Atlantic City casinos profit more than triples in Q1
Casinos in Atlantic City reported record earnings for the first quarter of the year in line with a statewide recovery of the industry.
US.- Atlantic City casinos‘ gross operating profit hit a record of more than $95m in the first quarter of this year, more than three times the amount earned in the first quarter of 2020.
A significant increase was expected considering that casinos shut due to the pandemic during March 2020, but the figure was also 19 per cent higher than in Q1 2019.
Eight of the nine casinos in Atlantic City have reported an increase in their gross operating profit, according to figures released on Monday by the New Jersey Division of Gaming Enforcement. Only Bally’s posting an operating loss.
James Plousis, chairman of the New Jersey Casino Control Commission, said: “The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination. Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”
Atlantic City casinos: best performers in Q1
According to the figures, Borgata was the best performer. It posted an operating profit of more than $29m during the quarter, up more than 28 per cent from the same period last year.
The Tropicana earned $16.2m, up nearly 128 per cent from last year, and Harrah’s earned $9.5m, up 224 per cent.
Hard Rock earned $8.5m, compared to a $4.2m loss in the first quarter of last year; Caesars earned nearly $8.2m, up from a loss of $593,000 in the first quarter of last year, and the Ocean Casino Resort earned $7.94m, compared to a $574,000 loss in last year’s first quarter.
Golden Nugget earned $4.7m, up over 406 per cent, and Bally’s reported a loss of nearly $6.5m, compared to a loss of over $8m last year under previous ownership.
Among internet-only entities, Golden Nugget Online Gaming earned over $7.9m, up nearly 24 per cent Caesars Interactive Entertainment NJ earned nearly $4.5m, up nearly 20 per cent; and Resorts Digital earned nearly $4.3m, up over 59 per cent.
Earlier this month, the American Gaming Association, the casino industry’s national trade group, said the nation’s commercial casinos took in more than $11.1bn in the first quarter of this year. That matched the industry’s best quarter in history, the third quarter of 2019.
The figures do not include tribal casinos, and only represent money taken in by casinos before paying expenses and debts.
