Atlantic City Revenue Slides Further to $220 Million

By Kwame
Published November 24, 2022

October’s takings continue along the downtrend for Atlantic City casinos…

But the fall is commonly quieter, and October falls right in line with estimates. $220.6 million in land-based revenue was the reported total take of the city’s nine properties. This marks the third straight month in decline. The New Jersey Division of Gaming Enforcement has recorded casino wins from both slot and table games dropped $32 million (-12.4%). September and nearly $17 million (-7.1%) year-over-year.

New Jersey’s total gaming revenue for the month was $445.7 million – AC casinos making up $396.8 million of that total. A new monthly record was set with $147.2 million in GGR and sportsbooks took in the remaining $77.9 million.

Numbers are up 10.3% from last year – totaling $2.36 billion, as opposed to $2.14 billion in 2021. 

Atlantic City’s Annual revenue is expected to exceed $2.75 billion

As per the change in season, this month’s takings, although expectedly low, meet roughly the middle of the pack.

Revenue by month:

  • January: $183.6 million
  • February: $212.4 million
  • March: $216.6 million
  • April: $235.3 million
  • May: $233 million
  • June: $229.1 million
  • July: $299 million
  • August: $274 million
  • September: $251.7 million
  • October: $220.6 million

And, of course, the numbers above project over $2.75 billion in GGR for 2022. While that would mean a full 10% increase over 2021, it’s not quite pre-pandemic takings.

Yearly revenue:

  • 2016: $2.6 billion
  • 2017: $2.66 billion
  • 2018: $2.8 billion 
  • 2019: $3.3 billion
  • 2021: $2.5 billion

October Revenue Per Casino

The following includes takings from table games, slots and poker.

CasinoTable GamesPokerSlot MachinesTotal Gaming Win
Bally’s$2,326,016$ –$8,502,223$10,828,239
Caesars$4,644,291$ –$12,911,316$17,555,607
Golden Nugget$2,396,217$ –$9,632,470$12,028,687
Hard Rock$12,545,614$ –$26,412,712$38,958,326
Ocean Casino$7,669,764$ –$20,634,604$28,304,368

Borgata Hotel Casino & Spa is out ahead again with over $62 million. Borgata was also the only casino with increased month-over-month GGR.

Hard Rock Hotel Casino Atlantic City came second with $12.5 million in table games. GGR was competitive with Borgata’s $14.6 million.

Ocean Casino Resort and Harrah’s Resort were the only other two over $20 million in GGR, as Ocean dropped 7.5% from September’s $30.6 million number. Harrah’s revenue plunged nearly 13%, staying just $200K above $20 million.

Compared to last October, Ocean is down 9.4% (from $30.1 million), and Harrah’s is down 17.1% (from $24.4 million). 

All five remaining casinos also took greater than 10% YoY hits:

  • Bally’s: down 13.4% (from $12.5 million)
  • Caesars: down 17.3% (from $21.2 million)
  • Golden Nugget: down 15.8% (from $14.3 million)
  • Resorts: down 11.6% (from $14.6 million)
  • Tropicana: down 18.3% (from $21.3 million)

Thomas Reeg, Caesars CEO, said earlier this year that he sees much brighter days on the horizon than what the industry went through in the recent past.

He added, “… I think the next five years are going to be the greatest investment performance that this sector has ever seen before.”