New Jersey Gaming Revenue Sees Impressive Growth in May 2024

The New Jersey Division of Gaming Enforcement (NJDGE) has released its financial results for May 2024, revealing a strong performance across the state’s gaming sector. Overall, gaming in the Garden State generated $510 million, an 8.3% increase year-over-year.

Casino Gaming

Casino gaming made up 46.9% of New Jersey’s gaming revenue in May, generating $239.1 million. This figure marks a 5.2% rise compared to the same month last year. Slot machines were a significant contributor, bringing in $181.3 million, up 4.8%. Table games followed, making $57.9 million, which is a 6.4% increase.

Online Gaming

Internet gaming saw substantial growth, with total revenue hitting $192.1 million, a 19% increase year-over-year. Peer-to-peer gaming, however, declined by 8.2%, making $2.2 million compared to last year’s $2.4 million. Other authorized games saw a notable revenue boost, climbing 19.4% to $189.9 million, which accounts for 98.9% of the segment’s total revenue.

Sports Wagering

Sports wagering revenue experienced a slight dip in May, falling 4.2% year-over-year to $78.8 million. Despite this monthly decline, the year-to-date sports wagering revenue is up 37%, reaching $513 million compared to last year’s $374.5 million. The total sports wagering handle for May was $838.9 million, with $801.5 million from online wagers and $37.5 million from retail wagers.

Casino Operator Performance

Borgata led the state’s casino operators, generating $110.9 million in May. This figure is relatively stable compared to the previous year, with a slight decline of 0.3%. Hard Rock reported the most significant year-over-year increase, with revenue growing by 32.6% to $63.9 million. Golden Nugget and Resorts Digital also saw substantial increases of 21.2% and 17.6%, respectively.

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On the downside, Caesars Interactive NJ experienced a sharp revenue decline of 96% year-over-year to $332,123, largely due to the transfer of three of its internet gaming skins to Tropicana on April 1, 2024. Traditional Caesars saw a 4.9% drop in revenue to $17.6 million.

In total, New Jersey’s casino licensees made $467.2 million in May, reflecting a 10.3% increase and accounting for 91.6% of the state’s total gaming revenue. The state generated $49 million in total taxes from gaming activities.

New Jersey’s three racetrack licensees—Freehold Raceway, Meadowlands, and Monmouth Park—generated $42.7 million in May, a decline of 10.1% year-over-year. Meadowlands led with $38.3 million, despite a 12.8% drop. Monmouth Park saw a 27.8% decline, making $1.4 million. Surprisingly, Freehold Raceway experienced an 83.5% revenue increase, bringing in $3 million.

The total tax revenue from racetrack licensees amounted to $5.5 million in May.

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