Golden Nugget Sets New Jersey Online Gambling Revenue Record in January

Avatar February 15, 2018 2063 Reads
New Jersey Online Gambling

In the world of New Jersey online gaming, there’s the Golden Nugget, and then there’s everyone else.

For the first time, the Golden Nugget ventured above $7 million for the month of January. That mark that is nearly twice that of its nearest competitor.

January 2018 Online Gaming Revenue Summary

Golden Nugget wasn’t the only record-setter last month. The overall online revenue number for the state also set a new record with nearly $22 million.

Like most of 2017, it was the casino revenue that carried the overall industry to a 16.7% increase year over year.

While casino and the overall revenue numbers are enjoying double-digit growth, it is doing so all on its own. Poker continues to be the black mark on an otherwise impressive story. Frankly, it is more of a drain to the bottom line than it helps.

It seems unimaginable that poker has not exceeded the $2 million mark since early last year. There is still a lot of hope the declining trend will reverse when Pennsylvania launches online poker later this year.

Of course, a combined player pool is not only exciting to the operators because of the potential to boost revenue, but players are anticipating it as well.

New Jersey overall online revenue numbers

  • Casino: $20,011,643 for the month
    (Up 6.33% month over month for a 21.42% increase year over year)
  • Poker: $1,950,696 for the month
    (Up .70% month over month for a -16.60% decrease year over year)
  • Overall: $21,962,339 for the month
    (Up 5.80% month over month for a 16.70% increase year over year)

Online revenue detail by operator

Golden Nugget (Golden Nugget, Betfair, SugarHouse)

It is good to be king. And it doesn’t look like Golden Nugget is going to relinquish its crown anytime soon.

Golden Nugget produced $7,299,815 in January, for an increase of 19.93% compared to December 2017 and it provided a nice bump to their year-over-year average coming in at 52.84%.

Borgata (Borgata, Party, Pala, MGM)

While Borgata has been sitting solidly in the number two position for the last few months, they lost some ground in January. Their numbers came in short for both casino and poker revenue, and it is still barely holding onto the second place.

Their casino revenue of $3.5 million is roughly half that of Golden Nugget. The gap is quite surprising considering it’s stellar land-based casino reputation. And while it’s overall year over year growth percentage is strong at 10.24%, its online poker room continues to be a drain on their bottom line.

Borgata’s revenue numbers

  • Casino: $3,526,844 for the month
    (Down -4.04% month over month for a 14.10% increase year over year)
  • Poker: $626,689 for the month
    (A relatively flat month at -.66% month over month for a -7.41% increase year over year)
  • Overall: $4,153,533 for the month
    (Down -3.55% month over month for a 10.24% increase year over year)

Resorts AC (Resorts, Mohegan Sun, PokerStars NJ)

Resorts which has been hovering near the back of the pack for the last few months found itself with the greatest overall growth percentage (21.44%) in the month of January.

Even though it still trails Borgata in actual revenue, it is sitting in second place, behind Golden Nugget in year over year growth percentage (22.90%).

Resorts is the only operator that posted positive growth in poker at 5.25%, but it is still sporting a yearly deficit of 13.88%.

Resorts’ revenue numbers

  • Casino: $3,070,386 for the month
    (A huge 26.62% month over month for a 38.66% increase year over year)
  • Poker: $816,959 for the month
    (Up 5.25% month over month and -13.88% year over year)
  • Overall: $3,887,345 for the month
    (Up 21.44% month over month for a 22.90% increase year over year)

Caesars (888, Caesars, Harrah’s, WSOP)

Caesars had a dismal month posting the biggest losses in both the casino and poker rooms of any New Jersey operator. It is the only operator to post declining overall numbers compared to last month.

Poker is severely affecting their year over year numbers bringing in $507,048 for a considerable 28.92% decrease in revenue compared to last year.

The bright spot is the New Jersey Poker Classic and WSOP satellites that are currently running on the platform. A successful tournament series can help Caesars rebound when February is in the books.

Caesars’ revenue numbers

  • Casino: $2,845,068 for the month
    (Down -13.01% month over month for a -14.41% decline year over year)
  • Poker: $507,048 for the month
    (Down -4.34% month over month for a -28.92% decrease year over year)
  • Overall: $3,352,116 for the month
    (Down -11.80% month over month for a -16.87 decline year over year)

Tropicana (Tropicana, Virgin)

Tropicana posted the best number percentage wise of those casinos with declining numbers. Its monthly revenue of $3,269,530 is a decrease of -2.79% compared to December’s revenue numbers.

And while their 6.13% year over year revenue growth is solid, it is not a big contributor to the record numbers posted by the industry.

Final Thoughts

Online casino numbers continue to impress while poker revenue continues to disappoint. Poker technically posted an increase in its month over month numbers, but barely.

It struggles to gain consistent traction, which is disappointing, to say the least. There is cautious optimism that poker will post solid revenue numbers for February as the New Jersey Poker Classic at 888poker is in its early days this month and is bringing players to the sites in solid numbers. Additionally, WSOP satellites are making an early entrance onto the scene that may also give poker the boost it needs.

Even so, poker really needs several months of positive numbers to help rectify the dismal performance of late. Even those events may not be enough to show a positive trend going into the summer.

With the online gaming application process open in Pennsylvania and other potential legislation around the country, you can bet New Jersey is being watched.

The big question is whether New Jersey operators can figure out how to plug poker’s leak. Only time will tell.

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