The second quarter proved profitable for eight of the nine casinos in Atlantic City.
Based on stats released by the New Jersey Division of Gaming Enforcement, the industry posted gross operating profit of $185.1 million. Compare that to an operating loss of $112.4 million for the same period in 2020, when the coronavirus pandemic forced closure of casinos for the entire quarter.
An even better comparison would be the second quarter of 2019. This year’s profits were 16 percent higher than two years ago.
“With Atlantic City in the midst of recovery, especially considering where it was one year ago, all of the operators and their employees are to be commended for providing excellent customer experiences, first-class dining and entertainment, and a safe environment,” said James Plousis, chairman of the New Jersey Casino Control Commission.
Gross operating profit reflects earnings before interest, taxes, depreciation and other charges, and is a widely accepted measure of profitability in the Atlantic City casino industry.
Bally’s was the only casino to post an operating loss in the second quarter, but it still improved from a loss of $8.8 million to less than half that, at $3.5 million. The other eight casinos all went from losses to profits.
Three internet-only businesses proved profitable, but not as profitable as in 2020, when online was the only way to go, according to the Associated Press. Caesars Interactive Entertainment NJ posted a $4.4 million profit, down more than 43 percent; Golden Nugget Online Gaming had a $7.8 million profit, down nearly 11 percent; and Resorts Digital recorded a $3.5 million profit, off over 38 percent from the second quarter of 2020.
For the first six months, the city’s casinos recorded operating profits of $280.6 million against a 2020 loss of $82.3 million.
