Atlantic City Casinos Recovered In November...But Not Really
November's gaming revenue numbers show that Atlantic City casinos are still struggling. The Hard Rock Hotel & Casino Atlantic and Ocean Casino Resort saw double-digit growth in revenue, but the other properties are down 22%. COVID-19 continues to have an adverse impact on the industry.
Online gambling revenue generated $118 million in November in New Jersey. The Atlantic City portion of online sports betting revenue totaled $36.7 million. Those segments are up 140% and 167% from two years ago. Most of the online gambling revenues go to third-party operators.
There is a perception that Atlantic City casinos are doing well. However, the industry's revenue data is not an accurate reflection of the overall economic health. In November, total gaming revenue reported by the nine AC casino licensees was $362.3 million.
The amount of money gambled in November was significantly down except at Hard Rock and Ocean. The total gambling at tables in Atlantic City casinos is also down. Year-to-date, coin-in is down 5.7% and table game drop is 5%.
Atlantic City Casinos have lost money in the last year. The industry is still recovering from COVID-19. Year-to-date, the nine casinos have generated $2.3 billion from land-based gambling. Online gambling revenue is $1.23 billion through November. Sports betting revenue has increased by triple-digit percentages.