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 AC CASINO OPERATING PROFITS CRATERED IN 2024 FIRST QUARTER!

AC CASINO OPERATING PROFITS CRATERED IN 2024 FIRST QUARTER!

By Tony Salem

Atlantic City’s casinos saw their collective profits decline by nearly 10% in the first quarter of this year, and only two of the nine casinos were more profitable than they were a year ago, state gambling regulators have reported.

The nine casinos posted a collective gross operating profit of $140.4 million in the first three months of 2024, a decline of 9.6% from the same period in 2023.

When internet-only entities are included, the collective profit is $155.4 million, down 8.7% from a year earlier.

Gross operating profit reflects earnings before interest, taxes, depreciation and other charges, and is a widely accepted measure of profitability in the Atlantic City gambling industry.

Two of the casinos posted operating losses in the first quarter: Bally’s lost $2.5 million compared to an $88,000 profit a year ago, and Resorts posted a $1.2 million loss, compared to a $284,000 loss a year ago.

Two casinos saw their gross operating profit increase in the first quarter: Hard Rock was up 18.3% to $26.2 million, and Ocean was up 1.2% to $24 million.

Golden Nugget’s gross operating profit was down 51.7% to $2.3 million; Tropicana was down 25.4% to $12.5 million; Harrah’s was down 12.3% to $16.9 million; Borgata was down 10.1% to $51.7 million, and Caesars was down 7% to $10.5 million.

Among internet-only entities, Caesars Interactive Entertainment NJ was up 5.9% to $7.2 million, and Resorts Digital was down 3.2% to $7.7 million.

Hard Rock has the highest hotel occupancy in the first quarter at nearly 81%. Golden Nugget had the lowest at 47.2%.

The Ocean casino had the highest average hotel room price at $224.31, while Golden Nugget had the least expensive at $93.68.

 

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