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NJ Online Gambling Showing Increased Earnings

7 March 2014 by Devon Chappell

With the first online gambling revenue reports being less-than-great in New Jersey, the numbers are now beginning to look better. The latest results show growth of NJ’s iGaming market has improved in the last month. More precisely, NJ real money online casinos – all based from the Atlantic City brick and mortar casino brands – have shown an overall 9% revenue increase.

Of the now 16 casinos online available to those located within NJ state lines, a 28% gain in January (from previous 2013 numbers) took place, earning a combined to $9.5 million. As of February 2014, the same casinos generated $10.3 million in gambling revenue, creating the aforementioned 9% jump.

The NJ Division of Gaming Enforcement numbers may begin to stabilize soon (as some analysts are predicting), yet for the time being, revenue is still gradually increasing. While some analysts are crying out insecurities in regards to revenue, if you ask the CEO of 888 Holdings, which uses Caesars Entertainment as its land base, he’s pleased with the results thus far. After all, it is not as though the numbers are declining.

As a whole (including land-based gambling income), NJ’s 11 casinos from the fabled Atlantic City area won nearly $209.5 million in February. While this number still shows a decline in overall earnings at less than 1.5%, it also shows the bleeding is lessoning. Keeping in mind that the area had a casino closing (Atlantic Club) in January, this number is not to be scoffed at.

The Golden Nugget Atlantic City was the most impressive earner. With an increase well over 25%, this casino posted the biggest monthly gain, earning $12.5 million. The Golden Nugget holds its ability to gain customers from the now-closed Atlantic Club as its number one source of increased income. Having done so, the Golden Nugget was able to create 100 new jobs.

Other results show that Revel Casino Hotel earned $10.9 million, and the Tropicana Casino and Resort held impressively with generating $19.7 million. Respective of each casino’s numbers, this equates to about an increase of 20.7% for these two casinos.

Resorts Casino Hotel gained an 11% increase with $9.7 million in revenue, and Caesars Atlantic City was up 5.8% by earning well over $25.5 million.

Trump Casino is in the doghouse, as its NJ casinos flatlined were earnings are concerned. Both of the Trump Entertainment Resorts properties – Trump Plaza Hotel and Casino and Taj Mahal – were down between 24-25%.

Atlantic City’s decade of defeat is counting on online gambling to come to its rescue. The decline in income over the last 7-8 years in particular is due mainly to the explosion of casinos in neighboring states, and was only compiled by the recession. No sooner did NJ feel some improvement with the recession when Superstorm Sandy slammed into the NJ coast, crippling the local economy as it was only starting to revive itself.

The race for supremacy in New Jersey’s aggressive gambling market remains a contest between the Borgata/PartyPoker site, and Caesars Interactive/888 and WSOP branded sites. The Borgata earned a little over $4 million online in February 2014, while Caesars Interactive earned about $3.3 million.

In the first couple of months of 2014, Atlantic City’s casinos have won $385 million at brick and mortar locations – a 7.7% decline from the same time in 2013. Online based earnings settled at $19.7 million in the first two months of this year so far. Obviously there are no numbers from this time last year to compare to. According to records, about 250,000 online gambling accounts have been created in New Jersey since the state began online casino wagering on Nov. 21, 2013.

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