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New Jersey Gambling Revenue on the Rise
- April 27, 2017 By Riley Wilson -
Online is the place to be, or to be precise – the place to gamble when it comes to the state of New Jersey. This is what the latest data is showing.
The Garden State can be pleased with the way this year had started, setting two records in online gambling revenue. The first one was set in January – $18.8 million, and it took only two months for another one.
Results are Skyrocketing
$21.7 million in online gambling revenue is an all-time high for New Jersey online casino operators. It’s an increase of more than 40% when compared to March 2016, when industry recorded a revenue of $15.5 million.
The Q1 of the year is very promising, with the quarterly result rising by 32.1% to a total of $59.3 million.
The combined win of all New Jersey casinos in March ($200.1 million) was 6.7% bigger than in the same month of last year, with the yearly result being 3.6% higher ($552.9 million).
When it comes to overall gaming win in March, a total of $221.9 million is a 9.3% increase. The yearly results has already reached $631.9 million, which is an improvement of 5.7%.
Good News for Atlantic City
Excellent online results will undoubtedly reflect on the state’s brick and mortar venues in Atlantic City. The situation on the East Coast is not so helpless, since 6 out of 7 casinos managed to record an increase in revenue. The only establishment that failed to do so was Bally’s, but a decrease of 2.2% is not something to worry about, since it is a result that can easily be improved.
In total, all Atlantic City casinos (or to be precise – all seven of them, excluding Trump Taj Mahal, which was closed back in October) recorded a solid boost of 17%.
Next year should bring even better results, since Trump Taj Mahal will be reopened, under a different name and with new owners, while the former Atlantic Club Casino (closed in 2014) will also be reopened, but as a non-gambling venue.
Matt Levinson, member of New Jersey Casino Control Commission, credited the boost in online results to renewed interest in Atlantic City, which was in a dire need for new investments.