November 2023 Snapshots
In LIGHT of the data.
Deeper consideration of the gross revenue totals for November 2023 reveals interesting gains, and hints at what could be a new record year-end gross gaming revenue total for Atlantic City’s gaming operators.
Record-setting, single-month internet gaming revenue ($171.6 million), combined with strong performance in the brick-and-mortar sector, delivered year-to-date total gross gaming revenue for Atlantic City’s operators that not only set a new near-term record for the period, but seems well on its way surpassing $5 billion in year-end total gross gaming revenue for the first time since the industry’s peak in 2006.
While promising, these gross gaming revenues can be deceptive. Given the less than impressive performance of net gaming revenue and gross operating profit in the third quarter, the current highs in gross gaming revenue are no assurance of equally record performance for the industry in terms of profitability.
Market forces, including revenue sharing deals with internet gaming partners, will continue to influence how the industry’s gross gaming revenue gains translate to the bottom line for operators. We will need to wait until this spring, when the fourth-quarter, net-revenue numbers are released, to have a full picture of the industry’s performance in 2023.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
November 2023 |
% Change from Prior Year | November 2022 | YTD
November 2023 |
% Change from Prior Year | YTD November 2022 |
|---|---|---|---|---|---|---|
| Total Gaming Win (includes Internet & Sports Wagering) | 418,917 | 7.9% | 388,101 | 4,778,136 | 10.2% | 4,336,396 |
| Sports Wagering Revenue | 32,393 | 18.2% | 27,406 | 419,236 | 64.3% | 255,164 |
| Internet Gaming Win | 171,591 | 17.4% | 146,159 | 1,743,434 | 15.4% | 1,511,240 |
| Casino Gaming Win | 214,932 | 0.2% | 214,535 | 2,615,467 | 1.8% | 2,569,992 |
| Quarterly Revenue (Industry, $ In Thousands)** | Q3 2023 | % Change from Prior Year | Q3 2022 | YTD September 30, 2023 | % Change from Prior Year | YTD September 30, 2022 |
|---|---|---|---|---|---|---|
| Casino | 433,501 | -7.6% | 469,191 | 1,272,122 | -7.3% | 1,372,068 |
| Rooms | 263,111 | 0.5% | 261,869 | 582,394 | 5.1% | 554,210 |
| Food & Beverage | 169,137 | 5.3% | 160,595 | 439,242 | 10.9% | 396,066 |
| Entertainment & Other | 106,032 | 19.8% | 88,486 | 253,621 | 20.9% | 209,760 |
| Casino Licensees Total Revenue | 971,781 | -0.9% | 980,141 | 2,547,378 | 0.6% | 2,532,104 |
| Gross Operating Profit (GOP) | 281,213 | -7.5% | 304,070 | 632,127 | -4.2% | 660,140 |
** Data agregated from New Jersey Division of Gaming Enforcement Quarterly Financial Reports for individual properties, includes amended totals as of August 22, 2023. May not match totals from Quarterly Press Releases and Statistical Summaries, which represent a 'snapshot' of data at the time of publication and are not retroactively updated.
Atlantic City Hotel Lodging
Source: N.J. Division of Gaming Enforcement
| Casino Hotel Lodging Statistics For the Period Ended September 30, 2023 & 2022 |
Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 |
|---|---|---|---|---|
| Occupancy percentage | 85.6% | 86.7% | 75.2% | 76.2% |
| Average Daily Room Rate (ADR) | $217.74 | $216.55 | $185.61 | $184.71 |
| Revenue Per Available Room (RevPAR)* | $186.38 | $187.75 | $139.58 | $140.75 |
* RevPAR= ADR X Occupancy Percentage
Atlantic City Casino Operator Taxes & Fees
Source: N.J. Division of Gaming Enforcement
Total Paid Taxes & Fees |
211,573 | 178,606 | 18.46% | |||
|---|---|---|---|---|---|---|
Taxes & Fees($ in Thousands) |
Q3 2023 | Q3 2022 | % Change | |||
|
Casino Gaming Gross Revenue Tax |
51,364 | 53,579 | -4.3% | |||
|
Internet Gaming Gross Revenue Tax |
70,998 | 60,505 | 17.34% | |||
|
Sports Wagering - Retail Gross Revenue Tax (includes racetracks) |
763 | 301 | 153.49% | |||
|
Sports Wagering - Internet Gross Revenue Tax (includes racetracks) |
33,546 | 10,959 | 206.10% | |||
| Investment Alternative Tax/CRDA Obligations | 22,043 | 20,392 | 8.10% | |||
| 1.25% Additional Tax | 2,131 | 1,113 | 91.46% | |||
| 1.25% EDT | 1,223 | 1,492 | -18.03% | |||
| Luxury Tax | 15,724 | 16,055 | -2.06% | |||
| Tourism Promotion Fee | 2,559 | 2,599 | -1.54% | |||
| Hotel Room Fee | 3,625 | 3,628 | -0.08% | |||
| Hotel Room Surcharge | 2,418 | 2,414 | 0.17% | |||
| Parking Fees | 5,179 | 5,569 | -7.00% | |||
Atlantic City Casino Operator Spending
Source: Casino Association of New Jersey - Member Reported
| Total | 183,102 | 183,251 | -0.08% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County, $ in Thousands) |
Q2 2023 | Q2 2022 | % | ||
| Atlantic | 129,091 | 140,881 | -8.37% | ||
| Bergen | 3,808 | 2,582 | 47.47% | ||
| Burlington | 5,057 | 4,238 | 19.30% | ||
| Camden | 6,243 | 5,336 | 16.98% | ||
| Cape May | 2,834 | 2,151 | 31.76% | ||
| Cumberland | 6,628 | 5,483 | 20.88% | ||
| Essex | 5,005 | 7,537 | -33.59% | ||
| Gloucester | 2,269 | 2,456 | -7.60% | ||
| Hudson | 800 | 669 | 19.60% | ||
| Hunterdon | 32 | 45 | -29.03% | ||
| Mercer | 678 | 8,582 | -92.10% | ||
| Middlesex | 3,422 | 3,337 | 2.55% | ||
| Monmouth | 3,195 | 2,894 | 10.39% | ||
| Morris | 1,285 | 1,017 | 26.36% | ||
| Ocean | 1,413 | 532 | 165.62% | ||
| Passaic | 777 | 871 | -10.79% | ||
| Salem | 81 | 12 | 580.82% | ||
| Somerset | 2,132 | 2,370 | -10.07% | ||
| Sussex | 10 | 8 | 27.92% | ||
| Union | 7,258 | 7,325 | -0.92% | ||
| Warren | 1 | 1 | 94.30% | ||
Other Spending($ in Thousands) |
Q2 2023 | Q2 2022 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | 82,333 | 109,136 | -25% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | 29,126 | 28,946 | 1% | |||
| CRDA Special Improvement District | 314 | 249 | 26% | |||
| Municipal/Atlantic City Fees- Water | 1,207 | 1,122 | 8% | |||
| Municipal/Atlantic City Fees- Sewer | 3,963 | 2,322 | 71% | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
1,229 | 392 | 214% | |||
| Charitable Contributions | 333 | 272 | 22% | |||
Total Spending |
301,606 | 325,689 | -7% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | October 2023 |
Change from Prior Year |
October 2022 |
YTD October 2023 |
Change from Prior Year |
YTD October 2022 |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,352,586 | -4.7% | 1,418,479 | 15,190,508 | 3.1% | 14,734,112 |
| AC Airport | ||||||
| Scheduled Service Passengers | 67,212 | 11.5% | 60,300 | 645,765 | -10.1% | 718,367 |
| Charter Passengers | 10,719 | -11.7% | 12,132 | 114,985 | 12.4% | 102,328 |
| Total Air Passengers | 77,931 | 7.6% | 72,432 | 760,750 | -7.3% | 820,695 |
Atlantic City Meetings and Conventions Data
Source: VistAC
| November '23 | November '22 | % Change from Prior Year |
TOTAL 2023 YTD |
TOTAL 2022 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings* | ||||||
| # of Shows | 7 | 8 | -13% | 77 | 79 | -2% |
| # of Room Nights | 11,724 | 11,896 | -1% | 107,212 | 119,665 | -10% |
| # of Delegates | 33,766 | 30,251 | 12% | 463,798 | 432,870 | 7% |
| Delegate Spending+ | $12,945,912 | $11,992,071 | 8% | $115,816,268 | $110,329,060 | 5% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 3 | 5 | -40% | 35 | 38 | -8% |
| # of Attendees | 21,766 | 28,108 | -23% | 176,997 | 175,211 | 1% |
| Hotel Bookings | ||||||
| # of Shows | 3 | 12 | -75% | 112 | 146 | -23% |
| # of Room Nights | 1,702 | 5,862 | -71% | 83,986 | 115,709 | -27% |
| # of Attendees** | 1,200 | 5,105 | -76% | 114,796 | 174,164 | -34% |
| Delegate Spending | $953,925 | $6,846,303 | -86% | $53,210,036 | $74,969,817 | -295 |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 13 | 25 | -48% | 224 | 263 | |
| # of Room Nights | 13,426 | 17,758 | -24% | 191,198 | 235,374 | -19% |
| # of Attendees | 56,732 | 63,464 | -11% | 755,591 | 782,245 | -3% |
| Delegate Spending | $15,939,091 | $18,838,374 | -15% | $171,065,558 | $185,298,877 | -8% |
*Includes Visit Atlantic City events booked at Boardwalk Hall
**January 2023 vs January 2022 Hotel Attendee variance is due to an event moved from hotel venue in 2022 to Boardwalk Hall* in 2023
+May 2022 Convention Center delegate spending updated due to an error in calculation formula
Atlantic City Information
1,000 public safety cameras to be installed - As reported by The Press of Atlantic City, the city has begun installing a $5 million public safety camera network. The network will incorporate artificial intelligence for the use of city police, helping them "to perform advanced searches on recorded camera footage to solve crime.” All city neighborhoods will receive cameras and crime data will be used to determine exact locations. The cameras, which will be installed over the next 18 months, will all be obvious and not hidden - people will know when they are in an area under surveillance.
Atlantic City Housing Authority approved to begin administrative process for demolition of Stanley Holmes Village - As reported by The Press of Atlantic City, the Atlantic City Housing Authority Board voted to approve a resolution that would allow the authority to begin a Section 18 demolition and disposition application for the 420-unit complex.
Bulkhead ordinance passes Atlantic City City Council, revision to ordinance banning sleeping on public property introduced - As reported by The Press of Atlantic City, at a November 21 meeting members of the City Council voted to pass an ordinance requiring owners of vacant bayfront lots without bulkheads to build them and imposing a lien on properties that fail to do so. The bulkhead ordinance is expected to help mitigate flooding in the Lower Chelsea neighborhood where the effectiveness of bulkheads built on public land is undermined by the lack of bulkheads on nearby vacant lots. Oposition to the ordinance warned that water will still get into neighborhoods through damaged or inadequate bulkheads on private property, and proposed an alternate approach requiring all bayfront landowners to construct bulkheads that meet current standards within three to five years. The council also introduced an ammendement to an ordinance banning sleeping on public property adding "on the surface of the boardwalk" to the list of public spaces where sleeping is banned. The amended ordinance also specifically targets tents and other temporary structures erected or located on public property without a permit. The amendment will have a public hearing and second vote in December.
Mobile food market comes to Atlantic City - As reported by The Press of Atlantic City, AtlantiCare with support from the New Jersey Economic Development Authority to introduce The Community Mobile Market. The market, intended to address the city's status as a 'food desert' will be open from 2 to 4 p.m. Wednesdays at the Healthplex at 1401 Atlantic Ave.. The city has not had a full scale supermarket in 16 years and recent efforts to bring one to the city have failed.
Ørsted building in Bungalow Park neighborhood to be completed despite change in plans - As reported by The Press of Atlantic City, Ørsted North America has told Bungalow Park residents it will finish construction on a building intended to become its operations and maintenance center despite canceling plans for two offshore wind farms. Next steps for the building had yet to be announced as of November 6.
Sean Pattwell to leave Casino Reinvestment Development Authority (CRDA) - As reported by The Press of Atlantic City, and Casino.org, Executive Director of the CRDA, Sean Pattwell is expected to step down from his position after less than two years in the role. The timing of Mr. Pattwell's departure and the announcement of his replacement was unknown as of November 23.
New Jersey Gaming News
Hard Rock Atlantic City opens new high-limit slots area - As reported by The Press of Atlantic City, Hard Rock Hotel & Casino Atlantic City has opened a new high-limit slots area featuring 72 new machines, four semi-private gaming rooms 20 large televisions and personalized customer service.
Hard Rock Atlantic City 'Pinktober' campaign raises over $164,000 for American Cancer Society - According to a company press release, Hard Rock's annual Pinktober initiative raised over $164,000 ranking the resort nationally as the No.1 fundraising team by the American Cancer Society.
Hearing on casino smoking ban exemption scheduled for November 30 - As reported by The Press of Atlantic City The State Senate Health, Human Services and Senior Citizens Committee has scheduled a hearing on November 30 to consider Senate Bill S264 which would eliminate the the smoking ban exemption for casinos. New Jersey banned indoor smoking in 2006 while allowing it to continue on 25% of each casino's gaming floor.
Resorts Casino Hotel damaged by Boardwalk fire, no injuries - According to The Press of Atlantic City and a Resorts Casino Hotel press release, no one was injured in a two-alarm fire on November 15 that damaged the Boardwalk and the marquee outside of the resort. The fire was reported at 3:48 p.m., it was deemed under control by about 4:30 p.m and fire crews stayed on the scene until after 6 p.m. While patrons were evacuated from nearby storefronts, the property remained open as firefighters swiftly responded to the fire. A cause for the fire was still being investigated as of November 16. The cost of damage to the marquee was innitially estimated at 'hundreds of thousands' of dollars.
Former Resorts Atlantic City executive, Steve Norton dead at 89 - As reported by The Associated Press, gambling pioneer Steve Norton, who ran first US casino outside Nevada died on November 12 at the age of 89. He is remembered for his over 50 years experience in the casino industry, involvement in the creation of the industry’s national trade association and work addressing gambling addiction.
Stockton Atlantic City Summer Experience: Live-Work-Learn
National Gaming News
New York considers change to zoning laws benefiting casinos -As reported by Casino.org, mayor of New York, Eric Adams, has proposed changes to existing city zoning laws which would allow the construction of gaming facilities in certain commercial and manufacturing districts without restrictions on their size. Supporters hope the changes will streamline the bidding process as operators continue to vie for three possible downstate casino licenses. Winning bids are expected to be announced in 2024, but may be drawn out to 2025.
ESPN Bet launches in 17 states, collaboration with University of Nevada, Las Vegas (UNLV) International Gaming Institute (IGI) announced - As reported by Casino.org, on November 14, ESPN launched its sports betting app, ESPN Bet, in 17 states. The sports media company also announced a collaboration with UNLV's International Gaming Institute including a $200,000 donation to the program to "further advance responsible sports betting best practices and fund an analysis of the media’s impact on problem gambling."
Florida sports betting will continue during legal challenge - As reported by Casino.org, a Florida Supreme Court judge has denied a request to suspend sports betting in the state while pari-mutuel operators West Flagler Associates and Bonita-Fort Myers Corp continue to challenge a 2021 tribal gaming compact that granted the Seminole Tribe a monopoly on sports betting in the state. In October the U.S. Supreme Court declined to block the tribal gaming compact from going into effect allowing the Seminole Tribe, owner of the Hard Rock Casino brand, to launch mobile sports betting throughout the state after a two-year hiatus.
Las Vegas casino properties reach new labor agreements - As reported by Casino.org, Wynn Resorts, MGM Resorts and Caesars entertainment reached new labor agreements with the Culinary Union averting a threatened strike. Five thousand workers will be governed by the new agreements which will lead to a 10% salary increase for hospitality workers in the first year and a cumulative 32% salary increase over the five year term of the agreements.
Pennsylvania legislature advances bill to ban casino smoking - As reported by Casino.org, the Pennsylvania House Health Committee voted on November 15 to advance a bill (HB1657) that would amend the Pennsylvania Clean Indoor Air Act to eliminate an exemption for casinos. The law passed in 2008 permitted licenced gaming facilities to designate up to half their gaming floor for indoor tobacco smoking.
Third quarter 2023 national commercial gaming revenue best on record - According to a press release from the American Gaming Association (AGA), the U.S. commercial gaming industry generated a record $16.7 billion in third quarter 2023 and, despite early indicators of a slowdown in the fourth quarter, is on track to to hit its third straight record year pacing 9.9% ahead of 2022 as of September. Both land-based casino and iGaming generated all-time quarterly records, but the rate of growth slowed in comparison to prior years.
Hospitality & Tourism News
Atlantic City Tinseltown Holiday Experience returns for 2023 - According to an announcement from the Casino Reinvestment Development Authority, Atlantic City will celebrate the season with a series of events and entertainment deginning with a December 1 tree lighting.
Las Vegas Grand Prix - As reported by Reuters, The Associated Press, NBC News, Casino.org, Nevada Public Radio, and Las Vegas Review Journal the Las Vegas strip hosted its first Formula 1 race November 16-18. The event, and months long preparations for it, have received mixed press and vocal complaints from local workers and businesses. Event organizers appologized for the disruptions and claimed that the race would generate $1.7 billion in local economic stimulous in the first year of the 10-year contract between Formula 1 and Las Vegas. What the actual impact has been is unclear, but the race itself was expected to set Formula 1 and motor sports wagering records.
Oakland Athletics (A's) baseball team to become the fourth professional sports team in Las Vegas - As reported by Casino.org, MLB's A's will join the NHL’s Vegas Golden Knights, WNBA’s Las Vegas Aces’ and the NFL's Raiders’ in Las Vegas. A new 30 thousand seat stadium is expected to be built on a 35-acre site previously owned by Bally’s and Gaming & Leisure Properties and presently home to the Tropicana, the Strip’s third-oldest continually operating casino resort. The casino resort, which opened in 1957, will be demolished to make way for the stadium which is expected to open in time for the 2028 season.
LIGHT Snapshots is a publication of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, Stockton University School of Business
Jane Bokunewicz, Ph. D., Faculty Director and Associate Professor of Hospitality
