Thursday, December 8, 2022
Home news Revenue From Casinos in New Jersey Fell by 13% in the Third...

Revenue From Casinos in New Jersey Fell by 13% in the Third Quarter, Yet It Was Still Higher Than It Had Been Before Covid.

 ATLANTIC CITY, N.J. (AP) — New Jersey gambling authorities said Tuesday that casino profits in the third quarter were down almost 13% from the same period last year, but there was some good news.

According to data compiled by the state’s Division of Gaming Enforcement, nine casinos were more profitable than expected in the third quarter of 2019 (before the outbreak of the coronavirus).

Read more: Latest News on Aaj-Tak | Breaking Stories and Opinion Articles! How to Watch Aaj Tak on Tata Sky

This quarter’s profits for six of the nine casinos were higher than the same quarter last year.

Executives in Atlantic City’s casinos have become obsessed with gauging their businesses’ progress relative to the time before the COVID pandemic and then doing whatever they can to boost what they see as their core activity — making money from live gamblers — to levels previously only seen before the outbreak.

The casinos’ third-quarter gross operating profit of $269.2 million was down 13.4 percent from the same period last year.

This figure, however, was an improvement above the $239.4 million recorded in the 2019 third quarter.

Earnings before interest, taxes, depreciation and other expenses make up gross operating profit, which is a standard metric for evaluating a company’s success in the Atlantic City gambling sector.

According to Jane Bokunewicz, director of Stockton University’s Lloyd Levenson Institute, which analyses the Atlantic City gaming sector, “Summer 2022 faced various challenges, from shortages in labor and supplies to higher petrol prices and inflation.”

At the same time, wage increases negotiated with the major casino workers union in the city went into effect.

Read moreWho Is Brandi Carlile: Singer/songwriter Brandi Carlile Has Revealed the News of Her Engagement!

According to Bokunewicz, “higher salaries contributed to a particularly hard summer for Atlantic City’s casino operators, along with reduced overall expenditure and other expenses.”
The most money was made by Hard Rock, which was over $44 million (albeit that’s down 4.8% from the previous year).

“Our commitment to living entertainment, with over 40 concerts in the quarter,” said Mike Sampson, senior vice president of operations at Hard Rock, “and good performance in betting at slots and table games” contributed to the success.

For comparison, Harrah’s won $34.5 million, down 21.4%; Caesar’s won $25.6 million, down 6.9%; Resorts won $12.5 million, down 22.2%; Golden Nugget won $11.5 million, down over 20%; and Bally’s won $10.8 million, up 431% from $2 million. Ocean earned nearly $39 million, up 5%.

Bally’s Corp. president of casinos and resorts George Papanier said the boost was due in large part to the company’s recent capital investments, such as the opening of new slot machines, restaurants, hotel rooms, and penthouse-style suites over the Memorial Day weekend.

Atlantic City’s casino revenue increased by 2.7% from the first three quarters of last year, totaling $608.5 million.

The average cost of a hotel room at an Ocean casino was $358.71 per night, while at Resorts it was only $149.95.

The third quarter saw the highest hotel occupancy rate at Hard Rock, at nearly 98%, and the lowest at Golden Nugget, at 66.8%.

.

Sapna Palhttp://newjerseylocalnews.com
Hello viewers, My self sapna. I am a content writer. I have more than 5 years of experience in content writing and from my work experience now I am writing great content related to local news of new jersey and entertainment on my website newjerseylocalnews.com.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular