New Jersey Sets Record Highs in Casino Revenue, Signaling Strong Recovery Post-Pandemic

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TRENTON, NJ — In an emphatic demonstration of economic resilience, New Jersey’s casino sector has recorded unprecedented revenue figures, turning the tables on the adversities posed by the pandemic. The latest data released by the New Jersey Division of Gaming Enforcement shows that the combined revenue from casinos, sports betting, and online gaming platforms in the state reached a new high in the last quarter, signaling not only recovery but also potential sustained growth in the sector.

The total gaming revenue collected in the state for the month of September soared to $485 million, marking a 10.5% increase from the same period last year. This uplift is primarily driven by the robust performance of the state’s burgeoning online gaming sector and the continued popularity of sports wagering, which includes both retail and online operations.

Atlantic City, the heart of New Jersey’s gambling industry, has been at the forefront of this resurgence. All nine casinos in the city reported growth in their profits, with notable increases in slot machine and table games revenue. This surge is credited to the innovative marketing strategies employed by casino operators, alongside the introduction of unique, non-gaming attractions which have drawn tourists back to the famed boardwalk.

“Atlantic City casinos have shown remarkable recovery and have surpassed the revenue levels witnessed before the pandemic,” stated James Plousis, Chairman of the New Jersey Casino Control Commission. “This success is reflective of the hard work and dedication of the casino employees and the loyalty of our guests.”

The rise in gaming revenue also reflects the success of legal sports betting, which New Jersey was pivotal in pioneering after a landmark Supreme Court ruling in 2018. Since then, the state has emerged as a frontrunner in the sports betting arena, a fact underscored by the record $1.01 billion in total sports wagers placed in September alone. The revenue from sports wagering contributed significantly to the state’s economy, with a portion of the proceeds earmarked for public welfare programs.

Online gaming, too, has played a critical role in boosting the revenue figures. Since its legalization, internet gaming has seen a continuous uptick in New Jersey, with revenues from this segment alone jumping 15.1% year-over-year to $140 million in the previous month. This growth trajectory is attributed to the technological advancements embraced by the state’s gaming industry, as well as the seamless integration of mobile betting platforms that cater to a younger demographic.

Economic analysts are optimistic about the future of New Jersey’s gaming sector. According to Dr. Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, “The record-breaking performance is a testament to the strength and the adaptive strategies of the Atlantic City casino industry. If this trend continues, we can expect a renaissance in the city’s economic profile, which could have a multiplier effect on the local economy.”

Moreover, local businesses and hospitality services are also experiencing a ripple effect from the casino industry’s success. Hotels, restaurants, and entertainment venues in Atlantic City have reported increases in customer footfall and revenue, suggesting a holistic uplift in the city’s economic activities.

While the news from New Jersey is promising, the casino industry nationwide is keenly observing how sustainable this recovery is, especially with potential economic headwinds forecasted. Nonetheless, New Jersey’s current success provides a blueprint for other states navigating similar post-pandemic economic landscapes.

As the holiday season approaches, expectations are high, with casino operators in Atlantic City planning extensive promotions and events to attract an even larger crowd. The end-of-year results will thus be crucial in determining whether this surge in gambling revenue is a temporary spike or marks the beginning of a long-term upward trend. Meanwhile, the state continues to enforce stringent regulatory measures to ensure that the gaming environment remains fair, secure, and beneficial to all stakeholders involved.

For now, New Jersey’s casino industry is playing a winning hand, reshaping its future with innovative adaptations and setting benchmarks for others to follow.