The New Jersey Division of Gaming Enforcement has released its Q3 financial report revealing a 0.9% decrease in revenue year-on-year to $971.8 million.
According to the report, Atlantic City casinos reported combined gross operating profit of $281.2, a drop of 7.5% year-on-year, but a 92% increase on the previous quarter’s total of $146 million.
Casino Operating Profits Q3 2023
Two of Atlantic City’s nine casinos reported gains for the third quarter of 2023:
- Hard Rock – $44.3 million – up 0.6%
- Ocean Resort – $43 million – up 10.4%
The seven casinos that reported drops in profits were:
- Bally’s – $7.3 million – down 32.3%
- Caesars – $21.1 million – down 17.8%
- Tropicana – $36.7 million – down 11.5%
- Harrah’s – $30 million – down 13.1%
- Borgata – $73.5 million – down 1.7%
- Resorts – $7.2 million – down 42.6%
- Golden Nugget – $11.06 million – down 3.8%
Casino Operating Profits Year-to-Date 2023
Three of Atlantic City’s nine casinos reported gains for the first nine months of 2023:
- Bally’s – $9.2 million – up 3287.9%
- Borgata – $178.1 million – up 1%
- Ocean Resort – $90.6 million – up 24%
The six casinos that reported drops in profits were:
- Hard Rock – $97 million – down 11.1%
- Tropicana – $78.4 million – down 14.4%
- Caesars – $47.8 million – down 5.2%
- Harrah’s – $67.3 million – down 6.2%
- Resorts – $10.4 million – down 46.2%
- Golden Nugget – $23.5 million – down 10.2%
The report also reveals that net revenue for the first nine months of 2023 came to $2.47 billion. this represents an increase of 2.7% from the same nine-month period in 2022. Gross operating profit for the first nine months came to $602.6 million marking a decrease of 2.5% compared to 2022.
Meanwhile, the hotel occupancy rate in Atlantic City’s casino hotels for the quarter ended Sep 30th, 2023, was 85.6%. This represents a decrease of 1.1% compared to the 3rd quarter of 2022.
The occupancy rate for the nine months ended Sep 30th, 2023 was 75.2% marking a drop of 1% from the same period in 2022.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.