Atlantic City casino earnings fall nearly 14% in 3rd quarter
Atlantic City’s casinos saw their operating profits decline by nearly 14% in the third quarter of this year
ATLANTIC CITY, N.J. — Atlantic City's casinos saw their operating profits decline by nearly 14% in the third quarter of this year, figures released Friday by New Jersey gambling regulators show.
The state Division of Gaming Enforcement issued statistics showing that the nine casinos had a collective gross operating profit of $236.5 million in the third quarter. That was down 13.8% from the third quarter of 2023.
It was the latest indication of how the casinos continue to struggle with economic conditions and a shift in consumer preferences after the COVID19 pandemic. More businesses have migrated to online gambling, where the money won from bettors must be shared with outside parties and is not solely for the casinos to keep.
Although all nine casinos were profitable in the third quarter, only two — Caesars and Hard Rock — saw their operating profits increase compared to a year earlier.
“Consumer demand may have been an issue for Atlantic City’s casino operators in summer 2024,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry.
She noted that the average hotel room rate declined by $17 in the third quarter, indicating that casino operators may have had to lower their rates to attract customers. The absence of large-scale tourism events like the annual air show and large beach concerts this summer also likely contributed to the downturn, she said.
Revenue from things other than gambling also underperformed in the third quarter at $511.6 million, down 5% from a year earlier. These revenues are traditionally strongest during the
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