Atlantic City casinos show revenue growth in Q1
Atlantic City’s nine casinos and their online operations generated nearly $720m in net revenue for the first quarter of 2022.
US.- The New Jersey Division of Gaming Enforcement (DGE) has released Q1 gross operating profit reports for the nine Atlantic City casinos. Combined, the properties reported profits of approximately $155.6m on net revenue of $719.8m. Revenue was up by over 25 per cent compared to Q1 2021.
Q1 2022 revenue was also higher than the $704.6m generated in the first quarter of 2019, pre-pandemic. Casino profits for January through March of 2022 beat the same three months in 2021 by 63 per cent and profits were up 79 per cent compared to the same period, pre-pandemic.
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Four licensees saw Q1 profits exceed pre-pandemic levels: Borgata, Hard Rock, Ocean Resort and Tropicana. The Borgata turned a profit of more than $45.8m, up 58 per cent year-over-year. Hard Rock and Ocean Casino saw their profits surge by 213 per cent and 133 per cent respectively. Hard Rock reported a $26.7m operating profit and Ocean a little more than $18.5m.
Tropicana saw its profits climb 22 per cent to $19.8m. Harrah’s profits totalled $15.9m, Caesars $10.6m, Golden Nugget $5.6m. Bally’s reported an operating loss of $6.8m.
The occupancy rate at the industry’s casino hotels for the three months ended March 2022 was 63.1 per cent, which is 10.7 percentage points higher than the comparable period last year.
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