State gaming revenue totals $373.3M in February, a 29.5% jump

Total gaming revenue reported by casinos, racetracks and their partners was $373.3 million for February—a 29.5% increase from the $288.3 million reported in February 2021.

That’s according to the Division of Gaming Enforcement within the New Jersey Office of the Attorney General, which on March 16 released gaming revenue results for February for the state’s casinos, racetracks and their partners.

For year-to-date, total gaming revenue was $755 million, which is a 19% increase from $634.4 million from the year prior.

Total casino win for the state’s nine casino hotel properties was $212.4 million for February, a 43.3% growth compared with the $148.2 million of February 2021. Year-to-date total win for the nine properties was $396.1 million, reflecting growth of 28.5% compared with $308.3 million for the prior period.

Internet gaming win for February, reported by the casinos and their partners, was $130 million, a growth of 38.6% compared with $93.8 million for the prior period. Year-to-date, internet gaming win reported by casinos and their partners was $267.8 million, a 35.6% growth compared with $197.6 million for the prior year-to-date period.

Sports wagering gross revenue reported by casinos, racetracks and their partners was $30.9 million for February, reflecting a 33.2% decline when compared with $46.2 million in the prior period. Year-to-date, the groups reported a total $91.1 million for the year-to-date — a 29.2% decline compared with $128.6 million for the prior period.

Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University School of Business, analyzed the results. She said February, with its fewer days and weather risks, traditionally dampens resort visits.

“Popular holiday weekends such as Presidents’ Day and Valentine’s Day and waning public concern for public health threats related to COVID-19 however, may have given a boost to brick-and-mortar gaming figures,” Bokunewicz said in a statement.

She noted monthly sports betting fell below $1 billion for the first time since September 2021; however, “an observed decline in handle from January into February followed a similar pattern to previous years and is not necessarily indicative of increased competition from New York operators.”

New York legalized mobile and online sports betting in January.

Bokunewicz also applauded casinos for property upgrades and expansions, including Ocean Casino Resort, which unveiled of a $5 million sports book venue. She also noted that further relaxations of pandemic restrictions give hope that the spring “will return operators to a pre-pandemic operating environment.”

However, factors such as rising gas prices “may or may not have a positive impact on brick-and-mortar gaming revenue and visitation to the resort” because visitors may choose Atlantic City because it’s closer to home or, alternatively, people may choose to hold off on gaming to stick to their budgets.