There was good news and bad news for the New Jersey gambling market in October. The bad news was New Jersey iGaming revenues saw another month of declines. Meanwhile, active brick and mortar casino revenues saw a stunning increase over the same period in 2013.
Revenues for iGaming Down 7.23%
We seem to be stuck in a feedback loop when it comes to New Jersey iGaming. The state saw yet another month of declines as the industry pulled in $9.5 million in October. The last time they dropped below $10 million was in June, just prior to the start of the 2014 World Series of Poker.
Online poker was down about 9% on the month with Borgata absorbing the majority of the loss. Four out of five operators lost money in other gaming on the month. Caesars took the worst of it, dropping 11.5% in October to $1.54 million. Golden Nugget dropped 7.5% to $1 million and Tropicana dropped below $2 million to $1.92 million.
Betfair continues to be the “little engine that could” for New Jersey iGaming. Back in August, they were facing possible closure after Trump Plaza confirmed they were shutting their doors. Betfair then began a bit of a winning streak and even picked up a new casino partner in the process.
In October, Betfair gained 11.4% percent to finish at $855,869, their highest total to date. Unfortunately, their gains haven’t impacted their poker room. The room remains silent and didn’t even draw $1 in rake in October.
Total Win For Active Operators Up 19.3% From 2013
While iGaming was down in October, overall gaming posted impressive numbers. Total iGaming for October was $207.2 million for active operators. This was up from $173.6 million last year, an increase of 19.3%. This doesn’t include numbers from operators out of business. Including those operators, AC was actually down 4%
The individual numbers were even more impressive. Tropicana and Golden Nugget more than doubled their earnings for the same period, posting wins of 57% and 56.8% percent respectively. Including online win, they posted increases of 70.9% and 67.3% respectively.
Nearly every casino posted a win for October 2014 with the exception of the Trump Taj Mahal. They saw revenues drop from $20.28 million in 2013 to just $16.76 this year, a drop of 17.4 percent.
Overall numbers for the industry remain slightly down. Atlantic City has pulled in $2.34 billion in revenue in 2014 compared to $2.43 billion in 2013, a difference of 3.3 percent. Those numbers include discontinued operators. Not including casinos that have shut down, the remaining casinos are actually up 7.4% year-over-year to $2.09 billion.