Operator News
Cost of doing business sees profits fall at all but two Atlantic City casinos
By Phil - 23 May 2024
The nine casinos in Atlantic City have seen profit fall by ten per cent to $140.4m in the first three months of 2024 with just two operators showing an increase in profit compared to last year.
Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, said the profits were affected by ‘an increase in the cost of doing business, inflation, and a potential shift in revenue mix to operations like lodging and food and beverage that traditionally have narrower profit margins.’
Hard Rock’s profit was up 18.3 per cent to $26.2m whilst Ocean’s profit increased by 1.2 per cent to reach $24m. All the other venues saw declines. Bally’s declined $2.5m compared to an $88,000 profit in 2023, whilst Resorts generated a $1.2m loss, compared to a $284,000 loss last year.
Golden Nugget’s profit fell a massive 51.7 per cent to $2.3m, Tropicana fell 25.4 per cent to $12.5n, Harrah’s fell 12.3 per cent to $16.9m, Borgata fell 10.1 per cent to $51.7m whilst Caesars fell seven per cent to $10.5m.
