Atlantic City casino profits down
Third-quarter figures show that the opening of two casinos in the city has reduced profits.
US.- According to third-quarter numbers released by the New Jersey Division of Gaming Enforcement (DGE), the opening of two new casinos to Atlantic City’s gaming market has affected profits.
James Plousis, chairman of the state Casino Control Commission said that industry profits were down because of the new competition that entered the market. “On a positive note, compared to last year, over 6,300 more people were working in the industry, and there were nearly 5,400 more full-time jobs,” he added.
Hard Rock Hotel & Casino Atlantic City and Ocean Resort Casino opened their doors on June 27, bringing the total number of properties in the city to nine. Despite a decrease in profits, net revenue increased almost 18% over the same quarter in 2017.
Gross operating profits in the three-month period were US$213.7 million, a decrease of 15.3% from the same period last year when the number was US$252.3 million. The casino industry generated more than US$919.9 million in net revenue in the third quarter, significantly higher than the US$781.2 million registered last year.
For the first nine months of the year, gross operating profits were US$508.7 million, a 9.3% decrease from the US$560 million reported last year. Moreover, net revenues for the nine months were US$2.2 billion, 6.4% higher than what was reported last year.
