April was another successful month for Atlantic City casinos.
In-person gambling revenue at the nine casinos was slightly lower compared to the previous month but remained slightly ahead of the same period last year. Only two properties saw an increase in April 2023 compared to 2022, while one of the top-performing casinos experienced a rare decline.
The ongoing trend of overall gross revenue growth can be attributed to the recovery of online gambling and sports betting, which have helped compensate for the limitations faced by Atlantic City due to the COVID-19 pandemic.
Here are a few important highlights from the monthly gaming reports.
AIR CONDITIONERS casinos check out year-over-year lower in earnings
Revenue from table games and slot machines in Atlantic City casinos decreased by 1.6% year-over-year, as reported by the New Jersey Division of Gaming Enforcement. In April, the nine casinos generated just under $231.5 million in revenue, compared to $235.5 million in April 2022.
When comparing the market to 2019, a gauge commonly used to assess the pre-and post-COVID AC casino industry, there was a 14.5% increase. However, this comparison is somewhat flawed as two casinos were still in their first four seasons of operation on the AC Boardwalk and had yet to establish themselves fully.
Year-to-date, land-based casino revenue has seen a 4.6% increase, according to the DGE. As of April, the casinos have generated over $886.7 million in revenue, compared to $848 million during the same period last year.
Perhaps among good performers, various rare challenges
So, who were the month’s top performers?
Ocean Casino Resort ($34.2M, +30.3%) and Golden Nugget Atlantic City ($13.1M, +6.6%) were the only two operators to post a year-over-year increase.
Ocean, one of the casinos that opened in June 2018, has firmly established itself in the top tier of the AC casino market. The once left-for-dead casino consistently ranks third in monthly retail revenue.
Borgata Hotel Casino & Spa is the undisputed market leader in AC. In April, the Marina District casino generated $58.1 million, a year-over-year decrease of 5.7%. It was the first month in 2023 in which Borgata did not surpass the previous year.
Another notable decline is that of the market’s apparent No. 2, Hard Rock Hotel & Casino Atlantic City. Since the fall of 2020, Hard Rock has only failed to report a year-over-year increase three times: March 2021, November 2022, and April 2023.
Hard Rock, which was another casino to open in 2018, reported $38.8 million last month. It was a slight decrease of $1.8 million, or 4.4%, from April 2022.
What about more of AC internet casinos?
The middle of the pack in AC is populated by Caesars Entertainment’s three AC casinos. Caesars Atlantic City ($19.7M, -2.7%), Harrah’s Resort Atlantic City ($21.9M, -5.7%), and Tropicana Atlantic City ($19.5M, -13%) are all performing at a similar level to 2022.
Reno-based Caesars Entertainment is in the process of investing over $400 million into the three properties. Some of the stagnant gambling performance may be attributed to customer disruptions due to construction and ongoing renovations at the properties.
Bally’s Atlantic City is also undergoing a multi-million dollar renovation. The monthly gambling revenue from Bally’s remains underwhelming for the iconic casino, but improvement is noticeable. In April, the casino reported $13.8 million, a 4.3% decrease from the previous year’s $14.4 million. For the year, Bally’s increased 1.6% over 2022.
Resorts Casino Hotel, which is turning 45 this summer in celebration of being AC’s first legal gambling establishment, generated $12.4 million last month, a decrease of 13.1% from April 2022’s $14.5 million.
Looking at total wagering revenue inside New Jersey
Full gaming revenue is the sum of land-based casino win (tables, slots, and poker), online gambling, and sports betting.
In April, the total gaming revenue from AC casinos and their digital gambling partners was $420.9 million. Last month’s total was an 8.8% increase over the $386.9 million from last year.
Online gaming revenue increased by 16.1% to $158.9 million. It was the second-highest grossing month for online casinos in the decade it has been legal in New Jersey.
Meanwhile, sports betting went up year-over-year by 109.2%, and the books posted $30.5 million in revenue. When the three licensed racetracks and their online gambling partners are included, New Jersey sports betting generated over $72.3 million in April.
David Danzis is the lead writer for PlayNJ. He is a New Jersey native and an honors graduate of Rutgers University. As a newspaper reporter for the New Jersey Herald and Press of Atlantic City, David received statewide awards for his coverage of politics, government, education, sports, and business. Today, he serves as PlayNJ’s Atlantic City “insider” and an industry expert on casinos, sports betting, and online gambling. David resides in Mays Landing with his wife and two children. When he’s not at the beach, on the golf course, or snowboarding, he enjoys watching his beloved New York sports teams—the Yankees, Jets, Rangers, and Knicks.
