Huge Growth For New Jersey Casinos in July
Casinos in Atlantic City, New Jersey reversed the declining trend from the past two months to show growth in July for the first time since May.
According to the July 2016 Gaming Revenue Results financial report released by the New Jersey Division of Gaming Enforcement, total casino revenue in the Garden State increased by 6.9 percent from $257.5 million in July 2015 to $275.3 million in July 2016.
The gains are even bigger when compared to June 2016 with revenue growing by 28.7 percent from the $213.9 million reported last month.
Casino revenue declined in May and June despite the consistent growth in online gaming being unable to make up for the gap from a slump from land-based gambling in Atlantic City. In July, however, this wasn't the case with land-based gambling revenues increasing by 5.3 percent from $245.0 million in July 2015 to $257.9 million in July 2016.
Similar to overall revenues, this also represented a bigger growth when compared to July 2016 with land-based revenues increasing by 30.6 percent from the $193.4 million reported last month.
Online gaming in the Garden State continues its strong and steady path. This past month experienced a huge 38.6 percent increase in online gaming revenues from the $12.5 million reported in in July 2015 to the $17.4 million reported last month.
Unlike land-based and overall casino revenue, the growth from June 2016 was a bit smaller with an increase of 5.9 percent from the $16.4 million reported in June 2016.
Borgata is still the leader in online revenues with $4.0 million in July 2016, however, others are closing the gap with bigger revenue increases than the industry leader.
Breakdown of July 2016 Online Gaming
|License Holder||July 2016||July 2015||Percent Increase|
|Caesars Interactive NJ||$3,395,666||$2,673,003||27.0%|
Taxes contributed to the state also not surprisingly increased with $21.4 million contributed last month when compared to the $19.4 million contributed for the same period a year ago and the $16.9 million contributed for June 2016.
In addition, $3.7 million in reinvestment obligations was contributed last month to the Casino Reinvestment Development Authority, represented a nice increase from the $3.4 million contributed during the same period a year ago and the $2.9 million from June 2016.
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