N.J. gamblers lost $9.5M online in January
The news isn't good for New Jersey since gamblers lost $9.5 million playing poker, slots, and other casino games online in January. That number was up from even December when close to $7.5 was lost accumulatively by the state as a whole. Keep in mind that December was the very first month of legal Internet gambling in the state.
Caesars Interactive Entertainment Inc., with three online brands in New Jersey accounted for half of the December -January increase in losses. Spokesman for Caesars Interactive said that their promotions were well thought out and liked and even with the results they are still encouraged. Borgata and its online partner, Partypoker, are holding well at the top of the game with $3.89 million in winnings from gamblers, for a 41 percent market share. In December, Borgata's market share was 45 percent. Brick and mortar casinos in Atlantic City won $186.29 million from gamblers in January, down 9.2 percent from last year. Atlantic Club was not included as they closed January 12 due to declining revenue.
The New Jersey Casino Control Commission found Chatham Revel Voteco L.L.C., the company that owns the biggest equity stake in the financially struggling Revel Casino Hotel, "qualified" to hold equity interests in Revel's holding company. This basically means that they were found suitable to hold a casino license, even though Revel's license is actually held by a separate legal entity, Revel Entertainment Group L.L.C.