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Casinos set revenue records in 2022
Matthew Fazelpoor//February 16, 2023
The American Gaming Association (AGA) announced Feb. 15 that 2022 was the best year in the casino industry’s history, with commercial gaming revenue reaching a record $60.4 billion.
That figure, which shatters the previous high of $53 billion set in 2021, was punctuated by all-time high quarterly commercial gaming revenue of nearly $16 billion in the fourth quarter of 2022.
“Our industry significantly outpaced expectations in 2022,” said AGA President and CEO Bill Miller. “Simply put, American adults are choosing casino gaming for entertainment in record numbers, benefitting communities, and taking market share from the predatory, illegal marketplace.”
According to the AGA’s Commercial Gaming Revenue Tracker, in-person gaming remains the backbone of the industry with brick-and-mortar casinos and retail sports betting accounting for more than 80% of total gaming revenue nationally, while the combined revenue from mobile sports betting and online casinos made up the remaining nearly one-fifth of the total figure.
The AGA said that each of the three major verticals – casino slots and table games ($47.8 billion), sports betting ($7.5 billion) and iGaming ($5.02 billion) – generated records revenues in 2022.
Sweetening the pot
According to in-person winnings, Atlantic City remains the nation’s second-ranked gambling market – behind Las Vegas – with nearly $2.8 billion in revenue, up 8.5% from 2021. That’s a positive trend as the resort city looks to continue attracting visitors as it emerges from the pandemic and faces increasing regional competition. NJBIZ has extensively chronicled the efforts of Atlantic City to redevelop and diversify its offerings as part of that effort.
Some other notable national numbers from the AGA report include:
- 84 million American adults, or 34% of the adult population, visited a casino in the past year
- sports betting set new records for handle ($93.2 billion) and revenue ($7.5 billion)
- online casino revenue grew 35.2% year-over-year, including 15.9% in New Jersey
Sports betting figures dipped a bit in the Garden State with revenue of $763 million, down 11%, as New Jersey faces increased competition from New York and Pennsylvania.
New Jersey ranks third in the country for sports betting behind New York ($1.37 billion) and Illinois ($795 million).
“Even as we navigate macroeconomic headwinds, I am optimistic about the year ahead,” said Miller. “To carry our momentum into 2023, the AGA remains focused on combatting the illegal market, doubling down on responsibility, and creating favorable policy and regulatory conditions that enable our industry’s sustained success.”
