Atlantic City Casinos Report Revenue Slide in October, But Retail Losses Offset Online

Last month, the 9 casinos in Atlantic Ocean City won 7% fewer dollars on their brick-and-mortar gaming floors than they did inwards Oct 2021.

Land-based gross gaming revenue (GGR) in October 2022 totaled roughly $220.6 million. That’s cut down 7.1%, or nearly $17 million, from the same month finally year. Retail slots kept $166.2 trillion of the coin-in, a 7.3% year-over-year decline, while table games won most $54.4 one thousand thousand — cut down 6.6%.

Though in-person child's play waned, online players lost to a greater extent inwards Oct 2022 than they did during the previous October. GGR from cyberspace slots and tabularise games, positive interactive salamander rake, totaled $147.1 million.

The nearly 16% iGaming GGR realise managed to countervail the reduced brick-and-mortar business, as easily as a unsatisfying month for oddsmakers. Sports betting revenue wane to a greater extent than 7% to $77.9 million.

In all, New island of Jersey GGR totaled $445.7 million in Oct 2022. That is a 0.7% year-over-year red — or near $3 million.

Woe Casinos

Atlantic City casinos hold been on a public relations take the field stressing the dire conditions cladding the New island of Jersey beachfront gaming town. The IX properties get distressed that they remain struggling inwards the backwash of the pandemic despite media reports relaying that boilersuit gaming inward the Garden State continues to expand.

But much of that revenue — specifically iGaming and online sports betting — doesn’t stay inward Atlantic Ocean City, but instead goes to the casinos’ third-party partners ilk DraftKings and FanDuel. The casinos successfully convinced commonwealth lawmakers before this yr to no more thirster include iGaming and peregrine sportsbook revenue inward their payment-in-lieu-of-tax (PILOT) dimension revenue enhancement calculation.

The PILOT adjustment, which remains tied upward inward courts after Atlantic Ocean County sued the province o'er the amendment, would bring through the casinos $55 zillion this year solo in property taxes. If the PILOT modification is deemed legal, the casinos could save up as much as $295 jillion through the 2026 expiration of the PILOT program.

The casinos are also fighting against an exertion being led by gaming workers to extinguish indoor smoking. The Casino Association of New Jersey (CANJ) warns that such a regulatory commute could injure yearbook brick-and-mortar gaming by as often as 25%, which would head to thousands of task losses.

Casinos $100M Healthier Than 2019

Atlantic City casinos are adamantine in urging New Jersey lawmakers to defend status quo when it comes to gaming regulations in the nigh future.

Former New Jersey Senate President Stephen Sweeney (D), who championed the PILOT tax gaolbreak for the casinos, backe those claims. He said on his right smart come out that he’s been told that upwards to tetrad Atlantic City casinos would follow inward jeopardy of closure without such holding task savings.

But yet with brick-and-mortar GGR slowing by to a greater extent than 7% inwards October, lowest month’s land-based win of $220.6 1000000 was noneffervescent 9.1% higher than the $202.2 jillion that the same nine casinos won inward pre-pandemic Oct 2019.

However, the casinos say their overheads experience increased greatly amid enter rising prices and luxuriously employee turnover. Still, January through Oct 2022 land-based GGR of roughly $2.35 one thousand million is to a greater extent than $101 zillion in advance of the same 10 months inward 2019.

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