In February, New Jersey’s casinos and racetracks experienced a surge in revenue as a result of increased activity. This notable rise indicates a potential shift in the state’s gambling industry, which has been struggling to stay afloat in the wake of the coronavirus pandemic.
According to data released by the New Jersey Division of Gaming Enforcement, the nine casinos in the state collectively reported a total of $187.9 million in gross gaming revenue. This is a significant increase of 15.7 percent compared to the same period last year.
The racetracks also saw a promising uptick in revenue. Total gross gaming revenue at the three tracks surged by 33.3 percent to $23.3 million. This is the highest level seen since February 2020, prior to the start of the pandemic.
The rise in revenue has been attributed to the state’s relaxation of indoor capacity restrictions, as well as the introduction of new online gaming options. In addition, the reopening of Atlantic City’s Hard Rock casino in June, and the continued success of online sports betting, have provided a much-needed boost to the industry.
Analysts have noted that the trend is likely to continue as restrictions ease further in the coming months. If this happens, it could be a welcome sign for the state’s struggling gambling industry.