How Much Do Casinos Win on a Square Foot Basis?

The Short Take:

  • We took a look at each Atlantic City casinos’ total wins per square foot for September 2018
  • Borgata, arguably the city’s top casino, rang up the most wins per square foot in September with $439.34 per square foot
  • Surprisingly, the city’s smallest casino, the Golden Nugget, came in second with $242.55 wins per square foot
  • The casino with the smallest win per square foot was Bally’s, clocking just $131.42 per square foot.

While they don’t rival some of the largest Vegas casinos, Atlantic City casinos are massive.  When you walk in all you can see are rows of slots and clusters of table game pits.  The casino floor seems to go on forever.

Retail stores like Macy’s and the Home Depot report a statistic: sales per square foot, but casinos do not report a similar measure.  So, we decided to calculate the total casino wins per square foot.  The math is pretty simple.  Take the reported total casino wins and divide that by the size of the casino.  Both of these numbers are reported by the Atlantic City casinos to the New Jersey government.

First, let’s look at the size of each AC casino.  Harrah’s is the largest casino in terms of casino square footage, coming in at 156,284 square feet.  Borgata comes in second with 136,771 square feet.  Five casinos make up the middle of the pack in terms of square footage: Ocean Resort, Tropicana, Bally’s, Hard Rock and Caesars.  These five casinos are all in the 115,000 – 130,000 square foot range. The two smallest casinos in the Atlantic City market are Resorts at 82,877 square feet and the Golden Nugget at 78,464 square feet.

Here’s a look at the nine current Atlantic City casinos’ total casino floor square footage:

 

Looking at this data another way, Harrah’s controls about 14% of the total casino square footage in the Atlantic City market, followed by Borgata with about 13%.  On the opposite end, Resorts has 8% and the Golden Nugget has 7% of the total AC casino space.

 

Now let’s look at how much each casino wins per square foot.  As we mentioned earlier, we took the total casino wins for the month of September and divided it by the casino square footage.

Borgata blows every other casino away in terms of wins per square foot, with over $439 in wins for every foot of casino space.  The next closest is the smallest casino in town – the Golden Nugget.  While the Nugget’s win per square foot of $242 is just a bit more than half that of Borgata’s, it still beats seven other casinos.

Tropicana and Caesars are next on the list, and the only other two casinos above the $200 mark.  Resorts and Harrah’s are both in the mid-$180’s per square foot.  As expected, if you read our earlier article on total casino win rates for the Atlantic City casinos, Bally’s is dead last on the list, and by a lot.  It’s total win per square foot is only 131.41, or less than 30% of the Borgata’s.

 

While this information may not be particularly actionable for either gamblers or investors, it is still really interesting to see the disparity of the win per square foot between some of the casinos in AC.  The smallest casino, the Golden Nugget, came in second for wins per square foot and the largest, Harrah’s was second to last.  The Nugget is definitely making great use of every foot of its casino floor.

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