New Jersey’s gaming industry appears to be going from strength to strength following the New Jersey Division of Gaming Enforcement’s announcement that revenues in the Garden State reached $606.2 million in July.
In figures released last week for July, New Jersey witnessed yet another impressive uptick in comparison to July 2024, representing a 10.7% year-over-year (YoY) – coincidentally marking only the second time in the state’s history that monthly gaming revenues have surpassed $600 million.
A highlight of the report was the gross gaming revenues (GGR) produced by its nine Atlantic City properties, which accumulated $284.1 million, up 4.3% YoY from July 2024. This added to the state’s year-to-date (YTD) in-person gaming revenue, which has so far reached $1.66 billion, signifying a 2.2% gain over the same period last year.
Meanwhile, slots were able to generate more than $212.9 million, also climbing 2.7%, while table games produced $71.3 million, a jump of nearly 10%. Of these, Borgata (NYSE: MGM) led the market with an in-person win of $79.9 million, followed by Hard Rock and Ocean with $55.1 million and $43.1 million, respectively.
iGaming dominates July with record-breaking revenue
Another industry to benefit was New Jersey’s internet gaming sector, which set a new monthly record of over $247.3 million, a 26.6% increase from last year. This saw iGaming’s YTD already surpass the $1.63 billion mark, reflecting a substantial 23.3% increase from the same period the previous year.
The biggest winners in the online gaming sector were FanDuel and Golden Nugget, which in total accrued more than $52.1 million in revenue, with DraftKings (NASDAQ: DKNG) and Resorts World just behind them, yielding $48.6 million.
However, sports betting was the lone weak spot in New Jersey’s gaming portfolio, having slipped by 6.6% to $74.8 million in July. In fact, July saw the state’s retail sportsbooks post a rare deficit totalling $680,000, in contrast to the state’s relatively modest online performance of only $75.4 million.
Nevertheless, the statewide sports betting handle still managed to climb to 1.8%, eventually reaching $664 million. Yet, year-to-date sports wagering revenue remains down 4% from last year, currently sitting at $626.8 million after July’s tally was publicized.
Atlantic City’s $1.1 billion property revamp spurs revival
While its gambling revenues captured the majority of the headlines, New Jersey’s impressive gaming tax contributions of $81.7 million in July meant the Garden State has now amassed $446.1 million this year. Here, iGaming alone accounted for the largest share in July’s figures, contributing over $48.9 million in tax levies, with land-based casinos some distance behind at $17.9 million.
As for the resurgence of Atlantic City’s fortunes, many industry insiders are pointing to its property reinvestment schemes as the central catalyst for the rebound. A point reinforced by James Plousis, chair of the New Jersey Casino Control Commission, who stated in an interview with Casino.org: “Over the past four years, Atlantic City’s casino hotels have invested more than $1.1 billion in improving their properties to provide a world-class experience for visitors.”
Yet while New Jersey’s gross gaming revenues continue to climb, the news flies in the face of the misfortunes suffered by Las Vegas’ brick-and-mortar gaming revenues following a summer dip in visitor numbers. So much so, investors are getting jittery following the Las Vegas Convention & Visitors Authority (LVCVA) announcement last month that it has seen an 11.3% drop in visitor numbers in June, with hotel occupancy also down 6.5%.
However, New Jersey’s revelation of an Atlantic City renaissance could signal to investors that in-person casino revenue is potentially poised for a rebound, which may translate into increased foot traffic on the Las Vegas Strip.
