Atlantic City’s casino profits fall 15% for 2018
Casino gross operating profits in Atlantic City fell by 15% for 2018, to $582m.
Despite a 7% increase in net revenue to $2.9bn, overall profit growth was down for the year in New Jersey’s casino hub.
Atlantic City saw five of its 12 casinos close down between 2014 and 2016, although the Ocean Resort Casino reopened in June 2018 and the addition of the Hard Rock saw five become seven.
Both of these casinos reported a gross operating loss for 2018. Ocean Resort lost $17.8m, while Hard Rock lost $9.1m.
Tropicana and Golden Nugget were the only casinos to have increased gross operating profits of those which had been operating since the beginning of 2018.
Golden Nugget’s gross operating profit was up by 13% to $45m, while Tropicana saw a 1% rise to $93.4m.
For Q4, meanwhile, Atlantic City’s casinos saw a decline in gross operating profit of 41%, to $75.1m.
Hard Rock President Joe Lupo said: “The launch of a new property and the acquisition of new customers are always costly, but we’re very happy with the volumes and momentum into 2019.”
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