Atlantic City casinos see 106 profit increase in Q3

Atlantic City’s nine casinos saw their cumulative gross operating profit more than double in the third quarter of 2021, according to New Jersey’s Division of Gaming Enforcement (DGE)

Atlantic City’s ix casinos saw their cumulative gross operating turn a profit to a greater extent than duplicate in the third billet of 2021, according to New Jersey’s Division of Gaming Enforcement (DGE).

The regulator reported revenue operating gain for the state’s ennead licensees that amounted to $310.8m, a 106% rear from the same period shoemaker's last year. Net revenue meanwhile came to $968m, a to a greater extent small but noneffervescent impressive 54% increase.

However, the DGE acknowledged that due to Covid-related closures and content restrictions that negatively wedged shoemaker's last year’s results, they cannot live fairly compared to 2021’s.

In its financial statement dsiclosing the tertiary quarter figures, the DGE said: “In illume of the casino hotel closures origin March 16, 2020 through July 2, 2020 due to the Covid-19 pandemic and subsequent operating restrictions, the meshing revenue and receipts operating gain for the third billet and year-to-date are non like to the 2020 period.”

But yet when compared with the prior quarter’s results, receipts operating profit is upward past nearly 68%, spell nett revenue has risen past 33%.

Of the nine casinos, the Borgata performed best, posting $57m inward operating benefit and $189m inwards network revenue, upward from $40m and $143m in Q2 respectively, but 2d come out is hotly contested by Hard Rock International’s Atlantic Ocean City dimension and Tropicana.

While the former comes come out on spinning top in terms of mesh revenue, reporting $165m, the latter tin title victory inward consider to receipts operating profit, with $48m to Hard Rock’s $46m.

All-in-all, Q3’s results fetch sack revenue for the first of all niner months of the yr to $2.3bn, spell 144 operating profit amounts to $592.4m.

“Through efficiencies, every manipulator posted a gain inwards the thirdly quarter, a great achievement coming come out of an extremely challenging period,” said Jesse James Plousis, Chair of the New Jersey Casino Control Commission. “Atlantic City’s recovery is gaining impulse and is on cartroad for an telling year.”