In January, Gambling Revenue in Atlantic City Surpassed $200 Million
The casino industry in Atlantic City has had an impressive start to the year 2023, with the total gaming revenue for January surpassing the $200 million mark once again. This marks an increase from January 2022, where the revenue was at $204.4 million, an increase of approximately 2.1% year-on-year.
January represented the 12th month in a row that casino earnings surpass $200 million in Atlantic City, proving that they had moved over their COVID-19 problems from 2020 and 2021.
AC Casinos Brought in $211.7 Million in GGR
The city’s nine casinos brought in $211.7 million in gross gambling revenue (GGR). There was a rise of 15.3% over the same period last year. Nonetheless, there has been a decrease of -1.8% from the $215.6 million GGR in December. On February 16, the NJ DGE released the January revenue report to the general public.
48.4% of the state’s total gaming income, which rose 14.5% year over year to $436.9 million, came from retail casinos. The remaining money came from iGaming ($152.9 million; +10.9% YoY) and sportsbooks ($72.3 million; +20.2% YoY).
When it comes to the specific sectors within the casino industry, slot machine revenue in January 2023 was at $153.6 million, a slight decrease from the $154.9 million generated in January 2022, representing a decline of approximately 0.8%. Table games, on the other hand, generated $50.8 million in revenue in January 2023, up from $49.5 million in January 2022, a rise of approximately 2.6%. The increase in table game revenue can be attributed to the popularity of games such as blackjack and baccarat.
Gaming establishments have already surpassed their anticipated $2.7 billion in yearly revenues for 2022, despite the fact that January is normally the slowest month of the year in AC.
With a GGR of $58.4 million, up 20.6% from $48.4 million in January of the prior year, Borgata Hotel Casino & Spa dominated the state as expected. Although GGR from MtM dropped from $60.5 million in December, it was still enough for Borgata to keep over 25% of the market.
What to Expect from AC Casinos in 2023
Stockton University’s Jane Bokunewicz noted that despite the fact that it is still not the time to make any predictions, the consistent great performance in traditional GGR could be a sign that operators’ recent and ongoing investment in both the gaming and non-gaming product in AC is paying off.
This would provide the resort the edge it needs to remain competitive in the tri-state gaming sector, which is becoming increasingly crowded, as well as in the face of inflationary pressure and broader economic instability.
Overall, while the year-on-year increase in revenue in January 2023 is not as substantial as the surge witnessed between January 2021 and January 2022, the fact that the industry is still going strong despite all the challenges and changes is a testament to its success. The Atlantic City casino industry is likely to continue its growth trajectory, benefiting the local economy by creating job opportunities and generating major tax revenue.
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