The Gaming Enforcement Division of the NJ Attorney General’s Office reported the following about New Jersey casino licensees:
Casino Licensee Financial Results:
Based on documents filed with the Division of Gaming Enforcement, net casino licensee revenues increased 27.4% to $719.8 million for the three months ended March 2022 compared to the same period in 2021. Additionally, the industry’s gross operating profit increased 63% for the quarter to $155.6 million from the first quarter of 2021.
The industry’s casino hotel occupancy rate for the three months ended March 2022 was 63.1%, up 10.7 percentage points from the comparable period last year.
The following notes are integral to understanding the financial information contained in this press release. The notes provide a description and the source of the data.
• Net income is the amount reported on line 5 of the income statement. Net revenue reflects casino revenue (less any promotional allowances) plus room revenue, food and beverage revenue, and other revenue as reported on each casino licensee’s income statement.
• Gross operating income reflects earnings before interest, taxes, depreciation, amortization, affiliates’ charges and other miscellaneous items as reported on each casino licensee’s income statement. This is a widely accepted measure of profitability in the Atlantic City gambling industry.
• The average rate per room occupied reflects room revenue as reported on casino licensees’ income statements (which include the value of free rooms) divided by the number of room nights occupied for the period.
• Footnotes are an integral part of each casino licensee’s financial statements. Valid comparisons cannot be made without using the information contained in the footnotes.
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Additional Atlantic City tourism information can be found on the Casino Reinvestment Development Authority website at: http://www.atlanticcitynj.com/about/stats.aspx
Reports filed by individual casinos can be viewed on the Division’s website at: http://www.nj.gov/oag/ge/quarterlyfinancialrpt.html