Despite numerous upgrades and renovations, land-based casinos in Atlantic City continue to struggle to break free from the grip of the pandemic, unable to achieve success.
This article discusses
- The NJ Casino Industry Experiences an Outstanding Surge
- Land-based casino revenue is experiencing a decline.
- Unusual Decreases Witnessed at the Largest Casinos in Atlantic City
According to the New Jersey Division of Gaming Enforcement, there was a decline in revenue figures compared to April 2022, but a slight increase in year-to-date numbers.
In comparison to April of the previous year, there was a 9.5% growth in revenue when land-based casino earnings were combined with the profits generated from online casinos and sports betting. From January to April 2023, the total revenue collected by casinos and their online counterparts amounted to $1.8 billion, reflecting a remarkable increase of 12.4% compared to the $1.6 billion earned during the same period in 2022.
AC experiences a decline in revenue from land-based casinos.
The preceding data indicates a notable surge in the casino sector within NJ. Yet, when examining the numbers in detail, it becomes evident that land-based casinos are struggling to keep pace.
In April 2023, the revenue generated by land-based casinos reached $231.5 million, indicating a decrease of 1.6% when compared to the $235.3 million earned in April 2022. As of the end of April, the total revenue gathered by casinos for the year amounted to $886.8 million, representing a modest 4.6% increase compared to the $848 million collected during the same period last year.
Declines in Uncommon Occurrence at Atlantic City’s Largest Casinos
In April 2023, out of the total of nine land-based casinos in Atlantic City, only two witnessed a rise in revenue. Ocean Casino Resort achieved a commendable 30.3% increase, reaching $34.2 million. Following closely, Golden Nugget AC experienced a 6.6% increase, amounting to $13.1 million, when compared to the previous year’s figures.
In April 2023, Borgata Hotel Casino and Spa, the market leader, experienced a 5.7% decline, resulting in $58.1 million in revenue. Meanwhile, Hard Rock Hotel and Casino observed a 4.4% decrease, generating $38.8 million.
The three land-based casinos under Caesars Entertainment also experienced a decrease.
- Caesars AC experiences a decrease of 2.7% amounting to $19.7 million.
- The revenue of Harrah’s Resort AC has decreased by 5.7%, amounting to $21.9 million.
- Tropicana AC experienced a decrease of 13%, equivalent to $19.5 million.
It should be noted that the three mentioned casinos are currently undergoing upgrades, leading to temporary closures of certain sections, thereby causing a decline in revenue.
Bally’s AC is also undergoing several upgrades and renovations, and it experienced a 4.3% decline in revenue during April 2023 compared to April 2022, with a total collection of $13.8 million.
In April, Resorts Casino Hotel experienced a decrease of 13.1% in revenue, resulting in a total of $12.4 million.
