Atlantic City’s casinos and two internet-only entities earned $281.2 million within the third quarter of this yr, a decline of seven.5% from the identical interval a yr in the past, New Jersey playing regulators stated Tuesday.
Figures launched by the state Division of Gaming Enforcement present that whereas the 9 casinos collectively surpassed the extent of profitability they loved within the third quarter of 2019, earlier than the COVID-19 pandemic, that was largely because of the robust efficiency of the 2 latest casinos, and an accounting change by one other one.
Hard Rock posted a gross working revenue of $44.3 million within the third quarter, up lower than 1% from a yr earlier. And the Ocean On line casino Resort had a revenue of $43 million, up greater than 10% from a yr earlier.
Gross working revenue displays earnings earlier than curiosity, taxes, depreciation, and different bills, and is a extensively accepted measure of profitability within the Atlantic Metropolis on line casino business.
“In keeping with the experiences of many resort communities along the New Jersey shore, Atlantic City saw a bit of a cooling off in summer 2023 compared to the pent-up post-pandemic energy seen in 2021 and 2022, said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City casino industry. ”That stated, it did outperform pre-pandemic 2019 for each internet income and gross working revenue, suggesting that this may very well be a part of a cycle of stabilization.”
James Plousis, chairman of the New Jersey On line casino Management Fee, famous that third-quarter gross working revenue was the third-best in Atlantic Metropolis since 2008, regardless of unfavourable results from a cybersecurity subject affecting the mother or father corporations of 4 casinos.
The Borgata reported a revenue of $73.5 million, down 1.7% from a yr in the past. However the gaming enforcement division stated the Borgata just lately modified the way in which it handled some hire bills, shifting them from the class of an working expense to a non-operating expense for accounting functions.
That considerably elevated the quantity of the on line casino’s reported gross working income, the division stated.
The Tropicana had a revenue of $36.7 million, down 11.5%; Harrah’s had a $30 million revenue, down over 13%; Caesars had a $21.1 million revenue, down almost 18%; Golden Nugget had an $11 million revenue, almost 4%; Bally’s had a $7.3 million revenue, down over 32%; and Resorts had a $7.2 million revenue, down almost 43%.
Amongst internet-only entities, Caesars Interactive Leisure NJ had a $5.1 million revenue, down 18%, and Resorts Digital had a revenue of almost $1.6%, down almost 50%.
For the primary 9 months of this yr, the casinos and the web operations earned $632.1 million, down 4.2% from the identical interval a yr earlier.
When it comes to on line casino resort rooms, Arduous Rock had the best occupancy within the third quarter at over 96%; Golden Nugget was lowest at simply over 67%.
The very best common nightly room value was $346.87 at Ocean; the bottom was $147.89 at Resorts.
