Gambling in New Jersey is on the rise, with online and physical gambling seeing an increase in May 2022.
New Jersey’s gambling operators won $430 million in May 2022, a 15% increase from last year’s total. As the COVID-19 pandemic has had a significant impact on the industry, it looks like now things are finally turning around. The numbers continue to point towards a recovery pattern.
Although the casino industry has been booming for years, it may be time to start worrying about the inflation we have been seeing in recent months. Among other things due to higher prices of goods and services in all industries, it is possible that we will soon see a certain decrease in the profits of the casinos
Who earned more, who earned less
The New Jersey Division of Gaming Enforcement reported that the Borgata and Hard Rock were leading earners for May. The amount generated by these two properties is over three times higher than any other organization in operation this past month. Borgata, had a total revenue of $63 million dollars, which placed them in the 1st place.
Hard Rock has been able to come in second, earning $41.5 million! The venue is pushing hard and maintaining its place as one of top revenue generators for HRGSCA – which isn’t bad considering they opened their doors only at June 2018. Ocean Casino came third with $130 million. The three casinos that made this list are giants in terms of revenue.
Year-to date, Borgata has already emerged winner by far earning more than 281 Million dollars, Hard Rock earned $193.5 million, and Ocean gained just over $130 million.
Tropicana came in fourth with $ 21.6 million, and Caesars came a little behind with $ 20 million.
The 6 + 7 places were taken by Golden-Nugget and Bally’s, which earned $ 12.8 and $ 12.7 million, respectively.
Significant jump also in the revenue of sports betting
Revenue from sports betting also rose in May, with operators reporting more than $ 61 million, compared to $ 50.3 million in April.
However, It will be interesting to see if the momentum continues and operators see a higher income trend or if US inflation starts to have an even greater impact, and players are more calculated, and spend less money on gambling in the country. If that happens, The COVID, mainly due to a decrease in tourism and free spending of residents on gambling.
