Third-quarter profits up in Atlantic City
The casinos located in Atlantic City have reported that their profits from the third quarter have increased 12.5% year-on-year.
US.- Casinos in Atlantic City have increased their profits in the third quarter of the year. The latest financial figures show that profits increased 12.5% year-on-year in the quarter ended September 30, 2019.
The two casinos that opened their doors in Atlantic City last year were the main difference when comparing the numbers. When Ocean Casino Resort and Hard Rock Atlantic City reopened last summer, their numbers weren’t as good as the ones from 3Q19. The casinos in the city earned US$239 million in the third quarter.
Michael Donovan, Ocean Resort’s VP and CMO, said: “We were pleased with our performance in the third quarter. We set a property record for profits, driven by a 27% increase in net revenue. Ocean has seen four consecutive months of double-digit growth, and we´re excited to carry that momentum into 2020.”
The nine casinos in Atlantic City were profitable in the third quarter, and six of them experienced an increase in gross operating profit.
Chairman of the New Jersey Casino Control Commission James Plousis, highlighted other financial figures in the city during third quarter operations. He said that total taxes paid to New Jersey in the third quarter rose 13.8% to US$9.5 million. Occupied hotel room nights increased by 3% and third-party business sales increased 4.9%.
Second-quarter results
Gross operating profits in the second quarter of the year decreased 6.8% year-on-year to US$159.3 million. The nine casinos in the state reported gross operating profits of nearly US$160 million, which is approximately US$11.5 million less than what they reported in 2018. However, during that period in 2018, Atlantic City only had seven casinos. Hard Rock and Ocean Resort opened in late June, having no impact on the second quarter of 2018.
