According to data released by the New Jersey Division of Gaming Enforcement, Atlantic City’s nine casinos and three internet licensees collectively reported a 31.6% decline in operating profit in the fourth quarter of 2022. However, net revenues increased by 9.3% over 2021, exceeding $3.3 billion in 2022. The hotels’ occupancy rate went up to 73.4% in 2022 from 67.6% in 2021, and the average room rate increased from $172.88 to $177.89. Hard Rock Hotel & Casino Atlantic City was the only casino that posted double-digit percentage uptick in annual profits, with $128 million in 2022, a 19.8% increase from 2021. Other casinos posted varying trends, with Bally’s Atlantic City reporting an 85.7% increase in year-over-year GOP, while the Borgata Hotel Casino & Spa reported a decline of almost 20% from 2021 and more than 33% from 2019. Caesars Entertainment’s three Atlantic City casinos all posted declines in annual GOP in 2022.
Atlantic City Casinos Report Decline in Operating Profits in Q4 2022, Despite Increase in Net Revenues
April 16, 2023