The New Jersey Division of Gaming Enforcement has released its Q2 financial report revealing a 1.2% decrease in revenue year-on-year to $819 million.
NJ is one of just six American states with legal and regulated online casinos.
According to the report, Atlantic City casinos reported a poor performance for the quarter as gross operating profit dropped by 20.5% to $146 million when compared to Q2 2022.
Casino operating profits Q2 2023
Three of Atlantic City’s nine casinos reported gains for the second quarter of 2023:
- Bally’s – $1.8 million – up 148.8%
- Caesars – $15.3 million – up 8.3%
- Ocean Resort – $24 million – up 54%
The six casinos that reported drops in profits were:
- Hard Rock – $30.4 million – down 20%
- Tropicana – $25 million – down 18%
- Harrah’s – $18 million – down 15.5%
- Borgata – $12.3 million – down 70.8%
- Resorts – $3.4 million – down 44.3%
- Golden Nugget – $7.6 million – down 15.8%
Casino operating profits H1 2023
Four of Atlantic City’s nine casinos reported gains for the half:
- Bally’s – $1.9 million – up 118.2%
- Caesars – $26.7 million – up 7.9%
- Ocean Resort – $47.5 million – up 39.5%
- Harrah’s – $37.3 million – up 0.1%
The five casinos that reported drops in profits were:
- Hard Rock – $52.6 million – down 18.9%
- Tropicana – $41.6 million – down 16.8%
- Borgata – $35.1 million – down 60.1%
- Resorts – $3.1 million – down 52.9%
- Golden Nugget – $12.5 million – down 15.18%
The report also reveals that net revenue for the first six months of 2023 came to $1.6 billion. this represents an increase of 1.5% from the same six-month period in 2022. Gross operating profit for the first six months came to $281.4 million marking a decrease of 17.9% compared H1 2022.
Meanwhile, the hotel occupancy rate in Atlantic City’s casino hotels for the quarter ended June 30, 2023, was 74.4%. This represents a decrease of 3% compared to the 2nd quarter of 2022.
The occupancy rate for the six months ended June 30, 2023 (H123), was 69.8% marking a drop of 0.6% from the same period in 2022.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.