on casino and racetrack sports wagering internet gross revenue.”
Additionally, New Jersey’s gaming industry paid $4.8 million in August for a 1.25 percent added tax on sports wagering revenue and “investment alternative tax obligations.” That includes 1.25 percent on gross land-based casino revenue and a 2.5 percent levy on internet betting.
Just over a year old, Ocean’s Resort was the top-performing Boardwalk sportsbook, with $1.2 million in August turnover.
Usually among the higher-grossing Atlantic City casinos, the Tropicana, operated by Eldorado Resorts, saw its revenue increase less than one percent to $36 million. Even the much-maligned Bally’s, which will enter the Eldorado fold via that company’s $17.3 billion acquisition of Caesars Entertainment, saw its August revenue rise more than two percent.
There was a lone offender in Atlantic City last month. Harrah’s, another Caesars property, saw a modest decrease in monthly gaming revenue of less than one percent, down to $31.2 million. Caesars and Eldorado combine to operate four of the nine Boardwalk casinos.
Related News Articles
Related News Articles
May 12, 2022 — 3 Comments—
April 24, 2022 — 2 Comments—
May 8, 2022 — 2 Comments—