Atlantic City Casino Market Goes Up in 2018
It looks like 2018 was a good year for the casino market of Atlantic City after the figures published by the New Jersey Division of Gaming Enforcement reveal the city’s casinos recorded an annual increase in gross gaming revenues of 9.2%.
According to available data, nine casinos operating in Atlantic City generated aggregated revenue of $2.9 billion in 2018, while a total of $94 million have been generated from sports betting activities since May, when the U.S. Supreme Court overturned PASPA of 1992, effectively legalising sports betting in the United States. Following this decision, the state of New Jersey made sports betting legal in June last year.
Numbers Tell the Whole Story
The numbers reveal the total casino win for these venues during 2018 went up by approximately 4% on a yearly basis to a little over $2.5 billion. At the same time, collective earnings from online gaming increased by 21.6% to around $298.7 million.
The Borgata Hotel Casino and Spa remains the city’s, as well as the state’s, highest-grossing casino, with its annual revenues reaching $771.9 million. This, however, represents a year-on-year drop of 4%, which was to a point neutralised by the MGM Resorts International facility recording $6.3 million from sports betting.
The nearby Tropicana Casino and Resort Atlantic City managed to generate gross gaming revenues of around $380.9 million in 2018, which is a drop of 2.5% when compared to the corresponding twelve-month period of 2017.
The venue owned by Gaming and Leisure Properties Incorporated could have gone much worse, as the final result was significantly improved by takings from sports betting, which stood at $30.4 million, and are the highest land-based winnings in Atlantic City!
Harrah’s Resort Atlantic City from Caesars Entertainment Corporation followed with gross gaming revenues of $332.9 million, which is 8.4% less than in 2017, while the Caesars Atlantic City facility saw its revenues drop 13.5% from 2017 to $281.3 million.
It Seems 2018 Was a Good Year in General
Bally’s Atlantic City is also one of the properties owned by the Las Vegas-headquartered company. This Boardwalk facility generated overall gross gaming revenues of $191.8 million in 2018, a drop of 9.1% from the year before. Its parent company, Caesars Interactive New Jersey recorded a rise in its yearly online gaming win by 5.9% to $45.5 million.
The biggest winner of the year is Golden Nugget Atlantic City, which recorded an increase of 13.7% in annual gross gaming revenues to $327.8 million, while its sports betting vertical took $1.7 million.
The official figures released by the New Jersey Division of Gaming Enforcement this week showed that Resorts Casino Hotel recorded a drop of 3.3% in its annual gaming revenues to $184.2 million. Still, the property managed to improve its results, at least up to a point, through $657,500 in sports betting takings, in addition to $75.7 million generated through its Resort Digital online gaming division.
Last, but not the least, the recently-revealed numbers revealed that Hard Rock Hotel and Casino Atlantic City, which was opened at the end of June, recorded $166.7 million in gross gaming revenues, while Ocean Resort Casino Atlantic City, which was launched on the same day, hit $101.1 million.