As New Year approaches, optimism abounds in Atlantic City
Atlantic City's nine casinos will officially win more on their brick-and-mortar gaming floors in 2023 when December revenue reports are released next month than they did in 2022, 2021 and pre-pandemic 2019. With new attractions emerging and the economy improving, analysts say there's a lot of optimism focused on New Jersey's casino towns as the new year approaches.
As of November, New Jersey's nine brick-and-mortar casinos had earned just over $2.6 billion in revenue from land-based slot machines and table games. That's up 1.8% from last year, nearly 12% from the same 11 months in 2021, and 5.5% higher from 2019.
Notably, only three casinos — Borgata, Hard Rock and Ocean — made more money from land-based gambling this year than during the same period in 2019. However, the industry as a whole has improved this year. Participate in land-based casino games in addition to record-breaking online betting and sports betting bonuses that the casino shares with interactive partners.
As of November, online casinos’ gross gaming revenue (GGR) was $1.74 billion, with casino bookmakers winning approximately $419.2 million from sports bettors.
Atlantic City Passion 2024
Jane Bokunewicz, director of the Lloyd D. Levenson Institute for Gaming, Hospitality and Tourism (LIGHT) at Stockton University, told The Associated Press in an interview that national and New Jersey Economic conditions are improving. She believes slowing inflation and the recent rally on Wall Street will continue the momentum in Atlantic City in the coming year.
There are several reasons to be optimistic about 2024," Bokunewicz said."With the recent stock market gains and inflation stabilizing, consumer confidence is likely to improve, which could lead to increased spending on travel and entertainment. "
Even as casino profits increased in Atlantic City, nine resorts saw occupancy declines this year. The casino's 15,520 hotel rooms ended Three Quarters at an occupancy rate of 75.2%, down from 76.2% occupancy in the third quarter of 2022. The average nightly price for a casino room this year is $186. Just one dollar more than in 2022.
Ideally, the city's current and future investments will make Atlantic City even more attractive in 2024 and in the years to come. In addition to the $100 million Showboat indoor water park and the opening of Dave & Buster's on Atlantic Avenue, Atlantic City is making safety and infrastructure improvements to make the casino city even more popular.
Information about smoking
The biggest issue facing the Atlantic City gaming industry next year will be as the state considers closing the smoking gap at its nine casinos.
Lawmakers in Trenton appear set to pass a law forcing Atlantic City casinos to become completely smoke-free. But that didn't happen after last month's election. That's because some Republicans have withdrawn support for smoking bans to allow casinos to come up with possible solutions for workers who don't want to be exposed to more second-hand smoke.
Casinos oppose smoking bans on the grounds that smokers will bring business to nearby Philadelphia, where several casinos allow indoor smoking.
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Source: www.casino.org
