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Atlantic City casino revenue figures down but profits up in 1st quarter 2021

Posted on by Admin VietNamGaming

01-10-2020 |  

The Atlantic City casino industry’s net revenue figures were down in the first quarter of 2021 compared to the same period in 2020, according to financial results released Monday by the New Jersey Division of Gaming Enforcement. But gross operating profit increased 221.9% for the quarter to $95.5 million.

Borgata posted a quarterly profit of more than $29 million, a 28 percent year-over-year increase.

Figures released Monday by the New Jersey Division of Gaming Enforcement show eight of the nine casinos posted increases in their gross operating profit, with only Bally’s posting an operating loss.

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

According to financial reports filed with the Division of Gaming Enforcement (DGE), the casino licensees’ Net Revenue decreased 5.4% to $564.7 million for the three months ended March 2021.

Additionally, Gross Operating Profit for the industry increased 221.9% for the quarter to $95.5 million.

The market-leading Borgata posted an operating profit of more than $29 million during the quarter, up more than 28% from the same period last year. The Tropicana earned $16.2 million, up nearly 128% from last year, and Harrah’s earned $9.5 million, up 224%.

Hard Rock earned $8.5 million, compared to a $4.2 million loss in the first quarter of last year; Caesars earned nearly $8.2 million, up from a loss of $593,000 in the first quarter of last year. and the Ocean Casino Resort earned $7.94 million, compared to a $574,000 loss in last year’s first quarter.

Golden Nugget earned $4.7 million, up over 406%; Resorts earned just over $1 million, compared to a $3.4 million loss in the first quarter of 2020, and Bally’s reported a loss of nearly $6.5 million, compared to a loss of over $8 million last year under previous ownership.

Among internet-only entities, Golden Nugget Online Gaming earned over $7.9 million, up nearly 24%; Caesars Interactive Entertainment NJ earned nearly $4.5 million, up nearly 20%; and Resorts Digital earned nearly $4.3 million, up over 59%.

Hotel Occupancy
The occupancy rate in the industry’s casino hotels for the three months ended March 2021 was
52.4%, which is 15.7 percentage points lower than the comparable period last year. Due to the
COVID-19 pandemic, the casino hotels were closed on March 16, 2020 and began to reopen on
July 2, 2020. The occupancy rates for 2020 excluded the duration of the shutdown period.

Source: Yogonet

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