The New Jersey Division of Gaming Enforcement has announced the gaming totals for February, and online casinos just continue to put up massive numbers. While those online casinos operators are performing well, the same can’t be said for the casino properties that are in Atlantic City.
The online casino revenue total for February was just over $182 million, and that’s an impressive number for a month with just 29 days. January is the highest month on record for online casino revenue as the total was up over $183 million.
Even though the month-to-month numbers were slightly down, online casinos in Jersey saw a 28% increase year-over-year. Three of the casino properties were able to lead the way in February, but every online casino operator posted growth except for one.
The 2024 calendar year might be young, but New Jersey is already on track to shatter revenue records when it comes to online casino numbers. Through two months, the total revenue that has been brought in online is 24% higher than it was in 2023.
Atlantic City Casinos Struggling
While the online casino industry has continued to grow in the state of New Jersey, the brick-and-mortar locations in the state are struggling to keep pace. All of the casino properties in New Jersey are located in Atlantic City, and some of these properties have never recovered from COVID.
When looking at the total report from all of the land-based casinos in the state, revenue in February actually dropped from what was reported a year ago. The decrease was less than 2%, but this trend has had some in the industry worried.
Three of the nine casinos did see growth when looking at the February 2023 numbers, but known of that growth was significant. In order to fully understand just how significant the drop is, it’s relevant to go back and look at the numbers from February 2020.
That was the last full month of in-person gambling before the pandemic shut those properties down for months. The February 2024 revenue was down nearly three percent from February 2020, and that shows that these properties have never fully recovered.
The summer months typically provide a boost in the overall numbers in Atlantic City, but that’s not always guaranteed. The online casino operations are hurting the revenue as well, although that can’t be proven.
Two Casinos Setting the Tone
Golden Nugget Atlantic City and Resorts Digital are the two properties that are leading the charge when it comes to online casino gambling in the state. Those two casinos not only offer online casino gaming, but they have some other operators working under them as well.
FanDuel is one of the biggest names in the iGaming industry, and it is part of the Golden Nugget umbrella in New Jersey. BetRivers and Betway are also in that mix, and they have put up solid numbers.
Resorts Digital has stayed competitive with the help of DraftKings, Mohegan Sun, and PokerStars.
