November AC Casino Revenue Report Slightly Down, Remain Over 2022 Numbers

posted by Theodora
January 8, 2024

The November AC casino revenue report highlights both stability and dynamism within the casino scene. It provides a comprehensive view of Atlantic City’s gambling environment, last month, where in-person gambler revenue reached $215 million. There was also a modest 0.2% year-over-year increase. The real story lies in the subtleties within these numbers. Notably, only three casinos—Ocean Casino Resort, Hard Rock, and Bally’s—stood out with improved returns. Amounting to $171.6 million, in November, here are the most important highlight of this month’s casino gains.

November AC Casino Revenue Report Shows Strong Performance Amid Betting Boom

Against the backdrop of a betting boom, the November AC Casino Revenue Report performance stands out. The total gaming revenue, comprising land-based, online, and sports betting, reached almost $419 million. This marks a substantial 7.9% increase from the same period in 2022. NJ online casinos played a crucial role, raking in a record-breaking $171.6 million in revenue. This sets a new benchmark shortly after the October NJ Online Casino revenue which peaked at $166.8 million.

Online gaming’s rise is underscored by the remarkable data in sports betting, drawing in over $1.6 billion in legal wagers. Notably, sports betting revenue associated with AC casinos and their online/mobile collaborators experienced a noteworthy 18.2% year-over-year surge. Overall, it amounted to over $32.4 million. The online landscape is not merely thriving; it is reshaping the narrative of Atlantic City’s gaming fortunes.

2022 Closes with Casinos Exceeding Expectations

The casinos in Atlantic City are experiencing a mixed bag of luck as 2022 comes to an end. The industry leader and mainstay Borgata Hotel Gaming & Spa reported $51.7 million in revenue of casinos for November, a 6.1% decrease from the same month last year. But when the year-to-date results are taken into consideration, Borgata is now 1.1% ahead of 2022.

Let’s see the NJ Casino earnings through a snapshot:

CasinoTotal Gaming WinTable GamesPokerSlot Machines
Borgata$51,671,218$11,513,513$1,355,220$38,802,485
Hard Rock$41,413,678$13,160,320$28,253,358
Ocean Casino$31,425,129$6,848,838$24,576,291
Harrah’s$19,443,782$3,838,285$256,695$15,348,802
Tropicana$17,849,228$4,037,990$138,751$13,672,487
Caesars$17,544,064$4,818,823$12,725,241
Resorts$12,498,840$2,184,895$10,313,945
Bally’s$12,084,045$3,827,588$8,256,457
Golden Nugget$11,002,094$2,090,878$8,911,216
Total$214,932,078$52,321,130$1,750,666$160,860,282

In November, Hard Rock Atlantic City achieved $41.4 million in revenue. This was an exceptional performance, showing a 16.7% increase from the previous year. Additionally, it was 2.8% higher than in 2022. Meanwhile, Ocean Casino Atlantic City reported $31.4 million in revenue for 2023. This represented a 1.4% rise from November 2022. Impressively, it also marked a significant 16.7% gain for the year. Consequently, Ocean Casino remains the city’s largest mover.

In contrast, Caesars Entertainment’s AC casinos faced challenges. Their monthly revenues were below $20 million, thus experiencing year-over-year declines. These declines ranged from 7.7% to nearly 7%. However, there was a bright spot. Bally’s Atlantic City emerged as a beacon of hope. It posted the market’s largest percentage increase at $12 million. This amount represented a remarkable 20.4% year-over-year growth.

Resorts Casino Hotel, the city’s first casino, had an off year. It reported just below $12.5 million in monthly revenue. This was coupled with a 3% year-over-year decrease. Golden Nugget Atlantic City, although the smallest casino hotel, still made an impact. It generated $11 million in November. This reflected a 2.1% year-over-year decrease. This contributed to its annual Atlantic City Casinos revenue of just over $135 million.

Online Revenue to Surpass Atlantic City Casinos in 2024

While Atlantic City casinos experience varying fortunes, the unmistakable rising star in the gambling sector is undeniably online casinos. According to the report, the balance has shifted significantly, with online gambling continuing to increase. Two factors that have led to the rising accustomization and comfort level of internet gambling are the COVID-19 pandemic and the expanding acceptance of online sports betting in New Jersey.

The nine casinos in AC recorded $215 million in total revenue of casinos in November, but the rapidly increasing revenue from internet casinos may soon eclipse this amount. At the end of 2023, the median monthly profit made by online casinos increases by 13.1%. If this pattern continues, online gambling income in the first few months of 2024 would match or even exceed that of AC casinos’ in-person gaming revenue.

Given that Atlantic City is hoping for a rebound in the spring months, it is likely that online casinos will dominate total gaming revenue. The idea that online platforms may surpass their physical equivalents is about to materialize and could completely change the way that gaming is offered in the city.

The November AC casino revenue report tells a tale of resilience, transformation, and impending change. If we are being honest, we are expecting to see online casinos taking a huge advance over their brick-and-mortar counterparts. 

Find an analysis of the company’s revenue trends over the recent months:

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