Current:Home > StocksAtlantic City casino earnings declined by 1.3% in 2nd quarter of 2024 -DataFinance
Atlantic City casino earnings declined by 1.3% in 2nd quarter of 2024
View
Date:2025-04-17 18:13:22
ATLANTIC CITY, N.J. (AP) — Atlantic City’s casinos and two internet-only gambling entities saw their collective earnings decline by 1.3% in the second quarter of 2024 compared with the same period a year earlier, state gambling regulators said Thursday.
Figures released by the New Jersey Division of Gaming Enforcement show the nine casinos and two online operations collectively posted a gross operating profit of $178.4 million in the second quarter.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City gambling industry.
All nine casinos were profitable, although two-thirds of them were less profitable in the second quarter of this year than they were a year earlier.
“Operators everywhere continue to feel pressure from the increased cost of goods and services that they purchase,” said James Plousis, chairman of the New Jersey Casino Control Commission.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, said the results were “less encouraging than Atlantic City’s operators may have hoped.”
She noted that net revenue was up 1.3%, but still did not lead to increased profitability.
The Borgata had the largest operating profit for the quarter at $54.3 million, up 15.5% from a year ago. Hard Rock earned $35.4 million, up 16.3%; Tropicana earned $23 million, down 7.7%; Ocean earned nearly $16 million, down 33.2%; Harrah’s earned $15.7 million, down 13%; Caesars earned $14.6 million, down 4.5%; Golden Nugget earned $6.4 million, down nearly 17%; Bally’s earned $2.7 million, up more than 49%, and Resorts earned $1.6 million, down nearly 54%.
Among internet-only entities, Caesars Interactive Entertainment NJ earned $6.6 million, down 3.1%, and Resorts Digital earned $1.9 million, up 66.3%.
Over the first half of this year, the casinos and the two online operations have collectively earned $333.7 million, down nearly 5% from the same period in 2023.
Hard Rock had the highest hotel occupancy rate in the second quarter at nearly 92%; Golden Nugget had the lowest at just over 52%.
The Ocean casino had the highest average nightly room rate at $268.47; Golden Nugget had the lowest at $108.14.
___
Follow Wayne Parry on X at www.twitter.com/WayneParryAC
veryGood! (487)
Related
- Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
- Alex Jones seeks permission to convert his personal bankruptcy into a liquidation
- 'Organic' fruit, veggie snacks for kids have high levels of lead, Consumer Reports finds
- These Wheel of Fortune Secrets May Make Your Head Spin
- Don't let hackers fool you with a 'scam
- Geno Auriemma explains why Caitlin Clark was 'set up for failure' in the WNBA
- A Texas county removed 17 books from its libraries. An appeals court says eight must be returned.
- Donald Trump joined TikTok with a UFC appearance video. He tried to ban the app as POTUS
- Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
- FDA rolls back Juul marketing ban, reopening possibility of authorization
Ranking
- Charges tied to China weigh on GM in Q4, but profit and revenue top expectations
- Ashley Benson Shares Glimpse Into Motherhood 3 Months After Welcoming Daughter Aspen
- Diana Ross, Eminem perform in Detroit for historic Michigan Central Station reopening
- Top baby names 2024: Solar eclipse, women athletes inspire parents, Baby Center data shows
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- High school seniors pull off 'epic' prank, convince Maryland town a Trader Joe's is coming
- Middle school crossing guard charged with giving kids marijuana, vapes
- Records tumble across Southwest US as temperatures soar well into triple digits
Recommendation
The Grammy nominee you need to hear: Esperanza Spalding
Stereophonic cast brings 1970s band to life while making history
Police won’t bring charges after monster truck accident injures several spectators
Geno Auriemma explains why Caitlin Clark was 'set up for failure' in the WNBA
'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
Donald Trump joined TikTok with a UFC appearance video. He tried to ban the app as POTUS
Camera catches pilot landing helicopter on nesting site of protected birds in Florida
Biden warns about price of unchecked tyranny as he vows to continue to help Ukraine