By
Jane Shaw
Senior Editor Updated: 11/29/2023
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
Casino Revenue in Atlantic City
According to recently released figures, Atlantic City’s casino industry has surpassed pre-pandemic revenue levels. The data that was released appears to suggest increased recovery and growth in the gaming sector in the area.
The data shows that last month’s retail win from the nine brick-and-mortar casinos in Atlantic City reached over $228 million, marking a 3.4 percent increase compared to October 2022. Data also showed a 13 percent rise in in-person gaming compared to October 2019, which was prior to the global pandemic. The figures highlight the industry’s rebound from the COVID-19 downturn, according to officials.
It is claimed that 2023 has been particularly successful for Atlantic City casinos. By October, their gross gaming revenue for the year hit $2.4 billion, outperforming the previous year by 1.9 percent, and surpassing the same period in 2019 by an impressive 6.5 percent.
James Plousis, chair of the New Jersey Casino Control Commission, acknowledged this achievement, noting that the past month was the second-best October for physical casinos in over a decade. He said:
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.
The growth extends beyond traditional gaming venues. New Jersey’s online casinos and sports betting platforms have also experienced significant gains. Interactive table games and poker, collectively known as iGaming GGR, brought in $166.8 million, a 13.3 percent increase year-on-year.
Sports betting revenue in New Jersey was equally impressive, with operators earning approximately $92.3 million from almost $1.3 billion in bets. This trend represents a dramatic increase from October 2019, when iGaming wins were $45.2 million and sports betting revenue stood at $46.4 million.
Overall, the New Jersey gaming industry took in $487.13 million in GGR for October 2023, a 9.3 percent increase from the previous year and a remarkable 66 percent leap from October 2019.
New Jersey is on track to surpass a milestone of $5 billion in total gaming revenue this year, a feat achieved only twice before, in 2005 and 2006. However, the landscape was different then, with 12 operational casinos but no sports betting or iGaming.
Despite these positive trends and forecasts, the industry still faces some challenges. Six out of the nine casinos have reported lower earnings from their physical operations this year compared to 2019. Only Borgata, Hard Rock, and Ocean have seen increased revenues.
Moreover, despite all nine casinos operating profitably and being in the black, overall casino profits for the first half of 2023 are down by 20 percent from 2022, according to the New Jersey Division of Gaming Enforcement.
While there are areas of concern, particularly in terms of casino revenues for some of the area’s operators, the overall forecast suggests that the casino industry in Atlantic City is set for continued growth and success.
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