Atlantic City casinos report nearly $720m in Q1 revenue

Atlantic City’s nine casinos and their online operations generated nearly $720m in net revenue for Q1, driving profitability past both last year’s and comparable pre-pandemic levels.

1 DGE q1 2022 gi web image
Listen To Article

According to figures published by New Jersey’s Division of Gaming Enforcement (DGE), the first quarter of 2022 saw revenue rise by over 25% when compared to Q1 of last year.

But more importantly, net revenue exceeded the $704.6m generated during the first quarter of 2019.

This revenue rise spurred on a similar increase in gross operating profit. For the three months ended 31 March, this amounted to $155.6m, up by 63% from 2021 and by almost 80% from 2019.

However, not all of Atlantic City’s nine casinos shared in this growth. Only four licensees saw their Q1 profits exceed pre-pandemic levels: Borgata, Hard Rock, Ocean Resort and Tropicana.

These four licensees also reported the highest gross profit figures for the quarter, generating $46m, $27m, $18.5m and $19.8m respectively.

Only one operator posted a loss for Q1 2022, Bally’s AC, which actually saw this widen on a year-over-year basis, increasing to $6.8m from $6.5m.

The average hotel occupancy rate for the quarter was roughly 63%, over 10 percentage points higher than the comparable period last year, though below the 72.6% recorded for Q1 of 2019.

Ocean reported the highest occupancy rate for the quarter, at over 80%, while Golden Nugget recorded the lowest, at 41.6%.

Overall, Q1’s results reflect a predominantly positive trend; however, potential labour disputes threaten to upset Atlantic City’s ongoing recovery from the impact of Covid-19.

Premium+ Connections
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...