Atlantic City Casino Land-Based Revenue Down 4% From November 2019
Posted on: December 16, 2022, 04:13h.
Last updated on: December 16, 2022, 05:36h.
Atlantic City casinos didn’t see as much gaming money in November 2022 as the same nine properties did in pre-pandemic November 2019.
Numbers released today by the New Jersey Division of Gaming Enforcement revealed that brick-and-mortar gross gaming revenue (GGR) totaled about $214.5 million last month. Though that’s 3.7% higher than November 2021, the monthly win represents a 4.2% decline from November 2019 — or $9.4 million.
Retail table games were responsible for the drop. While slots income was steady at $156.6 million, table revenue fell from $67.1 million in November 2019 to $57.8 million last month.
Unlike other states, one notable being Nevada, New Jersey does not break down its monthly table revenue by game. As such, it’s unclear whether the decline is because of a poorer hold rate for the houses, or if fewer felt action was experienced overall.
The land-based losses were more than offset by the continued migration of gamblers online. iGaming, inclusive of interactive slots and tables, plus poker rake, totaled $146.1 million — a 24% year-over-year gain, and 200% higher than what the internet platforms won in November 2019.
State Gaming Continues Growth
Atlantic City casinos had an off month in November due to their table games. But their gaming business has otherwise fared well in 2022.
Through 11 months, brick-and-mortar casino revenue totaled $2.57 billion. During the same period in 2019, Atlantic City’s nine casinos won approximately $2.48 billion — or 3.6% less.
With iGaming and sports betting included, oddsmakers won about $80.4 million last month from their retail and mobile operations. New Jersey GGR totaled $441.1 million in November 2022. That’s a $1.5 million premium from a year ago, and $135.1 million more than in November 2019.
Monthly casino win improved nearly 4% compared to last November and it was the second-highest November figure since 2014. Although monthly casino win lagged in comparison to pre-pandemic November 2019, year-to-date figures show the industry is moving in a positive direction,” James Plousis, chair of the New Jersey Casino Control Commission, told Casino.org.
Year to date, total gaming from all verticals excluding the lottery was upwards of $4.75 billion. That’s $423.4 million more than where the state gaming industry stood at this time last year.
Optimistic Outlook
Atlantic City leaders gathered last week to commemorate the 45th anniversary of the Casino Control Act, which legalized casinos in the beach town. The overall theme of the meeting was that the future is bright for the seaside casino town, despite full-scale casinos coming to the downstate New York region.
Atlantic City will encounter additional competition when the three downstate New York casinos open. But the region remains confident of its ability to continue attracting visitors from North Jersey and Philadelphia despite closer gaming options for those demographics.
It isn’t only those people already invested in Atlantic City who have a sense of optimism. The town is being targeted for several considerable real estate developments.
Two competing entities have proposed multibillion-dollar schemes to redevelop Bader Field. DEEM Enterprises has pitched a $2.7 billion project to redevelop the former airport into a mixed-use residential, recreational, and entertainment complex equipped with “a world-class motor course.”
In a separate Bader Field plan, Bart Blatstein, who owns the non-gaming Showboat Hotel on the Boardwalk, has proposed a $3 billion mixed-use development called “Casa Mar.” The complex would feature 10,000 residential units, 400,000 square feet of retail and office space, green space, and endless canals intersecting the community.
Finally, there could soon be new life for the long-vacant former Atlantic Club. Last month, New York real estate firm Colosseo Development Group announced its intentions to redevelop the former casino into a luxury condominium tower.
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Source: casino.org
