Atlantic City casino news Casinos Gross Operating Profit Soars
Atlantic City casinos had a favorable first quarter in 2021. The casinos saw their profit soar to $95 million. This figure is three times what the casinos generated in the first quarter of last year.
The figures shown last week by the New Jersey Division of Gaming Enforcement show that all but one of the nine casinos had an increase in their gross operating profit. The only casino to operate at a loss is Bally’s casino.
Gross operating profit is accepted as a measure of profitability and it includes earnings before interest depreciation, taxes and so on.
“The pandemic made last year’s figure incomparable to the values in 2019, and 2021,” said James Plousis, chairman of the New Jersey Casino Control Commission. “A good point to compare would be 2021 and 2019, let’s just forget about 2020.”
With such comparison, the casino’s first quarter earnings in 2021 are more than 10% higher than the first quarter of 2019
“The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination,” he said. “Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”
Casino Figures
Borgata posted an operating profit of close to $30 million in the first quarter which is close to a 30% increase from the same period 12 months ago.
The Tropicana posted an operating profit of close to $16 million in the first quarter which is close to a 128% increase from the same period in 2020. Harrah’s recorded a 224% increase by earning $9.5 million.
Hard Rock made a loss of $4.2 million in 2020 in comparison to making a $8.5 million profit in 2021. Caesars saw profits go up to $8.2 million in 2021, from a loss of $593,000 in 2021. Ocean casino resort earned $7.94 million in 2021 in comparison with $574,000 loss in 2020.
Note: All figures are for first quarters of respective years.
