Atlantic City casino profits fall 7.5% in 3rd quarter of 2023
New Jersey gambling regulators say Atlantic City’s casinos and two internet-only entities earned $281 million in the third quarter of this year
ATLANTIC CITY, N.J. — Atlantic City's casinos and two internet-only entities earned $281.2 million in the third quarter of this year, a decline of 7.5% from the same period a year ago, New Jersey gambling regulators said Tuesday.
Figures released by the state Division of Gaming Enforcement show that while the nine casinos collectively surpassed the level of profitability they enjoyed in the third quarter of 2019, before the COVID-19 pandemic, that was largely due to the strong performance of the two newest casinos, and an accounting change by another one.
Hard Rock posted a gross operating profit of $44.3 million in the third quarter, up less than 1% from a year earlier. And the Ocean Casino Resort had a profit of $43 million, up more than 10% from a year earlier.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City casino industry.
“In keeping with the experiences of many resort communities along the New Jersey shore, Atlantic City saw a bit of a cooling off in summer 2023 compared to the pent-up post-pandemic energy seen in 2021 and 2022, said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City casino industry. ”That said, it did outperform pre-pandemic 2019 for both net revenue and gross operating profit, suggesting that this could be part of a cycle of stabilization."
James Plousis, chairman of the New Jersey Casino Control Commission, noted that third-quarter gross operating profit was the
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