Atlantic City Gambling Earnings Dropped 1.3 Percent in 2nd Quarter

Details: Category: Gambling Industry; Created: Saturday, 24 August 2024 18:57

Atlantic City gambling earnings declined in the second quarter of 2024. According to the latest report, revenue from casinos and online gaming companies dropped 1.3 percent year over year.

According to data from the state's Division of Gaming Enforcement, the nine land-based establishments and two online gambling enterprises in New Jersey made $178.4 million in gross operating profit during the second quarter. Gross operating profit is a commonly used metric for profitability in Atlantic City's gambling sector, accounting for earnings before interest, taxes, depreciation, and other expenditures.

According to sportsbook pay per head reviews and news sites, the nine casinos were successful. However, compared to the same period last year, the profitability of two-thirds of them decreased.

Atlantic City Gambling Earnings in the 2nd Quarter

According to Jane Bokunewicz of Stockton University's Lloyd Levenson Institute, those in charge of Atlantic City's gaming sector may have hoped for better outcomes. According to her, even though net sales were up 1.3%, it did not translate into higher profits.

Operating profit at the Borgata was $54.3 million, the highest of the three casinos, an increase of 15.5% year over year. After adjusting for inflation, Hard Rock's $35.4 million was up 16.3%, Tropicana's $23 million was down 7.7%, Ocean's nearly $16 million was down 33.2%, Harrah's $15.7 million was down 13%, Caesars $14.6 million was down 4.5%, Golden Nugget $6.4 million was down nearly 17%, Bally's $2.7 million was up over 49%, and Resorts $1.6 million was down under 54%.

Resorts Digital's $1.9 million was up 66.3% from the previous year, while Caesars Interactive Entertainment NJ's $6.6 million was down 3.1%. With a decline of almost 5% compared to the same time in 2023, the three internet activities and casinos have earned $333.7 million this year.

Compared to Golden Nugget's slightly over 52% occupancy rate, Hard Rock's second-quarter numbers were far higher, at almost 92%. The average nightly hotel cost at the Ocean Casino was $268.47, while the lowest was at Golden Nugget, at $108.14.

No Summer Tourism Rebound in Atlantic City

Despite hopes for a summer revival, the nine casinos in New Jersey are still struggling, according to the most recent data from state officials. In July, income from online gambling and mobile sports betting increased, while the in-person casinos in Atlantic City, a coastal gambling resort town in South Jersey, had significantly less impressive results.

Bokunewicz cited data from the federal Transportation Security Administration, which showed that 32 million people took to the skies between June 30 and the Fourth of July weekend. She added that more individuals prefer to fly to their holiday spots rather than drive or even take a "staycation. "

Tourists stayed away from the coastal gambling paradise for several reasons, including restoring beaches damaged by storms and postponing the 2024 airshow, initially planned for July.

New Jersey's gaming regulator, the Division of Gaming Enforcement, reported over $195 million in revenue from online gambling in July, up 26% year over year. The $80 million in earnings from sports betting in July was up 31.2% year-over-year. In contrast, Atlantic City's land-based casinos brought in $272 million in revenue last month, a decline of 6.1% year-over-year.

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