In a surprising turn of events, New Jersey’s gaming revenue saw a substantial increase of 8.3% for the month of May 2024, according to the latest data released by the state’s Division of Gaming Enforcement. This surge in revenue comes as a welcome relief for the industry, which has been struggling to regain momentum since the onset of the COVID-19 pandemic.
The increase in gaming revenue can be largely attributed to the resurgence of in-person gambling activities as pandemic restrictions continue to ease. Land-based casinos in Atlantic City reported a 10% increase in revenue compared to the previous month, with total gross gaming revenue reaching $249.1 million. This marks a significant improvement from the same period last year, when casinos were operating under strict capacity limits and safety protocols.
Online gaming also played a significant role in driving up overall revenue, with internet gaming revenue increasing by 5.7% to $129.6 million for the month of May. This growth in online gaming can be partially attributed to the continued popularity of mobile sports betting, which has seen a steady increase in revenue since its legalization in the state.
The positive revenue figures for May are a promising sign for the gaming industry in New Jersey, as it signals a gradual return to pre-pandemic levels of activity. With more tourists returning to Atlantic City and a growing number of online gaming enthusiasts, the outlook for the industry looks bright in the coming months.
Industry experts attribute the increase in gaming revenue to several factors, including the relaxation of COVID-19 restrictions, the growing popularity of online gaming, and an overall increase in consumer confidence. As more people feel comfortable visiting casinos and participating in online gaming activities, the industry is expected to continue its upward trajectory in the months ahead.
Overall, the 8.3% increase in gaming revenue for May 2024 is a positive sign for New Jersey’s gaming industry, and a clear indication that the state’s casinos are on the path to recovery. With a growing number of tourists flocking to Atlantic City and a strong online gaming market, the future looks bright for the state’s gaming industry.