New Jersey 5% Revenue Increase for July

Atlantic City’s casinos In July reached a turning point, seeing a large increase in revenue and a shift towards digital gambling. These accomplishments have solidified the position of Atlantic City’s casinos as powerful players in the industry.

The summer of 2023 started well for Atlantic City casinos, with a strong 5.3% year-over-year growth in gross gaming revenue (GGR) in New Jersey. This makes it the second-best July for the city’s gambling establishments in the past decade.

However in just the first seven months of 2023 online gambling platforms have generated an astonishing $1.08 billion in revenue, surpassing the billion-dollar mark quickly.

While online gaming expanded, some Atlantic City casinos faced challenges with their traditional brick-and-mortar operations. Five casinos experienced a decline in in-person play throughout 2023, highlighting the need for ongoing innovation and adaptation in the industry. As the landscape evolves, these casinos must find new ways to captivate their patrons.

Amidst these challenges, one casino stood out: Borgata. With an impressive Gross Gaming Revenue (GGR) of $453 million from its physical casino floor in just seven months, Borgata solidified its position as a top contender. Notably, Borgata’s retail gaming revenue saw an impressive growth of nearly 6% in 2023, showcasing their ability to adapt and thrive in a changing environment.

The success of Atlantic City casinos extends beyond their own profits, positively impacting the local economy. In July 2023 alone, New Jersey collected a substantial $49.1 million in tax revenue from gaming. Moreover, the gaming industry as a whole generated over $3.23 billion in gross revenue in the first seven months of the year, providing a much-needed boost to the state’s financial stability after a challenging period.

Sports betting has become a major player in the Atlantic City casino scene. In July 2023 alone, sportsbooks accepted over $587 million in bets, representing a remarkable 10% increase from the previous year. What’s particularly interesting is that nearly 96% of these bets were placed remotely through apps or websites, highlighting the growing trend of mobile gambling. The thrill of the game is now easily accessible at players’ fingertips.

While the world of gambling continues to evolve, some aspects remain timeless. Slot machines, with their captivating lights and enticing sounds, continue to fascinate gamblers. July 2023 saw the highest level of slot machine wins since August 2013. Despite a slight decline in table game revenue, slot players lost nearly $217.8 million, representing a 0.9% gain from the previous year. The allure of the slots remains unwavering.

The Hard Rock, one of Atlantic City’s most iconic casinos, has solidified its position as the second-highest grossing casino, with a GGR of $287.3 million. Although the casino experienced a small 1% decrease in gaming income in 2023, it remains a dominant force in the gambling landscape of the city.

 

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New Jersey 5% Revenue Increase for July
Source: Trend Philippines News