The most recent report released by the New Jersey Division of Gaming Enforcement provides information on the financial results of the casinos licensed in Atlantic City for the fourth quarter and entire year of 2023.
The gross operating profit of Atlantic City casino licensees dropped by 3.6% to $148.5 million in the fourth quarter of 2023. But if we limit our analysis to casino hotel licensees alone, we notice a slight 2.6% increase to $142.1 million.
With an almost $48 million gross operating profit for the quarter, Borgata was the highest earner. Interestingly, Bally’s AC saw a huge improvement, going from a $2.2 million deficit in Q4 2022 to a $1.9 million profit in Q4 2023. On the other hand, Resorts Casino had a sharp decrease in earnings, which fell by 157.8% to a $937,00 loss.
Overall Decline in FY 2023
Zooming out to the full-year perspective, gross profit across all licensees dropped by 4.1% to $780.7 million. Even among casino hotel licensees, there was a 1.6% decrease, totaling $744.7 million. Despite these challenges, none of the licensees recorded losses for the entire year, with Borgata leading the pack with $226.1 million in profits.
Bally’s AC experienced an astounding 689% increase in earnings to $11.1 million, whereas Resorts Casino saw the biggest decrease, with profits falling by 54.8% to $9.5 million.
All licensees were able to maintain their operations into 2023 in spite of the decline in profits. Compared to the prior year, the combined income for all casino license holders increased by a modest 0.8% to $3.3 billion.
These numbers are consistent with more general upward trends in New Jersey’s gaming industry, as overall gaming income increased by 10.9% and iGaming revenue increased significantly by 15.7% over the course of 2023.
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