The Atlantic City casino industry continues to be a significant contributor to the city’s economy and remains a popular destination for tourists. The decrease in occupancy rates may have contributed to the decrease in gross operating profit, but the industry’s overall performance is still strong. For the twelve months ending December 31, 2022, the occupancy rate was 73.4%, which was an increase of 5.8% from the previous year. The occupancy rate for the quarter ending December 31, 2022, was 65.8%, down 0.6% from the previous year. Hotel occupancy rates for the industry’s casino hotels were also reported. In contrast, the casino licensees reported a gross operating profit of $731.3 million, which was a decrease of 4.6% compared to the same period last year. For the entire year of 2022, net revenue increased by 9.3% to $3.3 billion in comparison to the same period in 2021.
The licensees’ reports showed that in the 4th quarter of 2022 net revenue reached $771.9 million, while the gross operating profit reached $119.3 million. Gross Operating Profit of Atlantic City Casino Industry Declines in Q4 2022 The gross operating profit, however, showed a decrease of 31.6% for the same quarter. Atlantic City’s casino industry has reported an increase in net revenue of 1% for the fourth quarter of 2022, compared to the same period in the previous year.
