Atlantic Metropolis First 1st quarter on line casino earnings greater than triple
ATLANTIC CITY, N.J. (AP) — The Atlantic Metropolis casinos’ gross working revenue soared within the first quarter of this 12 months to greater than $95 million, greater than thrice the quantity they earned within the first quarter of 2020, when the COVID-19 shutdown worn out half of March.
Figures launched Monday by the New Jersey Division of Gaming Enforcement present eight of the 9 casinos posted will increase of their gross working revenue, with solely Bally’s posting an working loss.
Gross working revenue contains earnings earlier than curiosity, taxes, depreciation and different prices, and is a widely-accepted measure of profitability within the Atlantic Metropolis playing trade.
James Plousis, chairman of the New Jersey On line casino Management Fee, stated this 12 months’s figures will not be evenly akin to the primary quarter of 2020 because of the virus-related shutdown. So he selected to check this 12 months’s efficiency to the primary quarter of 2019, when all of the casinos have been working and the pandemic had not but occurred.
Beneath that comparability, the casinos’ first quarter earnings this 12 months are 11% larger than they have been in he first quarter of 2019, he stated.
“The energy of web gaming and the protected return of vacationers to Atlantic Metropolis are a strong mixture,” he stated. “Final week’s lifting of on line casino capability restrictions bolsters confidence for a powerful restoration this summer time.”
The market-leading Borgata posted an working revenue of greater than $29 million in the course of the quarter, up greater than 28% from the identical interval final 12 months. The Tropicana earned $16.2 million, up practically 128% from final 12 months, and Harrah’s earned $9.5 million, up 224%.
Onerous Rock earned $8.5 million, in comparison with a $4.2 million loss within the first quarter of final 12 months; Caesars earned practically $8.2 million, up from a lack of $593,000 within the first quarter of final 12 months. and the Ocean On line casino Resort earned $7.94 million, in comparison with a $574,000 loss in final 12 months’s first quarter.
Golden Nugget earned $4.7 million, up over 406%; Resorts earned simply over $1 million, in comparison with a $3.4 million loss within the first quarter of 2020, and Bally’s reported a lack of practically $6.5 million, in comparison with a lack of over $8 million final 12 months underneath earlier possession.
Amongst internet-only entities, Golden Nugget On-line Gaming earned over $7.9 million, up practically 24%; Caesars Interactive Leisure NJ earned practically $4.5 million, up practically 20%; and Resorts Digital earned practically $4.3 million, up over 59%.
The figures usually comport with nationwide statistics exhibiting the on line casino trade is recovering from the financial hardship of the pandemic.
Earlier this month, the American Gaming Affiliation, the on line casino trade’s nationwide commerce group, stated the nation’s industrial casinos took in additional than $11.1 billion within the first quarter of this 12 months. That matched the trade’s finest quarter in historical past, the third quarter of 2019.
The figures don’t embrace tribal casinos, and solely signify cash taken in by casinos earlier than paying bills and money owed.
Simply over half Atlantic Metropolis’s on line casino lodge rooms have been occupied within the first quarter of this 12 months, with the common room price set at practically $131 an evening. The Ocean on line casino had the best common room price at $175, whereas Resorts had the lowest-priced at $91.
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton College, stated income and lodge occupancy figures for the primary quarter of this 12 months have been up from the fourth quarter of final 12 months. She known as that “additional signal that the trade is recovering. Because the final restrictions are lifted, there may be each cause to anticipate to see even stronger restoration within the second and third quarter knowledge.”