NJ Online Casinos Help Push 2022 Revenues to an All-Time High

The New Jersey Division of Gaming Enforcement released the 2022 revenue totals for the Garden State, revealing that NJ online casinos helped to boost the yearly totals to new heights. All-in-all, the state's casinos, and online gambling sites took in $5.2 billion. This matched the all-time record and showed that land-based casinos are not the big revenue driver.

The new report indicated that the year ended with a 10% increase compared to 2021. It was the best match in earnings since 2006, which is a good sign that the industry is continuing to recover. Online gambling provided a much-needed boost to the industry last year, helping to bring in a large portion of revenues. Casino and sports betting services helped to increase totals.

The market leader was the Borgata, with the casino earning $1.3 billion in the year. This overall operational total showed a more than 18% increase from 2021. The Golden Nugget came in next with $581 million, a more than 10% increase.

Hard Rock was next, up 12.7% with $576 million in earnings. Ocean was slightly behind with $389 million, but a nice increase of over 13%. Tropicana saw a small boost of 2.9% from last year, bringing in $365 million. Bally's came next with a large 37% increase and $198 million in revenues.

Casinos seeing a decrease in earnings included Harrah's, Caesars, and Resorts. Harrah's was down over 3% to $258 million. Caesars dropped only 1% to $239 million, and Resorts less than that with $168 million and a decrease of 0.3%.

For the land-based venues, the earnings were mixed. Some properties saw an increase in their profits, while others were down compared to 2021. Those doing well included:

• Borgata: earning $724 million and up 19.5%.
• Ocean Casino: $356 million, up 16.3%.
• Resorts: $167 million, up 0.8%.
• Bally's: $153 million, up 9.4%.
• Golden Nugget: $148 million and 1% increase.

Those seeing a decrease in earnings included Harrah's, Tropicana, and Caesars. Harrah's was down over 3% with $257 million in land-based earnings. Tropicana dropped 1.8% with $248 million, and Caesars was down 0.7% with $235 million.

For sports betting, the casinos and racetracks managed to bring in almost $11 million in sports bets last year. This was a small increase from the previous year. Casino gaming, sports betting, and online gambling provided the state with over $526 million in taxes. Close to half of that amount came from online gambling, which has a tax rate of 15%.

From the $11 billion in bets placed, operators were able to keep over $700 million in revenues. This came after expenses were paid, including winning bets.

Over the past few years, casinos and sportsbooks in Atlantic City have tried to bounce back from the onset of the COVID-19 pandemic. It's been a mixed bag of events, but for the most part, the casinos are thriving, and so are online operations.

Visitors are now back in full force, and experts feel that 2023 may be the best year yet for Atlantic City and casinos. Gaming operators are investing to ensure that players have the best experience possible, whether online or in person.

The gaming industry hopes to solidify Atlantic City as a world-class destination for travelers seeking dining, entertainment, gaming, and hotel stays. It will be interesting to see how casinos perform in the coming months as 2023 gets into full swing. Does the state have what it takes to outdo 2022 and continue to gain momentum in the casino and sports betting sector?