Atlantic City casino profits fell by nearly 10% in the first quarter of 2024.
Thursday 23 de May 2024 / 12:00
⏱ 1 min read
(Atlantic City).- State gambling regulators reported Wednesday that Atlantic City’s casinos experienced an almost 10% drop in collective profits during the first quarter of this year, with only two of the nine casinos being more profitable than they were a year ago.
Atlantic City’s casinos saw their collective profits decline by nearly 10% in the first quarter of this year, and only two of the nine casinos were more profitable than they were a year ago, figures released Wednesday by state gambling regulators show.
The nine casinos posted a collective gross operating profit of $140.4 million in the first three months of 2024, a decline of 9.6% from the same period in 2023.
When internet-only entities are included, the collective profit is $155.4 million, down 8.7% from a year earlier.
Gross operating profit reflects earnings before interest, taxes, depreciation and other charges, and is a widely accepted measure of profitability in the Atlantic City gambling industry.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, cited several factors for the sluggish profits. They include “an increase in the cost of doing business, inflation, and a potential shift in revenue mix to operations like lodging and food and beverage that traditionally have narrower profit margins.”
James Plousis, chairman of the New Jersey Casino Control Commission, raised many of the same points, citing labor contracts signed a few years ago that provided significantly higher wages to casino workers along with the increased cost of goods casinos must purchase.
Categoría:Others
Tags: Sin tags
País: United States
Región: North America
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