In the third quarter of 2023, Atlantic City casinos reported a profit of $281 million
Hard Rock Casino reported a gross operating profit of $44.3 million (3.9 billion rubles), reflecting an annual increase of nearly 1%. Ocean Casino Resort earned $43 million (approximately 3.8 billion rubles), a 10% rise from last year.
Other land-based gaming establishments reported a drop in profits compared to 2022. Borgata Casino generated $73.5 million (6.5 billion rubles), down 1.7%. However, this figure was affected by changes in how Borgata accounts for certain rental expenses. Tropicana's profit stood at $36.7 million (3.2 billion rubles), while Harrah’s reported $30 million (2.64 billion rubles). Year-over-year, these properties saw quarterly declines of 11.5% and 13%, respectively. Caesars, Golden Nugget, Bally’s, and iGaming platforms Caesars Interactive Entertainment and Resorts Digital also experienced profit declines ranging from 4% to 50%.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a standard financial metric in the Atlantic City casino industry.
Jane Bokuniewicz, director of the Lloyd Levenson Institute at Stockton University, shared her insights on the state of the Atlantic City casino industry. "In the summer of 2023, Atlantic City experienced a cooling off compared to the pent-up post-pandemic energy seen in 2021 and 2022. Nevertheless, the figures exceeded pre-pandemic levels from 2019 in both net revenue and gross operating profit... This may be part of a stabilization cycle," Bokuniewicz stated.
James Plousis, chairman of the New Jersey Casino Control Commission, also commented, noting that the gross operating profit for the quarter was the third highest in Atlantic City since 2008.
Meanwhile, Pragmatic Play is strengthening its presence in Paraguay and Brazil through a deal with Giro Win.
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