New Jersey casinos and sports betting platforms witnessed a bump in earnings last month.
Financial information released Thursday revealed that casinos, horse tracks and other online partners of gambling outlets earned a gross of $430.6 million from gamblers in May.
The figure suggested a 15% bump from the industry’s earnings from a year before, as per NBC Philadelphia.
Revenue from in-person gamblers fell short compared to figures from May 2019, before the COVID-19 pandemic. The brick-and-mortar casino industry has been struggling to bounce back amid the global health crisis.
The growth could be much bigger since the numbers released did not include earnings from horse races.
In terms of internet-only gambling operations, the industry won $136 million in May, up by nearly 26%. However, casino execs said the figure could be misleading because 70% of winnings are kept by third-party partners.
For Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University studying the Atlantic City gambling industry, the figures are promising since they suggest a continuing pattern of recovery despite the ongoing pandemic.
James Plousis, the chairman of the New Jersey Casino Control Commission, pointed out that the total revenue was the highest for the month of May in over ten years.
“The volume of activity in Atlantic City’s casino hotels has been robust and, coupled with a maturing online gaming business, can be a powerful combination,” Plousis said.
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