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New Jersey Gaming Revenue Boosted By Sports Betting, New Casinos

Hard Rock brought in $4.17 million in four days of operation, while Ocean generated $3.01 million. Remarkably, total casino win for June grew by $10 million, meaning Hard Rock and Ocean accounted for roughly 72% of that growth. The performance of the city’s existing seven casinos was a decidedly mixed bag, with Borgata and Caesars showing modest gains, Tropicana and Golden Nugget exhibiting larger gains, and Bally’s, Harrah’s, and Resorts all losing ground. Collectively, existing casino revenue was up a scant 1.4%, and one does wonder if the number would be positive at all had the grandiose opening ceremonies at Hard Rock and Ocean not driven tons of foot traffic. At this juncture, it’s still difficult to glean an accurate picture of how the new casinos will impact gaming revenue. On one hand, the threat of cannibalization is very real, with both Hard Rock and Ocean http://casinobingojrw.biznewsselect.com siphoning revenue from existing properties, possibly going so far as to threaten the livelihood of the city’s smaller casinos. On the other hand, the influx of new entertainment http://livebettingghr.pacificpeonies.com options — particularly at Hard Rock, http://livebettingnrf.blogs4funny.com which has already booked a wide variety of acts  — may serve as a tourism driver to Atlantic City, benefitting all properties. Time will tell, with the first indications coming in July, after both properties have been open for a full calendar month. Also telling is the discrepancy between the performance of the two new casinos, with Hard Rock generating nearly 39% more revenue than its new competitor. Small sample size, sure, but given the generally poor early reviews for Ocean (in its defense, many of them were on account of long lines) and Hard Rock’s strong brand recognition, the ocean waves may be crashing into the shoreboard rocks. The big story was clearly the early performance of sports betting, which, according to the Division of Gaming Enforcement, generated $3.46 million, despite only debuting on http://pokeronline8i4.metablogs.net June 14 at Monmouth Park and the Borgata and on June 28 at Ocean Resort.

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