Atlantic City Casino Win in 2022 Tops 2019, Inflation Hurts Bottom Lines
Posted on: January 17, 2023, 02:34h.
Last updated on: January 17, 2023, 02:44h.
Atlantic City casinos won more than $2.78 billion off of gamblers at the nine resorts in 2022. That’s a 9% improvement from 2021, and 3.7% higher than what the casinos won in pre-pandemic 2019.
Atlantic City’s land-based casinos won a little more than $2 billion on their slot machines and $741.7 million on their table games. The rest of the retail revenue came through in-person sports betting.
While the nine casinos grew brick-and-mortar play, soaring inflation during 2022 cut into those gains. The 3.7% increase in gross gaming revenue (GGR) from 2019 equates to $99 million. But inflation during the three years surged 14.5%, a dollar in 2019 the equivalent of $1.14 today. Higher costs mean higher overhead for the casinos.
However, the resorts managed to continue growing their iGaming business. Internet GGR totaled $1.66 billion last year — 22% higher than the prior year and 244% richer than in 2019.
Though the casinos share much of their online gaming income with their third-party partners like DraftKings and FanDuel, such a substantial jump in iGaming significantly helped the Atlantic City properties in 2022.
2022 a Record Year
iGaming showed no signs of slowing despite New Jersey long putting the pandemic in its rearview. 2022 didn’t include any pandemic-related restrictions on the casinos.
Online slots and interactive tables won $1.63 billion, with internet poker fees accounting for the remaining iGaming revenue.
When nearly $763 million in income from sportsbooks is included, New Jersey’s gaming industry won more than $5.2 billion in 2022 across all verticals. That’s 10% better than 2021, and the state industry’s all-time best annual mark.
The state’s previous best gaming year was $4.8 billion set in 2007 when 12 casinos were operational in Atlantic City. James Plousis, chair of the New Jersey Casino Control Commission, believes Atlantic City is positioned well for continued success.
Atlantic City’s casino hotels and their employees have been focused on providing exciting amenities and unique in-person experiences to welcome back visitors. Year-end results show these efforts are paying off,” Plousis commented in a statement provided to Casino.org.
“Casino win not only surpassed pre-pandemic levels — it reached its highest figure in nine years,” Plousis continued. “In 2022, Atlantic City demonstrated its strength as a regional destination for discerning gaming and leisure tourists. Reinvestments recently made in the casino hotels have improved competition and will continue to pay dividends not only for the properties and their customers, but also the city, the region, and the state well into the future.”
Borgata Top Casino Again
MGM Resorts operates only one casino in Atlantic City, but its Borgata has long dominated the market. The Marina District property once again led the way in brick-and-mortar play, as the casino won about $724.4 million in retail bets.
Hard Rock was a distant second at $492.3 million. Ocean Casino was third at $356.8 million.
Rounding out the list was Harrah’s ($257.8 million), Tropicana ($248.8 million), Caesars ($235.3 million), Resorts ($167.3 million), Bally’s ($153.9 million), and Golden Nugget ($148.8 million).
Borgata also led the way in iGaming at $496.2 million. Golden Nugget was second at $431.7 million and Resorts third at $393.3 million. Only Caesars ($113.9 million) also won at least $100 million from iGaming in 2022.
As for sports betting, Resorts’ DraftKings Sportsbook topped the market with revenue of $153.3 million. Borgata’s BetMGM was second at $82.9 million.
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Source: casino.org
