Atlantic City Casinos Experience Nearly 5% Drop in Profits in 2022
Data from the New Jersey Division of Gaming Enforcement indicates that the nine casinos and three internet licensees in Atlantic City suffered a 31.6% decline in operating profit in the fourth quarter of 2022. The gross operating profits for the year totaled nearly $731.3 million, representing a decline of almost 5% from the previous year.
📌 Hard Rock Hotel & Casino Atlantic City, Ocean Casino Resort, and Bally’s Atlantic City see profit increases in 2022
Despite the overall decline, some casinos saw an increase in profits in 2022. Hard Rock Hotel & Casino Atlantic City posted a 19.8% jump in profits, reaching $128 million, while Ocean Casino Resort saw a 5.5% increase, totaling $96 million. Bally’s Atlantic City, while reporting an increase of 85.7% in gross operating profit, still ended up posting a loss of $1.9 million in 2022.
📌 Caesars Entertainment’s Atlantic City casinos see declines in profits in 2022
Caesars Entertainment’s three Atlantic City casinos experienced a decline in profits in 2022, in contrast to some of their competitors. Caesars AC, Harrah’s Resort AC, and Tropicana AC saw drops of 2.7%, 10.1%, and 7.6%, respectively. On the other hand, Caesars Interactive’s annual GOP nearly doubled, increasing from $16.6 million to $32.8 million.
📌 Golden Nugget Online Gaming surrenders operations, distorting year-over-year comparisons
Golden Nugget Online Gaming relinquished its online casino and sports betting operations in May, causing all internet gaming revenue and profits from the license surrender date to be reported by Golden Nugget Atlantic City. This has distorted year-over-year comparisons for both GNOG and GNAC. However, for 2022, GNAC reported operating profits of $30.6 million, while GNOG posted $9.3 million.