Drop in profitability for New Jersey’s Atlantic City casinos

New Jersey’s Atlantic City casinos were less profitable in 2023, according to fresh figures released by the US state’s Division for Gaming Enforcement.

Gross operating profit in the calendar year for the Garden State city’s casinos licensees dropped by 4.1 per cent from 2022 to US$780.7m.

Net revenue for the year reached $3.3bn, a marginal increase of 0.8 per cent from 2022.

The Atlantic City casino licensees’ full-year results were compiled with the help of Q4 showings.

Net revenue in the final quarter increased by 1.3 per cent to $781.9m.

However, feeding into the full-year results trend, gross operating profit declined in Q4 by 3.6 per cent to $148.5m.

The decline in land-based profit comes after New Jersey’s online gaming sector posted record revenue of $5.78bn in 2023.

Igaming revenue for the year reached a record $1.92bn, 15.7 per cent higher than the $1.66bn posted in 2022.