By Skip Charles
Atlantic City’s casino earnings have surpassed where they were before the coronavirus pandemic broke out, but most of the improvement is due to the two newest casinos, according to the AP.
Eight of the nine casinos posted a gross operating profit last year.
Collectively, the nine casinos earned $766.8 million in 2021, far eclipsing the $117.5 million they made in 2020.
But their 2021 performance also exceeded that of 2019, the year before the coronavirus outbreak, when the casinos collectively earned nearly $594 million.
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.
Net revenue for the casinos was just over $3 billion in 2021, a statistic that includes casino revenue (minus promotional allowances such as free play) plus revenue from hotel rooms, food and beverage operations and other sources. It was up from $1.8 billion in 2020.
The Ocean casino had the highest hotel occupancy rate in 2021 at 89%. The Borgata had the lowest at 53%.
Ocean also had the highest average room rate at $239.40, while Resorts had the lowest at $116.31.