Atlantic City, New Jersey — In a stunning display of economic resilience and growth, New Jersey’s casino industry has reported a record-breaking revenue month in March 2023. The total gaming revenue reached an all-time monthly high, signaling a robust recovery and an exciting growth phase for the industry in the region.
According to the New Jersey Division of Gaming Enforcement (NJDGE), the combined total revenue from casinos, sports wagering, and internet gaming operations hit $547 million in March 2023. This figure represents a substantial increase of 18% compared to the same period last year. The significant growth in revenue not only underscores the sector’s recovery post-pandemic but also marks a pivotal moment in the state’s gaming history.
The revenue from land-based casino operations alone surged to $223 million, a remarkable year-over-year increase of 10%. However, the standout performer in the portfolio has been online gambling, which continues to exceed expectations, bringing in a record $165 million, up 25% from March 2022. Sports wagering also contributed impressively, generating $82 million, buoyed by major sporting events that traditionally spike betting activities.
“This represents not just a recovery, but a thriving advancement for New Jersey’s gaming industry,” said Michael Lawton, a senior financial analyst with the NJDGE. “The sustained growth in online gaming and our sports betting sector are pillars of this success. We are particularly optimistic about the innovative approaches our licensed operators are taking to enhance customer experience and engage with a broader audience.”
Atlantic City’s casinos have also been proactive in expanding their entertainment offerings, beyond traditional gambling. High-profile concerts, sports events, and culinary festivals are becoming regular features at these venues, attracting a diverse demographic and ensuring steady foot traffic. Experts believe that this strategy of creating a multi-dimensional entertainment environment is essential for sustained growth in the sector.
The city’s economic boost is also reflected in job creation, with the casino industry seeing a 5% increase in employment opportunities compared to last year. This uptick in employment has been a boon for the local economy, providing more jobs and supporting ancillary businesses such as retail, restaurants, and hospitality.
“We are committed to ensuring that Atlantic City is not only a premier casino destination but also a vibrant hub for entertainment that can compete on a national scale,” explained Elizabeth Cartmell, president of the Atlantic City Chamber of Commerce. “The casino sector’s robust performance is a key component of our broader economic development strategy that aims to attract a wider array of visitors and investments into the city.”
Looking ahead, the future of New Jersey’s gambling sector appears promising. The state is actively refining its regulatory frameworks to further support growth and sustain ethical gambling practices. Additionally, the introduction of novel technologies in casinos, including cashless wagering systems, is set to revolutionize the gambling experience, aligning with broader trends in digital innovation.
The NJDGE has also highlighted the importance of responsible gambling initiatives. With the increase in gaming activities, both online and in physical venues, programs aimed at promoting responsible gambling and providing support for those affected by gambling issues are being enhanced.
In conclusion, March 2023 has been a groundbreaking month for New Jersey’s casino industry, reflecting not only its capability to rebound but also to innovate and lead in the ever-evolving landscape of global gaming and entertainment. With strategic investments in technology and customer experience, coupled with a strong emphasis on community and economic development, Atlantic City is poised to maintain its historic role as a key player in America’s casino sector.
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