In the bustling boardwalks of Atlantic City, the iconic skyline gleamed with good fortune as all nine casinos reported profitability in the third quarter of 2023. These resorts, which have long been a bastion of entertainment and chance, revealed figures that spoke of resilience amidst an ever-changing economic climate.
July basked in sunny success as net revenue for the casinos remained steadfast around $949.26 million, mirroring the results from the same period the previous year. However, the winds of financial intricacy brought about a 7% drop in gross profits, which swooped to $274.45 million. The New Jersey Division of Gaming Enforcement (DGE) clarified that gross operating profit is calculated before taking into account interest, taxes, depreciation, and other assorted expenses.
Despite reduced profit margins reflecting broader industry pressures, all nine casinos kept the dice rolling right into the black. At the helm was Borgata, an MGM Resorts luminary, boasting a gross operating profit of $73.5 million, leaving its competitors Hard Rock and Ocean in its wake with $44.3 million and $43 million respectively.
The earnings tableau continued with Tropicana solidifying profits of roughly $36.8 million, followed by Harrah’s, Caesars, and down the line to the Golden Nugget, Resorts, and Bally’s. Notably, Caesars Entertainment, which operates a triumvirate of casinos within Atlantic City, reports its vibrant iGaming revenue separately, painting a slightly more prosperous picture.
Borgata, which lost its crown briefly in the second quarter, gallantly reclaimed its post with net revenues exceeding $218.3 million, thanks to a savvy recalculation of its rental outgoings. As the year unfurls, Atlantic City’s casinos have accumulated profits totaling $632.1 million, a marginal retreat of 4.2% from the previous year.
Despite fluctuations in visitation and operational costs, Atlantic City’s gambling establishments have outperformed their pre-pandemic selves of 2019. With net revenues and gross profits soaring beyond the benchmarks of yesteryears, the city’s casino-led economy displays robust health under the stewardship of the New Jersey Casino Control Commission.
As the curtain fell on the third quarter, resort hotels in Atlantic City saw high occupancy rates at premium prices, promising signs for a city synonymous with leisure and gaming.
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