The New Jersey Division of Gaming Enforcement reported record revenue of $147.2 million in NJ online casino gaming for October, but the notable month-over-month increase was not enough to prevent a decline in total casino revenue outside of sports wagering.
Revenue from the two pillars of casino gaming totaled $367.8 million for October, a dip of 5% compared to the $387 million generated in September. It was, however, a slight increase of 0.9% from $364.5 million in the same period in 2021.
The online casino revenue total easily eclipsed the previous record of $140.7 million established in March and was 8.8% higher compared to the $135.2 million generated in September. The figure was 15.9% higher than the October 2021 total of $127 million, which was a record in the gaming discipline at the time of release.
Atlantic City-based casino revenue fell off sharply in October to $220.6 million, a 12.4% drop from the $251.7 million claimed in September. It was also a 7.1% decline versus the $237.5 million in revenue from last October. The surge in iGaming revenue, which is taxed at 15% compared to 8% for standard casino play, meant the $35.6 million in tax receipts was a dip of less than $800,000 compared to September.
The casino and tax figures do not include October’s sports wagering numbers, as operators claimed $77.9 million in revenue that resulted in $9.9 million in tax receipts for the Garden State.
Resorts, Golden Nugget do heavy online lifting
The two online casinos that contributed the most to the record revenue haul in terms of month-over-month increases were Resorts and Golden Nugget. Resorts posted an all-time high of $39.3 million in revenue, a jump of 15% compared to September and its second consecutive monthly record. The online casino picked up the slack for online poker play, improving 15.6% to $38.8 million, while the poker rake slipped 13.6% to $536,757.
Golden Nugget also had an all-time high in monthly revenue, but barely. Its $38.3 million was $102,966 better than the previous standard set in March and 12.3% higher than the $34.2 million in winnings reported for September. Borgata paced all online casinos with just shy of $41 million, extending its streak of $40 million monthly revenue totals to six while also posting a slight 0.3% decline versus September.
Borgata also surpassed $400 million in online casino revenue for the year, and its year-to-date revenue of $408.3 million is 19.6% higher versus the first 10 months of 2021. Bally’s set an all-time revenue record of $4.7 million, an increase of $1 million from a surprisingly subpar September that was its only month in the last five under $4 million.
Online poker rake was $2.2 million, the seventh consecutive month it stayed within a $120,000 range from just under $2.2 million to slightly more than $2.3 million. The year-to-date rake of close to $23.1 million is 9.1% lower compared to the same span last year.
Borgata avoids fate of rivals
Eight of the nine Atlantic City casinos reported month-over-month declines, and while Borgata avoided that fate, it was by a narrow margin. It led all casinos in total revenue with $62.5 million for October, but that marked an increase of less than $118,000.
The year-over-year comparisons were not as lopsided, as Hard Rock had the biggest increase at 4% to $38.9 million, though that was 10.8% lower versus September. Borgata was the only other venue to post a gain, but its 1.2% increase versus October 2021 amounted to less than $750,000.
Bally’s took the biggest monthly hit, plunging 31.9% to $10.8 million, while Golden Nugget, Resorts, and Tropicana all had month-over-month declines of worse than 20% compared to September. Ocean Casino Resort was the only venue that avoided a double-digit decline in percentage among the eight venues to post losses, finishing 7.5% lower at $28.3 million.
Table games revenue totaled close to $54.4 million in October, a year-over-year decline of 6.6% and 16.7% lower versus September’s $65.3 million. Slot revenue fall-off was sharper, as the $166.2 million was 7.3% lower versus last October and 10.8% off September’s total of $186.5 million.
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