Atlantic City casino industry reports double-digit profit increase in 3rd quarter
Tuesday 26 de November 2019 / 03:33
⏱ 1 min read
(Atlantic City).- The gaming industry reported a strong third quarter profit increase Friday, with the resort’s nine casinos posting a double-digit rise over last year.
Gross operating profits for the three-month period increased $26.5 million, or 12.5%, compared to the same period in 2018, according to data from the state Division of Gaming Enforcement.
The $239.4 million in gross operating profits — the widely accepted measure of industry profitability — is the strongest reporting period for Atlantic City casinos since the third quarter of 2017.
The third quarter results, which include the months of July, August and September, are the industry’s first opportunity to compare a nine-casino market following the simultaneous openings of Hard Rock Hotel & Casino Atlantic City and Ocean Casino Resort in June 2018.
Net revenue — a figure that reflects casino gaming revenue after promotional allowances plus room, food and beverage, and other ancillary earnings — was also up for the quarter. The city’s nine casinos reported nearly $928.9 million in net revenue, an increase of 2.7% over 2018. It was the sixth consecutive quarter of net revenue growth in Atlantic City.
Casino Control Commission Chairman James T. Plousis said nongaming industry metrics, such as occupied room nights, third-party business sales, luxury tax and parking fees, were all up in summer 2019.
“Positive trends also continued with important tourism indicators,” Plousis said in a statement. “Nongaming amenities continue to create a competitive advantage, and visitors like the diverse dining, entertainment and leisure activities that Atlantic City has to offer.”
Categoría:Casino
Tags: Sin tags
País: United States
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