When looking at New Jersey gambling revenues as a whole, the addition of online gambling has yet to equalize the revenue losses of Atlantic City. With that being said, online gambling revenues are growing rapidly month over month.
Online gambling was launched at the end of November 2013. From February 2014 to March 2014, online casino revenue increased 15%, generating $11.9 million in the month of March alone. While the growth is not as fast as New Jersey had hoped for, it is still growing by leaps and bounds.
Currently over 290,000 New Jersey residents are registered for online gambling, which grew 18% from February to March. When looking at Atlantic City’s 11 remaining live casinos, they took a loss in March of 2% when compared to their 2013 numbers, generating $233 million. However, in March 2013 the Atlantic Club Casino Hotel was still open.
One factor that is worth taking note of is that when looking at individual casinos, profits are either significantly positive or negative. As a whole, brick-and-mortar casinos generated 7% less in March but individually:
- Revel Casino Hotel was up 50%
- Golden Nugget Hotel was up 20%
- Resorts Casino Hotel was up 20%
- Trump Plaza Hotel and Casino was down 31%
- Ballys’s Atlantic City was down 18%
- Showboat Casino Hotel was down 17%
In an effort to boost both online and brick-and-mortar gambling revenue, both Atlantic City and individual casinos have launched a huge online and off-line marketing campaign. The good news is that if online gambling continues to grow at its current rate, the gap in loss may close by the end of 2014.
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