Atlantic City’s casino earnings dropped nearly 14% in the third quarter of this year, according to figures released Friday by New Jersey gambling regulators.
The nine casinos collectively reported a gross operating profit of $236.5 million, a 13.8% decrease compared to the same period in 2023. This decline highlights ongoing economic pressures and a shift in consumer behavior post-pandemic, with more players opting for online gambling, where revenues are shared with third parties.
Despite all nine casinos being profitable, only Caesars and Hard Rock saw their operating profits increase compared to the previous year.
“Consumer demand may have been an issue for Atlantic City’s casino operators in summer 2024,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University. She also noted that the average hotel room rate fell by $17 in the quarter, suggesting casinos lowered prices to attract customers.
Non-gambling revenue underperformed as well, totaling $511.6 million, a 5% decline from the previous year. The lack of large-scale events like the annual air show and beach concerts also contributed to the downturn.
The Borgata led the pack with an operating profit of $60 million, an 18% decrease, while Hard Rock posted a 2.4% increase to $45.4 million. The Golden Nugget, however, experienced the largest drop, down 44% to $6.2 million.
For the first nine months of 2024, Atlantic City casinos reported a collective gross operating profit of $547 million, a 9.2% decrease from the same period in 2023.
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