Current:Home > StocksAtlantic City casino earnings declined by 1.3% in 2nd quarter of 2024-Angel Dreamer Wealth Society D1 Reviews & Insights
Atlantic City casino earnings declined by 1.3% in 2nd quarter of 2024
View Date:2024-12-23 22:25:56
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! (488)
Related
- California teen pleads guilty in Florida to making hundreds of ‘swatting’ calls across the US
- Ford agrees to pay up to $165 million penalty to US government for moving too slowly on recalls
- Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant
- Shawn Mendes Confesses He and Camila Cabello Are No Longer the Closest
- Gigi Hadid and Bradley Cooper Prove They're Going Strong With Twinning Looks on NYC Date
- She's a trans actress and 'a warrior.' Now, this 'Emilia Pérez' star could make history.
- Mike Tyson employs two trainers who 'work like a dream team' as Jake Paul fight nears
- 4 arrested in California car insurance scam: 'Clearly a human in a bear suit'
- Britney Spears reunites with son Jayden, 18, after kids moved in with dad Kevin Federline
- Advance Auto Parts is closing hundreds of stores in an effort to turn its business around
Ranking
- College Football Playoff bracket: Complete playoff picture after latest rankings
- Top Federal Reserve official defends central bank’s independence in wake of Trump win
- UConn, Kansas State among five women's college basketball games to watch this weekend
- Brianna LaPaglia Addresses Zach Bryan's Deafening Silence After Emotional Abuse Allegations
- Birth control and abortion pill requests have surged since Trump won the election
- Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant
- Dick Van Dyke says he 'fortunately' won't be around for Trump's second presidency
- She's a trans actress and 'a warrior.' Now, this 'Emilia Pérez' star could make history.
Recommendation
-
Travis Kelce's and Patrick Mahomes' Kansas City Houses Burglarized
-
Inter Miami's MLS playoff failure sets stage for Messi's last act, Alexi Lalas says
-
FBI raids New York City apartment of Polymarket CEO Shayne Coplan, reports say
-
Opinion: NFL began season with no Black offensive coordinators, first time since the 1980s
-
More than 150 pronghorns hit, killed on Colorado roads as animals sought shelter from snow
-
'Treacherous conditions' in NYC: Firefighters battling record number of brush fires
-
Knicks Player Ogugua Anunoby Nearly Crashes Into Anne Hathaway and Her Son During NBA Game
-
'Wanted' posters plastered around University of Rochester target Jewish faculty members