The summer tournament season could not come soon enough for the Garden State. Online poker continues to struggle in New Jersey while table game revenue continues to soar.
The New Jersey Division of Gaming Enforcement released iGaming win numbers for April on Wednesday and despite a small dip in revenues since March, the state is still saw an 11.1% increase year-over year.
Golden Nugget and Resorts Post Only Gains in April
Overall revenue for New Jersey iGaming dropped over 3.5% in March to $12.69 million. Caesars took the biggest hit in April, dropping almost 13% to $2.45 million. Tropicana was right behind, losing just over 10% to $2.73 million. Borgata dropped 4.88% in April to dip just under $4 million.
Resorts and Golden Nugget were the only sites to post a gain in April. Golden Nugget jumped 10.38% to $3.3 million and overtook the Trop for the #2 spot in NJ iGaming. Resorts had a solid month, gaining 27.58% to pull in $212,739. While Resorts revenue is less than 1/10% of their nearest competitor, they have posted solid gains each month since opening on February 21.
Industry Up 11% Year-Over-Year
While monthly revenues were down slightly from March, they were still up substantially over April 2014. Current operators pulled in $12.69 million compared to $10.81 million for the same period last year, an increase of 17.3%. If you include the revenues of the now defunct Ultimate Gaming, New Jersey iGaming was up 11.1% year-over-year.
N.J. yet to join multi-state online poker partnership: 90 percent of all online gambling revenue in the country… http://t.co/vdgVcoPFTj— Breaking AC News (@breakingacnews) April 2, 2015
Looking at annual numbers, New Jersey iGaming pulled in $43.07 million through April 2014, compared to $47.83 million through April 2015. This is a solid gain of 11%. Existing operators are up 18.6% year-over-year.
Golden Nugget is the biggest winner in 2015 thanks to adding Betfair.com to their license. They have revenues of $10.19 million this year compared to $2 million through April 2014, an increase of almost 410%. Tropicana is up 76% through April 2015. They have pulled in $10.96 million so far compared to $6.22 million for the same period last year.
Borgata and Caesars continue to struggle in 2015. Caesars is down 19.7% with revenues of $10.55 million compared to $13.13 in 2014. Borgata is down 4.7% with revenues of $15.7 million versus $16.48 million through April of last year.
Online Poker Continues Slide
The combined efforts of Borgata and Caesars resulted in less than $2 million in online poker revenue in April. Caesars had their lowest online poker win ever, pulling in just $858,845. Borgata pulled in $1.12 million. The combined $1.98 million was a 23.4% drop in revenue from last year. Though April, online poker in New Jersey is down 30.7%, falling all the way to $8.55 million.
The summer tournament season should help to stop the slide thanks to a combination of events run on PartyPoker/Borgata Poker and WSOP.com/888. In addition, players will be attempting to win their way into the WSOP Main Event in Nevada, which should also help boost traffic.
Naturally, everyone is looking forward to this fall when PokerStars is supposedly due to receive approval to operate in the state. Most expect them to become the top dog in the state but it should be interesting to see whether their return to the U.S. will result in a rebound in the iPoker industry in New Jersey.