Atlantic City casinos' profits drop with iGaming growth

Atlantic City casinos’ profits drop with iGaming growth

Added: April 10, 2024

Casinos in Atlantic City are losing money as more gamblers choose to play online.

The combined profit for the nine casinos in New Jersey in 2023 was 744.7 million dollars, a 1.6 percent decrease from the previous year. With a 9.4 million dollars profit in 2023 compared to a twenty-one million-dollar profit in 2022, Resorts Casino saw the largest decline in profit. Conversely, Bally’s saw the biggest improvement, turning a 11.1 million-dollar profit in 2023 following a 1.8 million-dollar loss the year before.

Due to rising operational costs and the effects of inflation and price increases, it is possible that fewer customers are visiting casinos and spending as much money there. All nine casinos were profitable in 2023 even with the decline in earnings.

Although a few casinos experienced a rise in earnings, the majority recorded a decline. The largest decliner was Hard Rock, which earned 572.7 million dollars in 2023 compared to 4.3 percent in 2022. With a 16.7 percent increase in revenue to 199.9 million dollars in 2023 over the previous year, Bally’s experienced the largest growth.

The casinos in Atlantic City are concentrating on online gambling, which is growing in popularity in New Jersey, in order to remain profitable. The state’s earnings from online gambling set a new record in January 2024, coming in at 183.3 million dollars. While New Jersey’s total gambling income rose in January, Atlantic City’s land-based casinos saw a decline in earnings.

Nevertheless, those who are dissatisfied with their working conditions are taking aim at the casinos. Due to allegations that they are being exposed to secondhand smoke, which is permitted in casinos despite the health concerns, several employees have filed a complaint against the governor and the health commissioner.

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