Atlantic City’s nine casinos reported their gross operating profit more than doubled in the third quarter of this year in a year-over-year comparison, according to the New Jersey Division of Gaming Enforcement, as the casinos posted a collective gross operating profit of more than $310 million in July, August and September.
Those figures are more than twice the $151 million profit they reported in Q3 of 2020, when they were still operating under capacity restrictions due to the coronavirus pandemic. When compared to the third quarter of 2019, which was still unaffected by the pandemic, the growth was 30%.
Borgata Hotel Casino & Spa had the highest operating profit at $57.2 million ($2.3 million in Q3 2020); Tropicana Atlantic City’s profit was $48 million (18.2 million); Hard Rock Hotel & Casino Atlantic City had a $46 million profit ($21 million last year); Harrah’s Resort Atlantic City had a profit of nearly $44 million (19.3 million); and Ocean Casino Resort saw $37 million ($24 million).
Caesars Atlantic City posted a $27.6 million profit (17.5 million); Resorts Casino Hotel had a $16.1 million profit ($7.7 million) and Golden Nugget Atlantic City saw $14.3 million ($7 million).
Bally’s Atlantic City, on the other hand, posted a $2 million operating profit in Q3, compared with a $13 million profit last year when it was still owned by Caesars Entertainment. The casino is now owned by Rhode Island-based Bally’s Corp.
Among internet-only entities, Golden Nugget Online Gaming had a revenue of just over $9 million, down from $9.4 million a year earlier. Caesars Interactive Entertainment New Jersey saw a profit of nearly $5 million, up from $4.8 million, and Resorts Digital’s profit was $3.8 million, down from $6 million in Q3 2020.
James Plousis, Chair of the New Jersey Casino Control Commission, said the results of this past quarter are not to be compared directly with 2020’s as the circumstances brought about by the pandemic posed a different scenario from this year’s. Instead, he compared them to Q3 of 2019, and found the casinos did nearly 30% better in 2021.
In a statement, Plousis said: “Through efficiencies, every operator posted a profit in the third quarter, a great accomplishment coming out of an extremely challenging period. Atlantic City’s recovery is gaining momentum and is on track for an impressive year. The properties are to be commended for how they handled this challenge, both for their customers and employees, and are now rebounding from it”.
Joe Lupo, Hard Rock’s President, also stated: “We are pleased that the north end of the Atlantic City Boardwalk – ‘North Beach’ – continues to lead the market, with Hard Rock Atlantic City, Ocean Casino Resort and Resorts showing the majority of the increase in comparison to 2019. This positive growth shows the importance of investing in the city, and that working collaboratively together can have a positive impact in our community”.
Original article: https://www.yogonet.com/international/news/2021/11/23/60311-atlantic-city-casino-profits-up-30–from-prepandemic-q3
