Atlantic City casino revenue surpasses 2019 levels as gaming industry continues to grow
Atlantic City's oceanfront casinos took in just over $228 million last month at its nine brick-and-mortar casinos. Retail profits rose 3.4% in October 2022, continuing the industry’s recovery from COVID-19.
Traditional gaming (defined as face-to-face gaming) grew nearly 13% last month compared to October 2019. The $228 million includes revenue from land-based slot machines and table games in Atlantic City.
October will be no exception, as most of 2023 will be favorable for land-based casinos. Gross gaming revenue (GGR) for the nine land-based casinos was $2.4 billion during the 10-month period. That's an improvement from 1.9% in 2022 and 6.5% better than the 10 months before the pandemic in 2019.
New Jersey Casino Control Commission Chairman James Plousis said last month was the second-best October for land-based casinos in 12 years.
Continued growth
New Jersey's online casino and gaming operators also had a strong last month, accepting in-person bets at nine casinos and three racetracks on the Internet through third-party sports betting platforms.
iGaming GGR, winnings through interactive table games and poker were $166.8 million, up 13.3% year over year. Oddsmakers won about $92.3 million on nearly $1.3 billion in bets.
Online casino and sports betting revenue continues to grow in the Garden State. Just four years ago, in October 2019, iGaming's profits totaled $45.2 million. Oddsmakers earned $46.4 million that same month.
In October 2023, New Jersey gaming industry GGR was $487.13 million. This gain represented a 9.3% premium to the year-earlier period and a 66% increase from October 2019.
“Atlantic City’s recent investment in casino hotels and its attractions, coupled with the strength of New Jersey’s online casinos, is proving to be a win-win combination for the gaming industry and the city, regional economy and beyond,” Prusis said.
New Jersey is on track to top $5 billion in gross gaming revenue this year for only the third time in state history. Atlantic City twice won more than $5 billion in jackpots in 2005 and 2006, when the city had 12 operating casinos but no sports betting or iGaming.
Now Evil
Most data shows that gaming is booming in New Jersey and Atlantic City. However, there are some concerning numbers, notably that six of the nine casinos won less money on their physical gaming floors this year than in 2019.
Only the Borgata, Hard Rock and Ocean, at the top of Atlantic City's casino industry, have won more this year. The rest had reduced games.
GGR 2023 – GGR 2019 (in millions)
- Borgata $619.2 – $595.5
- Hard Rock $426.1 – $274.6
- Ocean $350.4 – $175.3
- Harrah’s $213.8 – $260.8
- Tropicana $201.7 – $255.7 Caesar $195 – $224.6 Resort $138.6 – $150.1
- Bally $131.5 - $149.7
- Nuggets $124 – $167.6
Casino profits fell 20% in the first half of 2023 compared with 2022, according to the New Jersey Division of Gaming Enforcement. However, all nine casinos were profitable.
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Source: www.casino.org
