Sports betting and the two new casinos now open in New Jersey have only been in operation for a short time, with data already being revealed as to how everything is running.
Sports betting has only been around for a short time in the state, after lawmakers approved legislation to allow operators to begin offering such wagering options. On June 14th, two existing venues in the state began to offer sports wagering while a third began on June 28th. Since that time, just over $10 million was wagering on major league baseball, $2.7 million wagered on soccer and $281,000 on the NFL. This is a staggering around for just a few days of operations and shows just how successful the state can be with this new industry.
Sports Betting Exceeds Expectations
The Monmouth Park, Borgata Casino and the Ocean Resort Casino are the only three venues that currently offer sports betting in the state. However, more will be entering the market in the near future. The new industry can certainly provide even more revenues for the already booming gaming industry of the state.
Monmouth Park earned $2.28 million during the first few weeks of sports betting in the state while the Borgata saw much lower earnings of $987k. Ocean Resort offered the wagering option for a much shorter time frame and generated only $192k.
Ocean Resort and Hard Rock AC
Both the Hard Rock Atlantic City and the Ocean Resort Casino were able to get started on the Boardwalk on the same day. June 27th was the official opening day and the Division of Gaming Enforcement has now revealed how the two casinos have fared during the first few days of operation. In a four day time frame, both casinos earned around $7.2 million in revenues. This would be an average of almost $900,000 a day, a little under what the other casinos of Atlantic City have been averaging per day, of around $50,000.
The Ocean Resort Casino is located in the former Reveal Casino building while the Hard Rock is located in the former Trump Taj Mahal. Both gaming venues are a welcome site to the region as they offer even more opportunity for the region to bring in tourists as well as generate revenues from the gaming industry. Hard Rock had the upper hand when comparing the two new venues, bringing in $4.17 million compared to Ocean Resorts $3.01 million. Visitors to the Ocean Resort did complain somewhat, with the majority of issues being long lines, which is to be expected.
June revenue figures included the few days the two new venues were open as well as the entire month for the existing casinos. In total, revenues for June were up 7.3% from last June with $233.6 million earned. The numbers are a good sign for the region that the revival is well on its way.
Once the month of July comes to an end, we will have a better comparison of year-over-year totals for the state, which will give a clearer picture of what should be expected from the gambling industry in the region. The month will signify the first full one where all nine casinos are in operation. Once the monthly totals are revealed, we should be able to see how the Hard Rock and Ocean Resort will contribute.
The state has been averaging around $20+million in revenues each month. With how the two casinos fared over the past few days could see the state reaching the $30 million mark or beyond.