New Jersey’s gambling industry saw an over 14% increase in revenue in the second quarter of the year.
New Jersey’s Gambling Enforcement division published a document reporting the total revenue earned by gambling companies in the second quarter of 2022. Key figures are an over 14% rise in net revenue, now totaling nearly 830 million dollars.
The state’s gaming organizations have managed a strong recovery from last year’s pandemic-related uncertainties. Combined, the players in the market generated a gross profit of over 183 million dollars.
Furthermore, the businesses showed even higher jumps in the figures related to the first half of the year. Net revenue in the period was recorded at 1.5 billion dollars, increasing by just shy of 20%. Gross operating profit grew even further, by almost 21% and is now sitting at 339 million dollars.
Conversely, a handful of casinos didn’t exceed their pre-pandemic Q2 financial statistics. In terms of net revenue, only one operator took a loss, Caesars, and a minute one at that. However, in terms of gross profits, the whole industry’s statistics were carried primarily by Hard Rock, which saw a significant jump of over 45%.
Meanwhile, only two other firms managed to increase their earnings in the quarter, while the other six saw declines of various severity. Despite that, only one casino saw actual losses, Bally’s AC, which lost 3.75 million dollars.
Lastly, the report also mentioned an increased rate of hotel occupancy, as it grew by 7.4% to and is now at 77%.