Atlantic City Casinos See Increase in Revenue, Surpassing 2019 Levels

In October 2023, revenue from Atlantic City’s nine brick-and-mortar casinos amounted to over $228 million. This represented a 3.4% increase from October 2022, signaling continued recovery from the impact of the COVID-19 pandemic on the industry. Compared to October 2019, there was a nearly 13% improvement in in-person gaming revenue, including gains from physical slot machines and table games.

The overall performance of the land-based casinos in 2023 has been positive, with a gross gaming revenue (GGR) of $2.4 billion over 10 months. This marks a 1.9% increase from 2022 and a 6.5% improvement compared to the same period in 2019, before the pandemic.

James Plousis, chair of the New Jersey Casino Control Commission, noted that October 2023 was the second-best October in 12 years for the brick-and-mortar properties, indicating continued growth in the industry.

In addition to physical casinos, New Jersey’s online casinos and sports betting platforms also performed well, with iGaming GGR seeing a 13.3% year-over-year increase and oddsmakers winning around $92.3 million from nearly $1.3 billion in bets. The state’s gaming industry generated a total GGR of $487.13 million in October 2023, representing a 9.3% year-over-year increase and a 66% surge compared to October 2019.

According to Plousis, recent investments in casino hotels and attractions in Atlantic City, along with the strength of New Jersey’s online casinos, have contributed to the industry’s success and have had a positive impact on the city, region, and state economy.

While the overall performance of the gaming industry has been strong, some concerning numbers have emerged. Six of the nine casinos have seen a reduction in gaming revenue compared to 2019, with only Borgata, Hard Rock, and Ocean experiencing increases in revenue. The first half of 2023 saw a 20% decrease in casino profits compared to 2022, although all nine casinos remained profitable according to data from the New Jersey Division of Gaming Enforcement.

Despite the mixed performance of individual casinos, New Jersey is on track to surpass $5 billion in total gaming revenue for the year, potentially marking only the third time this has occurred in the state’s history.