Atlantic City casino licensees report 4.1% decline in full-year profit for 2023
Full-year revenue did see slight growth.
The New Jersey Division of Gaming Enforcement has announced figures for casino licensees in Atlantic City for the fourth quarter and full year of 2023.
Q423
During the fourth quarter of 2023, Atlantic City casino licensees reported a 3.6% decline in their gross operating profit to $148.5m, though when only looking at casino hotel licensees, total gross operating profit grew by 2.6% to $142.1m.
Of all the licensees, it was Borgata who took home the largest gross operating profit for the quarter at just shy of $48m, though its growth was only 2.3%, with Bally’s AC seeing the largest rise, as it went from a loss of $2.2m in Q42022 to a profit of $1.9m in Q42023.
Resorts Casino suffered a 157.8% decrease in profit for the quarter, recording a loss of $937,000.
Net revenue during the fourth quarter of 2023 for all casino licensees rose by a slight 1.3% to a total of $781.9m.
FY23
Looking at the full-year picture, gross profit was down overall by 4.1% to $780.7m, and even looking at only the casino hotel licensees, there was a decrease of 1.6% to $744.7m.
On an individual basis, only three of the licensees saw an increase in profit, with Bally’s AC by far the largest at 689%, taking its gross operating profit for 2023 to $11.1m.
Resorts Casino saw the largest drop in profit, by 54.8%, to $9.5m.
Despite the negative changes in profit, none of the licensees recorded a loss for the full year of 2023, with Borgata taking in the largest amount at $226.1m.
Looking at revenue, the overall difference between 2022 and 2023 for all casino licensees together was a small increase of 0.8% to $3.3bn.
This comes despite New Jersey reporting total gaming revenue growth of 10.9% for its casinos, racetracks and their partners for the whole of 2023, as well as a 15.7% increase when looking specifically at its iGaming revenue for the year.
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