US – Atlantic City’s 107 day closures sees 170.4 per cent fall in profitBy Phil - 26 August 2020
Atlantic City’s nine casinos saw a 170.4 per cent fall in profit for April, May, and June, compared to a year earlier.
With the COVID-19-enforced casino closures lasting 107 days from March 16 to July 2, revenue during the period was derived solely from online gaming and the limited sports betting on offer. This amounted to $121m compared to $796.8m last year.
New Jersey Casino Control Commission Chairman James Plousis said: “During this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests. That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.”
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, added: “Casinos incur substantial expenses even when the properties are closed to the public. Utility costs continue in order to keep the buildings climate controlled and some employees, like security, surveillance, and maintenance, remain working on site. Additionally, some casinos continued to pay employee health care benefits and allowed employees to use accrued benefit time during the shutdown.”