Borgata Posts Quarterly Loss for Online Poker in New Jersey
The Borgata Hotel and Casino in Atlantic City, partnered with bwin.party, has posted a quarterly operating loss of $1.8 million for the period of June 30.
It did, however, reach a “key milestone” by breaking even during the month of July.
The Borgata and bwin.party were widely seen as having gotten off to the strongest start in the newly opened New Jersey online gambling market through aggressive ad campaigns. Ongoing payment processing issues, particularly with a high credit card decline rate, have stymied growth since that time.
The Borgata, which is owned by Boyd Gaming, enjoys a 29% share in the state’s Web gambling market, even greater than the 23% share of its Atlantic City brick and mortar business.
A recent downturn in online gambling could be attributed to the warmer weather, Boyd Gaming suggests.
- Ace King, Gambling911.comSubmitted by Ace King on Fri, 08/01/2014 - 09:01