Net revenue

Atlantic City casinos’ second quarter net revenue up 14.1% over the same quarter last year

New Jersey’s Division of Gaming Enforcement reported Monday that online casinos and affiliates in the state recorded net revenue totaling $828.8 million for the second quarter. This reflects a 14.1% increase over the same quarter last year and gross operating profit of $183.6 million.

For the first six months of 2022, net revenue was $1.5 billion, an increase of 19.9% ​​over the same period last year, and gross profit of operating was $339.3 million, an increase of 20.9% over the same period last year.

“These revenues represented 46% of total net revenues in the second quarter of 2019 and 39% in the second quarter of 2021,” said Jane Bokunewicz, faculty director at the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism, Stockton University School of Business. “At $374 million, revenue from accommodation, food, entertainment and other non-gaming sources generated 44.4% of total revenue for the quarter. This demonstrates a return to pre-pandemic behaviors for in-person casino patrons and further supports operators’ recent capital improvement investments.These non-gaming amenities, along with those related to gaming, diversify the casino product in Atlantic City and the region.

While Atlantic City’s casinos performed well in the second quarter of 2022, in a positive indicator for the city, much of the growth was generated by the city’s two new casinos, Hard Rock Hotel & Casino Atlantic City and Ocean Casino Resort.

“Although the gross operating income figures were relatively stable in the second quarter,
At this time, hotel-casinos were making large and significant investments in their facilities to create exciting new experiences for their customers. These capital investments are critical to ensuring Atlantic City’s long-term appeal as a resort destination,” noted Casino Control Board Chairman James Plousis.

Plousis said the market growth demonstrates Atlantic City is delivering on its promise to provide the first-class experiences that are demanded by gaming and leisure travelers.

“Gross operating profit was essentially flat compared to 2021, but topped 2019, indicating that casino operators continued to leverage lessons learned during the pandemic to balance expenses with consumer demand,” Bokunewicz said.

Borgata posted the biggest quarterly operating profit, at $42.2 million, up 4.6% from a year ago. Hard Rock earned $38 million, up nearly 46% from a year ago. Tropicana earned $30.3 million, up 8.2% from a year ago, and Harrah’s earned $21.3 million, down 14% from a year earlier.

Ocean Casino earned $15.5 million, down 8.1% from a year ago; Caesars earned $14.1 million, down 23.6%; Golden Nugget earned $9.1 million, down 14.7% from a year ago; and resorts earned $6.2 million, down 15.1% from a year earlier.