Atlantic City Casinos Reach 9.2% Annual GGR Growth

New Jersey Division of Gaming Enforcement has publicly posted the official figures that confirm Atlantic City’s yearly income surge compared to 2017.

The city’s casino market had a lot to look forward to once two big resorts, hard Rock and Ocean Casino, began their business in late June last year – despite the latter underperforming and not living up to expectations.

The document that was published on Monday reveals the 9.2% annual rise in aggregated gross gaming revenue for nine casino properties, amounting to slightly over $2.9 billion – with $94 billion raked in from sportsbooks (for most part, launched in June)that proved to be very popular with the visitors.

No Changes at the Top

During the year’s final month, the total gaming revenue was $258.9 million – a massive 25.1% increase from December 2017’s $207 million – out of that, the casino win was $09.1 million, which is a 12.3% jump, year-on-year.

Since both Hard Rock and Ocean began their operations mid-year, it is no wonder that they could not endanger the indisputable champion of AC’s revenue, Borgata Hotel Casino and Spa who is still the city’s most prosperous casino…

…Their total GGR was $771.9 – a small drop of 4% on a yearly level which is explained by MGM Resorts International early sportsbook launch, which collected $6.3 million.

Perhaps surprisingly, Tropicana Casino and Resort had the highest yearly land-based sport betting takings – $30.4 million. The casino’s GGR totaled $380.9 million which is a small 2.5% decline over the last year.

Winners and Losers

Despite the significant overall growth, most casinos marked a drop in yearly revenue…

…Caesars Entertainment’s Bally’s Atlantic City and Harrah’s Resort Atlantic City facilities both reported a rather unexpected decline of 9.1% ($191.8 million) and 8.4% ($332.9 million) respectively. As for Resort Casino Hotel, it too has slumped – by 3.3% year-on-year, which isn’t all that bad, particularly when you take into consideration that it had $657.500 in sportsbook takings and additional $75.7 million via Resorts Digital iGaming project.

Possibly the casino that came out as the biggest winner of the year – Golden Nugget Atlantic City – boasted the 13.7% rise on gaming revenues to $327.8 million ($1.7 million from its sportsbook).

NJDGE’s data has also revealed that Hard Rock Hotel and Casino amassed $166.7 million in gross gaming revenue – a big difference compared to Ocean Resort’s poor outcome of $101.1 million.

Borgata Means Business

Not resting on their proverbial laurels, Borgata Casino – the venue with the highest yearly income in the city – announced a colossal $11 million investment into a brand new sports betting lounge and bar that is due to be opened this summer.

Feeling “immensely proud” of being at the forefront of New Jersey’s sports betting, President and Chief Operating Officer Marcus Glover commented:

“Since Borgata arrived in the Atlantic City market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, with our new concept exemplifying this objective.”

Source:

“DGE Announces December 2018 Total Gaming Revenue Results”, nj.gov, January 14, 2019.