DGE reveals August gaming revenue results
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The New JerseyDivision of Gaming Enforcement (DGE) has announced the latest results for the industry, collecting the information for all nine casino hotel properties in Garden State. The total win accumulated by the casinos stood at $274m in August or a 4.4% increase from August 2021’s $262.4m.
This put the total year-to-date total casino win at $1.88bn which is once again a 14.1% increase compared to the same eight-month period from a year before when the total win stood at $1.65bn. The DGE went into detail and provided moreinformation across three main verticals. Internet gaming win fetched a big part of the overall results, with $131.4m registered over the period.
On annual basis, this was a 16.1% increase from $113.2m for the previous period. The year-to-date win stood at $1.08bn, which marked a 25% overall increase for internet gaming results, up from $866.1m for the same period last year.
Total gaming revenue collected from racetracks, casinos, and partners stood at $470.7m in August 2022. This was up 10.1% from $427.7m in August 2021. The year-to-date gaming revenue was $3.38bn or up 13.2% from $2.99bn a year before. Sports wagering also saw an overall improvement in August.
Sports betting results stood at $65.3m or up 25.5% from $52m. The year-to-date results were reported at $418.9m, which was nevertheless down when compared on a year-to-date basis. In the first eight months of 2021, the wagering gross revenue stood at $475.3m. New Jersey remains a hub when it comes to gaming, sports betting, and gambling in general. The state has been going through some important developments of late, however.
Atlantic City Casinos are also being urged to prohibit smoking on casino gaming floors. This idea has been met with opposition and the issue has had serious political reverberations with Vice President Kamala Harris meeting with casino workers who have got behind the campaign to eradicate smoking. Smoking has been linked to a number of health issues and some casino workers believe they must not be exposed to it any longer, and that no paycheck could help make up for the damage.
Casinos have cautioned that suspending smoking could negatively impact revenue and slow down the industry’s recovery from theCOVID-19 pandemic. Another issue has been the contention of the PILOT bill that exempted casinos from taxes on iGaming and online sports betting revenue. A federal judge several weeks ago said that the PILOT change which offered casinos breaks was not done in line with the state constitution.
