New Jersey Casinos See Online And Live Gains In May
Posted on: June 15, 2015, 02:34h.
Last updated on: June 15, 2015, 02:35h.
New Jersey’s online gambling market continues to grow, helping bolster the remaining eight casinos still operating in Atlantic City.
But while the overall numbers are positive, not all games and casinos are sharing equally in the good fortune.
According to the New Jersey Department of Gaming Enforcement (DGE), online gambling revenues were up to $12.47 million in May.
That represents an increase of more than 19 percent over last May, when the sites brought in just $10.47 million.
Online Casinos Up, Poker Down
But that growth has been fueled almost entirely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in just under $1.93 million in May, down from $2.27 million in the same month last year.
That figure marks the second-lowest monthly revenue for online poker in New Jersey, with only last November trailing the most recent month.
Once responsible for a quarter or more of online gambling revenues in New Jersey, poker is now only about 15 percent of the market.
On the poker side of things, the 888/World Series of Poker partnership felt most of the damage. The $831,799 they brought in through their Internet poker partnership was an all-time low, while their only competitor in the state, Borgata/partypoker, held fairly steady.
Holding steady was a theme for the Borgata, as its overall Internet revenues were down by about one percent as well.
It is still the online market leader, collecting about 32 percent of all revenues, but growth seems to have stalled: the company has yet to beat out its 2014 performance online in any month this year.
On the other hand, several companies have seen their online offerings take off, none less than the Golden Nugget.
The casino has taken full advantage of the fact that BetfairCasino.com is now operating through them since the closure of the Trump Plaza, and has ridden that new partnership to a clear second place in the state’s iGaming landscape.
Live Numbers Promising for Atlantic City
But while the online figures may show a mix of ups and downs for Atlantic City’s casinos, the overall numbers for the industry were very encouraging in May. Overall, casinos won $208.6 million for the month, 5.3 percent more than those same eight casinos took in last year.
To be certain, the overall pie is still smaller: if you include three more casinos that were operating last May but have since closed, the revenues are down by about 9 percent.
But with fewer casinos in the mix, the May revenues still represent an excellent result for the casinos that are still in business.
“That’s a strong showing for what our detractors say is a weak market,” said New Jersey Casino Control Commission Chairman Matt Levinson. “Whether you look at the results for the one month or for the first five months of this year, total gaming revenue is up for the current operators. The size of the market may be smaller, but the health of the current operators is getting stronger.”
The biggest winner was Caesars, which saw its monthly revenues increase by 51 percent over last May. That was largely due to a particularly unlucky month in high-stakes table games last year for Caesars.
Only two casinos were down year-over-year, including the Borgata, which saw revenues fall by 4.7 percent but still easily led the city with $56.1 million for the month. Also down was the Trump Taj Mahal, which is in the process of being acquired by Carl Icahn.
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