New Jersey’s Gaming Industry Achieves Record-Breaking Income in 2023

New Jersey’s casinos and sports wagering operators, along with their online partners, reached a new landmark by earning nearly $5.8 billion in the past year, according to data released on January 16. This figure marks an 11% increase from 2022. However, profits from in-person gamblers are still not at pre-COVID-19 levels. Two-thirds of Atlantic City’s nine casinos are making less money from in-person players than before the pandemic. The New Jersey Division of Gaming Enforcement reported that the horse tracks with sports wagering, online partners, and casinos collectively earned $5.77 billion in 2023, surpassing the previous record of $5.2 billion set in 2006. About half of this income is attributed to the casinos’ “core business,” which refers to profits made on their physical premises. However, the remaining revenue from sports wagering and internet gambling is shared with other stakeholders and is not exclusive to the casinos. Only three casinos—Hard Rock, Borgata, and Ocean—saw notable increases in in-person player profits compared to 2019 levels, prior to the pandemic. Despite challenges, the New Jersey Casino Control Commission Chairman, James Plousis, remains optimistic, noting that in-person casino earnings were the highest in a decade, sports betting income set an annual record, and internet gambling profits exceeded the 2022 record by over 15%. Sports wagering alone generated over $1 billion in income from nearly $12 billion in wagers placed. Detailed revenue data for 2023 showed that Borgata, Ocean, and other casinos experienced varying in-person player profits, while internet gambling profits increased by almost 16% from 2022. Additionally, Golden Nugget, Ocean, and Hard Rock saw significant increases in profits from sports wagering and internet gambling. Despite some decreases in profits for certain operators, the overall income performance set a new record, largely thanks to sports wagering and internet gaming. These new gaming products accounted for almost 46% of the total gaming income for 2023, highlighting their growing significance in the industry.