Atlantic City casinos’ profit surged in the first quarter of 2021 to over $95m, more than triple the amount they earned last year when the pandemic saw casinos shuttered for half of March with only Bally’s generating an operating loss.
The New Jersey Division of Gaming Enforcement confirmed that eight of the nine casinos posted increases in their gross operating profit. The quarter’s results were also 11 per cent higher than the first quarter of 2019 prior to the onset of the pandemic. Just over 50 per cent of Atlantic City’s casino hotel rooms were occupied in the first quarter of 2021.
James Plousis, Chairman of the New Jersey Casino Control Commission, said: “The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination. Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”
Borgata led the way with an operating profit of over $29m, a year-on-year increase of 28 per cent. The Tropicana was second with $16.2m, marking a massive increase of 128 per cent whilst Harrah’s came in third with $9.5m, a surge of a whooping 224 per cent.
Hard Rock generated $8.5m, compared to a $4.2m loss last year whilst Caesars came in with almost $8.2m, bouncing back from a loss of $593,000 in the first quarter of 2020. Ocean Casino Resort generated $7.94m, up from a loss of $574,000 in 2020’s first quarter.
Golden Nugget generated $4.7m, the biggest increase at 406 per cent, Resorts brought in over $1m, compared to a loss of $3.4m in 2020 whilst Bally’s reported a loss of almost $6.5m, compared to a loss of over $8m last year.