In New Jersey and the 2,700-room Borgata Hotel Casino and Spa reportedly set a new statewide monthly net gambling revenues record in July after chalking up combined win of more than $124 million.
According to a Thursday report from the Associated Press news service citing official information from the New Jersey Division of Gaming Enforcement, the giant property operated by MGM Resorts International had also held the previous local monthly net gaming revenues record after chalking up aggregated win of $112 million in September of 2021. The latest all-time high purportedly encompassed in-person casino bets as well as online gambling and sportsbetting wagers although the facility is destined to pocket only about 30% of any proceeds from this latter pair of activities with the rest destined for tax and payments to third-party providers.
Entertainment evolution:
Opened in July of 2003, the Borgata Hotel Casino and Spa reportedly chalked up in-person July win of $76.7 million while its net gaming revenues from online gambling and sportsbetting activities surpassed $47.3 million. This initial figure purportedly equated to a decline of almost 5% on the $80.7 million recorded for the same month in 2019 although its iGaming takings were much higher than the previous period’s $7.2 million tally.
Concerned club:
The Associated Press reported that the Borgata Hotel Casino and Spa was one of five Atlantic City casinos that last month saw their in-person win fall victim to online casino and sportsbetting activities when compared with July of 2019. The news service explained that this comes as a result of the rising popularity of iGaming in the United States following the appearance of the coronavirus pandemic and the ever-growing selection of games being made available to remote punters.
Adjoining analogy:
Doug Harbach from the Pennsylvania Gaming
Control Board reportedly disclosed that the July performance of the Borgata Hotel Casino and Spa was almost twice as high as his state’s all-time top monthly earner, the Hollywood Casino at Penn National Race Course. The regulator purportedly noted that this facility from Penn Entertainment Incorporated set the latest Pennsylvania record in April courtesy of net gaming revenues of $65.5 million and that this figure had similarly encompassed both in-person and iGaming receipts.
Expert estimate:
For her part and Jane Bokunewicz, Institute Coordinator for Stockton University’s Levenson Institute for Gaming, Hospitality and Tourism, reportedly told the news service that the July performance of the Borgata Hotel Casino and Spa served as ‘a positive indicator of the overall strength of the casino industry in Atlantic City’. The analysts moreover purportedly asserted that the comparable fall in in-person receipts had highlighted ‘the importance of the new Internet gaming and sportsbetting products in the property’s overall revenue stream’.
Bokunewicz reportedly stated…
“The diversification of the gambling product in recent years has also contributed to the property’s ability to remain competitive in the local and regional market.”
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