Atlantic City casinos suffer nine figure loss during Q2
Three months devoid of any brick-and-mortar revenue saw Atlantic City’s casinos dive to a US$112 million second quarter (Q2) gross operating loss, compared to an operating profit of nearly $160 million for the same period last year, according to data from the New Jersey Division of Gaming Enforcement.
New Jersey Governor Phil Murphy ordered State casinos shut mid-March to protect citizens from COVID-19 due to the increased danger posed to his State by adjacent New York City, one of the major virus hotspots.
While permitted to reopen from 2 July, casinos operated under limited capacity and without indoor dining, smoking and drinking, resulting in losses for nearly all of the nine operators in the State.
Golden Nugget Atlantic City was the only operator to report a Q2 profit, crediting its online gambling presence. Even so, revenue was down 69%, with the casino earning just $3.1 million in comparison to over $10 million for the same period last year.
Online gambling still flourished after physical casinos reopened, with operators posting winnings of $87.5 million and Golden Nugget claiming the biggest share of the online market.
The physical casino shutdown also saw the State’s two internet-only entities boost their Q2 earnings, with Caesars Interactive NJ earning $7.7 million, up more than 54% from a year earlier, and Resorts Digital posting a profit of $5.7 million, up more than 194% from a year earlier.
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