Golden Nugget Smashes Revenue Record, Propelling NJ Online Casino Earnings to New Heights

Revenue at NJ online casinos soared to new heights in February, with the state’s five licensees combining for a record-high $21,992,124, a 17.5% year-over-year increase.
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Revenue at NJ online casinos soared to new heights in February, with the state’s five licensees combining for a record-high $21,992,124, a 17.5% year-over-year increase.

Golden Nugget was the main driver of the achievement, smashing its own record for the second month in row with a $7,885,648 haul. The February figures are even more notable when taking into account the shorter 28-day month.

Golden Nugget reigns supreme

Golden Nugget is partnered with both SugarHouse and Betfair casinos, a trio which has become a force to be reckoned with in the state. In January, the licensee shattered its previous record, raking in nearly $7.3 million at slots and table games. Last month, it did it again, topping even that number by over $500,000.

The February total for Golden Nugget constitutes the most revenue earned by any NJ online casino licensee in a single month in the industry’s history.

Promotions a factor

One factor which likely contributed to Golden Nugget’s eye-popping February take is its Half-Million Dollar Race promo, which ran during the month. Players compete to grab a share of the cash by putting in real-money play at qualified games. Those who end up atop the site’s leaderboard walk away with a nice score.

It’s not hard to see how such a promotion could motivate players to spend more time on the site, and thus boost revenue as a result. And with the amount of money that Golden Nugget has been raking in over the past year, giving away half a million dollars doesn’t sting as much as it might for some of its competitors.

Resorts on the rise

Online casino revenue was up 22.2% year-over-year last month, largely in part due to Golden Nugget’s standout performance. But other licensees had a hand in the rise as well. Borgata saw a small Y/Y increase, as did Tropicana/Virgin.

Resorts had an excellent month, beating out its January numbers and earning nearly $1 million more than it did over the same time period last year.

Caesars revenue was down around $200,000 year-on-year, a continuation of a four-month slide.

We predict that the company’s downward trend may reverse in March, however. Partner site 888 recently increased its game selection, while launching a new ad campaign in tandem. The combination could lead to more play, more sign-ups and more revenue.

Here’s a breakdown of online casino revenue for all five licensees:

  • Golden Nugget: $7,885,648
  • Tropicana: $3,346,460
  • Borgata: $3,259,077
  • Resorts: $3,082,420
  • Caesars: $2,645,531

NJPC II a good look for New Jersey online poker

NJ online poker sites, hampered by the fact that only those within the state can play, have been in a freefall for the past year – and last month didn’t change that fact. The state’s three poker licensees combined for a disappointing $1,772,988 in revenue, an 18.3% year-over-year decrease.

Caesars, which hosts both and 888poker, was the lone bright spot in the group. The site took in nearly $40,000 more than it did the previous month, likely due to the running of its successful New Jersey Poker Classic II tournament series.

Poker players flocked to the event, ponying up $1.1 million in total buy-ins, smashing the network’s advertised $800,000 guarantee.

Tournament series like the NJPC II could grow even bigger, and offer even higher guarantees, when the state combines its player pools with iGaming sites in Nevada and Delaware. An agreement to share liquidity was announced last year, but details on progress have been scant. Pennsylvania operators will soon open their own online poker sites as well, and could offer a much-needed boost to the industry.

Total February revenue

Golden Nugget$7,885,648$7,885,648$1,379,988
February totals$1,772,988$20,219,136$21,992,124$3,848,622

Total 2018 revenue

Golden Nugget$15,185,463$15,185,463$2,657,456
2018 Totals$3,723,684$40,230,779$43,954,463$7,692,031
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