February 25, 2024

The New Jersey Division of Gaming Enforcement recently released its Q3 financial report, revealing a 0.9% decrease in revenue year-on-year to $971.8 million. The report also detailed the gross operating profits of Atlantic City’s casinos, showing a drop of 7.5% year-on-year, but a 92% increase compared to the previous quarter.

Two of the nine casinos in Atlantic City reported gains for the third quarter of 2023. Hard Rock reported a profit of $44.3 million, up by 0.6%, while Ocean Resort saw a profit of $43 million, a 10.4% increase. However, seven casinos reported drops in profits for the same period.

Looking at the year-to-date profits for 2023, three casinos reported gains: Bally’s was up by 3287.9% to $9.2 million, Borgata saw a 1% increase to $178.1 million, and Ocean Resort reported a 24% increase to $90.6 million. On the other hand, six casinos reported drops in profits for the first nine months of 2023.

The report also revealed that the net revenue for the first nine months of 2023 came to $2.47 billion, marking an increase of 2.7% from the same period in 2022. However, the gross operating profit for the first nine months decreased by 2.5% compared to 2022, coming to $602.6 million.

In terms of hotel occupancy rates, Atlantic City’s casino hotels saw a 85.6% rate for the quarter ending on September 30th, 2023, which was a 1.1% decrease compared to the same period in 2022. The nine-month occupancy rate was 75.2%, marking a 1% drop from 2022.

The report provides essential insights into the financial performance of Atlantic City’s casinos, shedding light on the challenges and successes experienced by the industry. This information is crucial for stakeholders and analysts to understand the dynamics of the casino market in the region.

The article was written by Ciaran McEneaney, a gambling industry analyst with extensive experience in sports-betting, gambling, poker, and the casino industry.