Atlantic City Casino Revenue Tops 2019 Levels

Posted on: November 18, 2023, 08:47h. 

Last updated on: November 18, 2023, 08:50h.

Atlantic City casino revenue down the shore last month inside the nine brick-and-mortar gaming venues totaled a little more than $228 million. The retail win represented a 3.4% improvement on October 2022 and continued the industry’s COVID-19 recovery.

Atlantic City casino revenue gross gaming revenue
A slot player in Atlantic City gambles at Hard Rock. Atlantic City casino revenue totaled $228 million in October 2023. (Image: AP)

Compared with October 2019, last month represented a nearly 13% improvement in legacy gaming — defined as in-person gaming. The $228 million includes revenue won by physical slot machines and table games in Atlantic City.

October wasn’t an exception, as 2023 has been good throughout most of the year for the land-based casinos. Through 10 months, gross gaming revenue (GGR) for the nine physical casinos stands at $2.4 billion. That’s a 1.9% improvement on 2022 and 6.5% better than the same 10 months in pre-pandemic 2019.

James Plousis, chair of the New Jersey Casino Control Commission, told that last month was the second-best October in 12 years for the brick-and-mortar properties.

Continued Growth

Last month was also a strong showing for New Jersey’s online casinos and oddsmakers that take bets in-person at the nine casinos and three horse racetracks, plus via the internet through their third-party sportsbook platforms.

iGaming GGR, money won from interactive table games and poker, came in at $166.8 million — a 13.3% year-over-year jump. Oddsmakers won about $92.3 million of the nearly $1.3 billion in bets wagered.

Online casino revenue and sports betting continue to expand in the Garden State. Just four years ago, in October 2019, iGaming win totaled $45.2 million. Oddsmakers won $46.4 million that same month.

All combined, the New Jersey gaming industry generated GGR of $487.13 million in October 2023. The haul represents a 9.3% year-over-year premium and a 66% surge on October 2019.

Atlantic City’s recent investments in the casino hotels and their attractions, together with the strength of New Jersey’s online casinos, are proving to be a winning combination for the gaming industry as well as the economy of the city, the region, and the state,” said Plousis.

New Jersey is on pace to surpass $5 billion in total gaming revenue this year, which would mark just the third time that has happened in state history. Atlantic City won more than $5 billion in both 2005 and 2006 when there were 12 casinos in operation, but no sports betting or iGaming.

Now the Bad

By most data points, the New Jersey and Atlantic City gaming industries are thriving. However, there are some concerning numbers, specifically the fact that six of the nine casinos have won less money on their physical floors this year than they did in 2019.

Only Borgata, Hard Rock, and Ocean, which respectively lead the Atlantic City casino industry, have won more money this year. The rest have experienced gaming reductions.

2023 GGR — 2019 GGR (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
  • Caesars $195 — $224.6
  • Resorts $138.6 — $150.1
  • Bally’s $131.5 — $149.7
  • Golden Nugget $124 — $167.6

Through the first half of 2023, the most recently reported quarterly reports, data from the New Jersey Division of Gaming Enforcement shows that casino profits are down 20% from 2022. However, all nine casinos were in the black.

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