Atlantic City casino earnings down slightly in Q2

Atlantic City’s casinos and their online partners saw earnings decline by nearly 1 per cent in the second quarter year-on-year. Net revenue was up 14 per cent.

US.- New Jersey Division of Gaming Enforcement has announced second quarter results. Atlantic City’s casinos and online affiliates posted a gross operating profit of $183.6m in April, May and June of this year, down 0.8 per cent from $185.1m in the same period in 2021 but above 2019 levels.

In terms of net revenue, casino licensees reported $828.8m, a 14.1 per cent increase over the same quarter last year. Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses. Four of the nine Atlantic City casinos posted lower individual profits year-on-year and one, Bally’s, saw an operating loss of $3.7m.

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Borgata posted the largest quarterly operating profit at $42.2m, up 4.6 per cent from a year ago. Hard Rock reported $38m, up 45.9 per cent, and Tropicana $30.3m, up 8.2 per cent.

Harrah’s reported $21.3m, down 14 per cent, Ocean $15.5m, down 8.1 per cent, Caesars $14.1m, down 23.6 per cent, Golden Nugget $9.1m, down 14.7 per cent and Resorts $6.2m, down 15.1 per cent year-on-year.

For the first six months of 2022, net revenue was $1.5bn, an increase of 19.9 per cent from the same period last year. Gross operating profit was $339.3m, an increase of 20.9 per cent. The occupancy rate at casino hotels for the three months ended June 2022 was 77.4 per cent, which is 7.4 percentage points higher than in the 2nd quarter last year.

See also: New Jersey gambling revenue up 6.7% year-on-year in July