Casino Revenue in Atlantic City Exceeded $200 Million in January
The month of January marked 12 consecutive months of gross gaming revenue of more than $200 million, demonstrating how casinos in Atlantic City are putting their COVID issues from 2020 and 2021 behind them.
Nine casinos in the city produced $211.7 million in gross gaming revenue (GGR). At the same time the previous year, there was an increase of 15.3%. Nonetheless, compared to December’s $215.6 million GGR, there has been a decline of -1.8%.
The January income report was made public by the New Jersey Division of Gaming Enforcement on February 16.
Gaming revenue from retail casinos made up 48.4% of the state’s overall gaming revenue, which increased 14.5% year over year to $436.9 million. Sports betting ($72.3 million; +20.2% YoY) and iGaming ($152.9 million; +10.9% YoY) provided the remaining funds.
Although January in AC is typically the weakest month of the year, casinos have already surpassed their projected $2.7 billion in annual earnings for 2022.
While it is far too early to make any predictions, Jane Bokunewicz of Stockton University’s LIGHT noted that continued exceptional performance in land-based GGR could be a sign that operators’ ongoing and recent investment in both the non-gaming and gaming product in Atlantic City is paying off. This would enable the resort to compete successfully in an evermore crowded tri-state gaming industry, as well as amid pressures of inflation and economic worries.
As anticipated, Borgata Hotel Casino & Spa led the state with a GGR of $58.4 million, an increase of 20.6% from $48.4 million in January of the previous year. While GGR from month to month decreased from $60.5 million in December, it was still enough for Borgata to maintain its market share of over 25%.