Atlantic City Casinos Report Decline in Earnings for Q2 2024

ATLANTIC CITY, N.J. (AP) — Atlantic City’s casinos and two internet-only gambling entities experienced a 1.3% decline in collective earnings during the second quarter of 2024 compared to the same period last year, according to figures released by the New Jersey Division of Gaming Enforcement. The nine casinos and two online operations reported a gross operating profit of $178.4 million, a key indicator of profitability in the industry. While all casinos remained profitable, two-thirds reported lower profits than in the previous year. James Plousis, chairman of the New Jersey Casino Control Commission, attributed the decline to rising costs of goods and services impacting operators. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, described the results as “less encouraging” than anticipated, noting that while net revenue increased by 1.3%, it did not translate into higher profitability for the casinos. The Borgata led the pack with an operating profit of $54.3 million, marking a 15.5% increase from last year. Other notable performances included Hard Rock with $35.4 million (up 16.3%) and Bally’s, which saw a significant increase of over 49% to $2.7 million. Conversely, Ocean and Golden Nugget reported substantial declines in profits, with Ocean down 33.2% and Golden Nugget down nearly 17%. In the first half of 2024, the combined earnings of the casinos and online operations totaled $333.7 million, reflecting a nearly 5% decrease from the same timeframe in 2023. Hotel occupancy rates varied, with Hard Rock achieving the highest at nearly 92%, while Golden Nugget recorded the lowest at just over 52%.