Atlantic City casinos report best May performance since 2012; land-based GGR surpasses $230M
Atlantic City casinos enjoyed their best May in around a decade, as brick-and-mortar gaming facilities reported gross gaming revenue (GGR) of more than $230 million.
Land-based casinos in Atlantic City generated slightly more than $233 million in GGR last month, the industry’s best figure for the month under review since the year of 2012. Last month’s GGR also represented a gain of more than 9 per cent year-over-year and an improvement of around 4.5 per cent from pre-pandemic level recorded in May of 2019.
James Plousis, Chairperson of the New Jersey Casino Control Commission (NJCCC), noted that May 2022’s GGR marked the land-based casino industry’s strongest performance in the last several years.
However, casino giants Caesars, Golden Nugget, and Harrah’s reported declined brick-&-mortar casino wins as compared with the corresponding month of last year. Luckily, those losses were offset by significant gains made by Borgata and Hard Rock – the two leading players in the region.
MGM Resorts Borgata maintained its market dominance by generating a GGR of $63.4 million, up 30 per cent year-over-year. Hard Rock emerged at a distant second with a GGR of $41.5 million, representing an improvement of around 19 per cent year-over-year.
Ocean Casino generated $25.3 million, while Tropicana, Harrah’s, Caesars, Resorts, Bally’s, and Golden Nugget generated $21.7 million, $21.2 million, 20.3 million, $14.1 million, $12.8 million, and $12.7 million, respectively, in the month under review.
May also proved to be a solid month for iGaming and sports betting. Gaming revenue from online casinos climbed 26 per cent from May 2021 to $136 million. Sportsbook operators reported an additional GGR of $61.6 million, up 16 per cent from May 2021.
When asked for a comment, Plousis said, “Atlantic City’s casino win and total gaming revenue continued to outperform the same period last year as well as pre-pandemic levels. Total gaming revenue was the highest for May in over a decade thanks to growth in casino win, near-record internet gaming win, and an increase in sports wagering revenue.”
When we take all things combined, the gaming industry of New Jersey—the second-richest gaming hub in the United States behind Nevada – won over $430.6 million from gamblers in the month under review. Thus, business seems to be good for Atlantic City casinos, which are trying hard to swing back to pre-pandemic profitability.