Regulators report third-quarter earnings for Atlantic City

The casinos in Atlantic City saw revenue fall in the third quarter of this year compared to the same period last year.

Reduced revenue:

Both casinos and online companies earned $281.2 million, down 7.5% from the third quarter of last year, according to the New Jersey gambling regulator.

Game Enforcement says profit is higher than it was in 2019, before the COVID-19 pandemic forced a mass decline. The main reason behind this is the opening of two new casinos in New Jersey and a change in accounting at one casino.

Jane Bokunewitz, director of Lloyd Levenson Lab at Stockton University, who is particularly interested in Atlantic City casinos, noted. “Based on the experience of many resort communities along the New Jersey coast, Atlantic City saw some cooling in the summer of 2023 compared to the post-pandemic energy seen in 2021 and 2022. In other words, it beat pre-pandemic 2019 in both net revenue and gross operating profit, suggesting this could be part of the stabilisation cycle.”

James Plussis, chairman of the New Jersey Casino Control Board, highlighted the third successful profitable quarter in Atlantic City since 2008, even as the parent company of four casinos was downgraded due to cybersecurity concerns.

Results for specific casinos:

Borgata earned $73.5 million, down 1.7% from 2022. However, the casino changed its rent spending policy, increasing its gross profit.

But the Ocean Casino Resort had a good quarter. Profit was $43 million, up more than 10% from the same period in 2022.

Hard Rock’s revenue fell 1% year-over-year, with the company’s gross operating profit of $44.3 million.

Tropicana Casino earned $36.7 million, a decrease of 11.5% year-over-year. Harrah earned $30 million, a 13% decrease from 2022.

Caesars posted a significant decline of nearly 18% on revenue of $21.1 million, Golden Nuggets fell nearly 4%, with a profit of $11 million.

Bali and Resort saw a big drop. Bali’s revenue fell more than 32% to $7.3 million, while the resort earned $7.2 million, down almost 43% from 2022.

For online entertainment, Caesars Interactive Entertainment NJ earned $5.1 million, down 18% from 2022, while Resorts Digital earned about $1.6 million, down almost 50% from the same quarter last year.

As AP News reported, Atlantic City’s total revenue in the year to October was $632.1 million, a 4.2% decline.

For hotels in the casino, Hard Rock sold most of the rooms. In the third quarter, it had a 96% share, and Golden Nuggets had the least share, just over 67%. 온라인카지노

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