The New Jersey Division of Gaming Enforcement released its monthly casino revenue report on Wednesday.
Total casino revenue took a significant hit thanks to inclement weather, but the 6.5 percent decline would have been a nearly nine percent decline were it not for another record-setting month by New Jersey online casinos.
Atlantic City casino revenue was as cold as the weather in February, down 6.5 percent from a year ago. And the decline would have been nearly 9 percent without another good boost from internet gambling. https://t.co/XIDGp60nY4 pic.twitter.com/BjmeJnZiJC
— Wayne Parry (@WayneParryAC) March 14, 2018
Top line numbers
Here are the top line numbers from the New Jersey Division of Gaming Enforcement’s latest monthly revenue reports for February:
- Online casino revenue: $20,219,136
- Online poker revenue: $1,772,988
- Total online gaming revenue: $21,992,124
- Year-to-date online gambling revenue: $43,954,464
February was a monster month on a daily basis
Total online revenue was just shy of $22 million for the second consecutive month, with February outperforming January by $30,000.
However, the collective revenue tally merely scratches the surface of the February success story.
With three fewer days, February revenue radically outperformed January on a per-day basis.
- January daily average: $708,462
- February daily average: $785,433
Based on the daily average, had February been a full 31-day month, New Jersey online gaming revenue would have been a whopping $24,348,423.
Online casino is the bread winner in the family
Growth continues to come exclusively from online casino games, with online poker an albatross around the industry’s neck.
- Online poker: -18.31 percent
- Online casino: +22.16 percent
- Total revenue: +17.47 percent
With its paltry revenue numbers and double-digit declines, New Jersey’s entrance into the Multi State Internet Gaming Association (MSIGA) can’t come soon enough. The latest rumors indicate interstate poker for New Jersey-Nevada-Delaware could be in place in time for the 2018 World Series of Poker.
As seen in the chart below, the New Jersey online gambling industry has yet to experience a year-over-year decline in any month.
The bad news is growth is beginning to slow as the market continues to mature.
The good news is there are several factors that will likely keep growth rates in the double digits for the foreseeable future:
- Casinos continue to experiment with new games and products.
- Continued improvements on the payment processing and customer service fronts.
- The launch of the Hard Rock AC and Ocean Resort Casino online gaming platforms this summer.
- The launch of online gambling in Pennsylvania that will likely lead to a marketing blitz in the Philadelphia TV market, which extends deep into New Jersey.
- The aforementioned interstate poker agreement.
Casino by casino analysis
Borgata is the best of the rest
- License holder: Borgata
- Brands and sub-brands: Borgata casino online, PartyPoker, Pala online casino, MGM online casino
Borgata saw online revenue rise just over one percent year-over-year in February. Despite rising revenues, Borgata nearly lost its hold on the No. 2 spot in the market to a surging Resorts. A 23 percent year-over-year increase left Resorts about $17,000 shy of overtaking Borgata.
Golden Nugget flirts with $8 million
- License holder: Golden Nugget
- Brands and sub-brands: Golden Nugget online casino, Betfair NJ online casino, SugarHouse online casino
A month after posting the industry’s first $7 million month, Golden Nugget took in nearly close to $8 million in February.
Golden Nugget has tallied at least $5 million in revenue for 13 consecutive months. For some perspective, no other New Jersey casino has put together a single $5-million-dollar month.
Tropicana still the model of consistency
It was fairly ho-hum month for Tropicana as revenue was up about two percent year over year.
Unfortunately, Tropicana is stuck in a rut near the bottom of the market, and aside from a couple good months in 2017, the casino has been consistently in the $3.3-$3.5 million range.
Consistency is good, but growth would be better.
Resorts surges ahead
January saw Resorts revenue grow by over 20 percent year-over-year, and February was even better, with total online revenue up over 23 percent compared to last year.
All of the gains were on the casino side, as Resorts’ online casino revenue was above the $3 million mark for the second consecutive month, and just the fourth time overall.
Caesars is in a slump
- License holder: Caesars
- Brands and sub-brands: 888 Casino, Caesars online, Harrah’s online casino, WSOP.com NJ
Caesars was the only online casino to post a year-over-year revenue decline in February. Total online revenue was down over eight percent, falling under $3.2 million.
Historical look at iGaming revenue in NJ
Be sure to check our New Jersey iGaming revenue page for a detailed breakdown of online gambling revenue in the Garden State.