Refers to a person who drinks alcohol, often heavily or habitually. Can be used neutrally or with a slightly negative connotation depending on context.
Abbreviation of アルコール中毒 (alcoholism); clinical or derogatory, unlike 酒飲み which simply describes a person who drinks.
Etymology
Compound of 酒 (sake, alcohol) and 飲み (drinking), the continuative form of 飲む (to drink). Literally 'alcohol drinking', used as a noun for a person who drinks.