The regulator reported gross operating profit for the state’s nine licensees that amounted to $310.8m, a 106% rise from the same period last year. Net revenue meanwhile came to $968m, a more modest but still impressive 54% increase.
However, the DGE acknowledged that due to Covid-related closures and capacity restrictions that negatively impacted last year’s results, they cannot be fairly compared to 2021’s.
In its statement dsiclosing the third quarter figures, the DGE said: “In light of the casino hotel closures beginning March 16, 2020 through July 2, 2020 due to the Covid-19 pandemic and subsequent operating restrictions, the net revenue and gross operating profit for the third quarter and year-to-date are not comparable to the 2020 period.”
But even when compared with the prior quarter’s results, gross operating profit is up by nearly 68%, while net revenue has risen by 33%.
Of the nine casinos, the Borgata performed best, posting $57m in operating profit and $189m in net revenue, up from $40m and $143m in Q2 respectively, but second place is hotly contested by Hard Rock International’s Atlantic City property and Tropicana.
While the former comes out on top in terms of net revenue, reporting $165m, the latter can claim victory in regard to gross operating profit, with $48m to Hard Rock’s $46m.
All-in-all, Q3’s results bring net revenue for the first nine months of the year to $2.3bn, while gross operating profit amounts to $592.4m.
“Through efficiencies, every operator posted a profit in the third quarter, a great accomplishment coming out of an extremely challenging period,” said James Plousis, Chair of the New Jersey Casino Control Commission. “Atlantic City’s recovery is gaining momentum and is on track for an impressive year.”
