March figures released Wednesday by the New Jersey regulator paint a positive picture for Atlantic City casino operators in general, and those with online gambling operations in particular.
Overall revenues were up 9.3 percent year-on-year at $221,8 million in March, with the internet gambling contribution increasing to $21.7 million – a year-on-year rise of 40.2 percent, a new record and the first time that i-gaming revenue passed the $20 million benchmark in New Jersey.
Among the brick and mortar casinos, only Bally’s reported a decline of just 2.2 percent. Revenue was up more than $12 million ($187.5 to $200.1 million), a 6.7 percent increase in the land casino sector.
Matt Levinson, chairman of the New Jersey Casino Control Commission, was elated, saying:
“When coupled with the very strong earnings report that came out last week, it’s clear that casinos have started to grow the market and increase their profits. That is generating a lot of positive interest in Atlantic City and has already attracted significant new investment in this market.”
Caesars enjoyed a particularly good March, reporting a 30 percent y-o-y revenue increase, although its online results were relatively flat. Resorts was up 25 percent on land casino activity and reported that its burgeoning internet operations revenue had doubled year-on-year.
Tropicana also posted a very positive month, reporting land revenues up 40 percent, and internet revenues up 22 percent, and Golden Nugget more than doubled online revenues, compensating for a slight dip in land revenue.
Market leader Borgata was up 11 percent y-o-y across its land and online gambling activity, generating twice as much revenue as its nearest rival at $59 million.