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Atlantic City Casino Profits Tumble 20%, Still In The Black

Posted on August 22, 2023 | Comments Off on Atlantic City Casino Profits Tumble 20%, Still In The Black

Even though profits tumbled 20% all nine Atlantic City casinos were still profitable. This is for the second quarter compared to a year ago. The New Jersey Division of Gaming Enforcement released the second quarter profit reports for the nine casinos on Tuesday. Gross operating profits crashed nearly 20% to $138 million even though net revenue for the April through June period climbed nearly 1% to $793.7 million.

One reason cited by the casinos was significant higher costs. Most goods remain costlier than they were even a few years ago because of the inflation experienced in 2021 and 2022. The casinos also say labor costs are higher as they compete for employees. The casinos are attracting more visitors as their guest rooms were occupied 70% of the time through the first half of the year. The casinos have a combined 15,518 guest rooms. Thanks to Ocean Casino they have 418 more rooms today than they did a year ago.

In other news, Kentucky approved sportsbook operators with betting weeks away. Kentucky regulators approved temporary licenses for racetracks and mobile sportsbooks to begin accepting wagers next month. This means they will be ready in time for the opening weekend of the NFL. Brick and Mortar sportsbooks will be open September 7th, while mobile wagering will be available September 28th.

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