May New Jersey Gaming Revenue
Online Gaming Leads May New Jersey Gaming Revenue Advance
New Jersey gaming revenues show an increase year over year because of online gaming leading the charge. In May, online gaming increased by approximately $4.0 million from $12.5 million in April to $16.5 million in May. This represents a 32.6% increase over the previous period. Year to date, online gaming has increased 30.0% over the prior year to date figures, from $60.4 million to $78.4 million.
Total New Jersey Gaming revenue from casino operations slowed during the month of May while year to date statistics show that revenues are running higher by 1.6% year to date. Month of May revenues clocked in at $203.3 million, a 2.5% decrease from April. Year over year, casinos are up 1.6% from $939.6 million in 2015 to $954.3 million in 2016. The May full statistical report from the New Jersey Division of Gaming Enforcement was recently released on Tuesday.
Advertising Changes Coming
AaaaOnline gaming and Atlantic City casinos in New Jersey have been the topic of conversation lately. This is due to a new bill that has been introduced to require casino licensees to prominently display the associated Atlantic City casino in all advertising and promotions in an effort to increase transparency. As a result of this effort, it should encourage more tourism to prevent further erosion of Atlantic City. Assemblyman Ralph Caputo (D-28 Essex), sponsored the new bill. The measure should help lessen any negative effects of online gaming on New Jersey gaming revenue from established casinos.
Proposed casino expansion in the State has fueled discussions as well. As a result, with Atlantic City in financial straits, opponents to casino expansion are concerned that any new competition will hasten the meltdown of Atlantic City casinos. Proposed projects in the North argue that Atlantic City’s fate has been determined. Expansion in the North will not be detrimental since legislation will require subsidizes for Atlantic City. Revenues from the projects will be funneled to Atlantic City as a subsidy.
New Jersey residents will have to wait until the November election to see how this will play out.