Atlantic City casino earnings declined by 1.3% in 2Q 2024
Friday 23 de August 2024 / 12:00
2 minutos de lectura
(Atlantic City).- Atlantic City's casinos and two internet-only gambling entities saw their collective earnings decline by 1.3% in the second quarter of 2024 compared with the same period a year earlier, state gambling regulators said Thursday.
Figures released by the New Jersey Division of Gaming Enforcement show the nine casinos and two online operations collectively posted a gross operating profit of $178.4 million in the second quarter.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City gambling industry.
All nine casinos were profitable, although two-thirds of them were less profitable in the second quarter of this year than they were a year earlier.
“Operators everywhere continue to feel pressure from the increased cost of goods and services that they purchase,” said James Plousis, chairman of the New Jersey Casino Control Commission.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, said the results were “less encouraging than Atlantic City’s operators may have hoped.”
She noted that net revenue was up 1.3%, but still did not lead to increased profitability.
The Borgata had the largest operating profit for the quarter at $54.3 million, up 15.5% from a year ago. Hard Rock earned $35.4 million, up 16.3%; Tropicana earned $23 million, down 7.7%; Ocean earned nearly $16 million, down 33.2%; Harrah's earned $15.7 million, down 13%; Caesars earned $14.6 million, down 4.5%; Golden Nugget earned $6.4 million, down nearly 17%; Bally's earned $2.7 million, up more than 49%, and Resorts earned $1.6 million, down nearly 54%.
Among internet-only entities, Caesars Interactive Entertainment NJ earned $6.6 million, down 3.1%, and Resorts Digital earned $1.9 million, up 66.3%.
Over the first half of this year, the casinos and the two online operations have collectively earned $333.7 million, down nearly 5% from the same period in 2023.
Hard Rock had the highest hotel occupancy rate in the second quarter at nearly 92%; Golden Nugget had the lowest at just over 52%.
The Ocean casino had the highest average nightly room rate at $268.47; Golden Nugget had the lowest at $108.14.
Categoría:Gaming
Tags: Sin tags
País: United States
Región: North America
Event
SBC Summit Americas 2025
13 de May 2025
Redefining Innovation: Soft2Bet’s Market-Ready Tech and Experiential Advancements at SBC Summit Americas
(Fort Lauderdale, SoloAzar Exclusive).- In this Q&A, Slobodan Georgijevski, Soft2Bet Senior Sales Manager, highlighted innovation and presence of the firm at recent SBC Summit Americas, and shared a broader industry insight and evolution over the years.
Friday 06 Jun 2025 / 12:00
Belatra Games Unveils 'Cyber Gypsies' and AI-Driven Innovations at SBC Summit Americas 2025
(Fort Lauderdale, SoloAzar Exclusive).- At SBC Summit Americas 2025, Belatra Games took center stage with groundbreaking innovations, introducing its newest slot experience, Cyber Gypsies. Alongside this thrilling launch, it reinforced its commitment to AI, gamification, and player protection, setting a new standard for engaging and responsible gaming. But what makes these innovations stand out, and how is Belatra redefining industry trends? Let’s dive in.
Thursday 05 Jun 2025 / 12:00
Blokotech at SBC Summit Americas: Cutting-Edge Launches and New Features
(Fort Lauderdale, SoloAzar Exclusive).- In an exclusive interview with SoloAzar, Alberto Alfieri, Blokotech Co-Founder & Executive Chairman, discussed the innovations the company presented at SBC Summit Americas 2025 and how they address the industry's evolving needs, among other topics.
Monday 02 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.