Casinos in New Jersey are experiencing significant growth in 2016, mostly due to the increases in the regulated online marketplace in the state. It should be of little surprise that April was no different, considering that PokerStars NJ launched its brand in the Garden State in late March.
According to the April 2016 Gaming Revenue Results financial report released by the New Jersey Division of Gaming Enforcement, casino revenue in Atlantic City grew by $16 million, or 8.1 percent, from $199 million in April 2015 to $215 million in April 2016.
Internet gaming continues to show signs of strength, with the casinos as a whole generating 33.8 percent more in year-over-year revenue with $17 million reported in April 2016 when compared to $12.7 in April 2015. Resorts Digital, which holds the license PokerStars NJ operates under, accounted for $3.5 million total gaming win, $500,000 shy of the $4 million generated by Borgata, which holds the licenses that both BorgataPoker.com and partypoker NJ operate under.
Year-to-date online gaming revenue also show impressive growth of 29.3 percent, with $61.9 million reported during the first four months of 2016 compared to $47.9 million during the same period a year ago.
Land-based operations also grew, albeit at a much smaller rate than that of online operations. Total gaming win increased by 6.3 percent from $186.3 million in April 2015 to $198 million last month. Casinos reported a slightly lower growth rate for year-to-date land-based operations of 2.7 percent, with $751 million reported in the first four months of 2016 compared to $731 million during the same period in 2015.
The reason for the lower year-to-date growth rate were that the growth reported in March and April were offset by declines in January and February.
The revenue increases in New Jersey are also helping the local budget with eight percent of taxable casino gross revenue and 15 percent of online gaming gross revenue accounting for $17.1 million in total gaming taxes.
*Image courtesy of choicehotels.com.