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NEWS 23 November 2017

Atlantic City profits up 20.7% in Q3 2017

By Robert Simmons
Atlantic City’s seven surviving casinos have reported a 20.7% year-on-year increase in their gross operating profits for the third quarter of 2017.

In its third quarter report, the New Jersey Division of Gaming Enforcement (NJDGE) revealed the casinos' gross operating profits during the period were $252.5m, beating the $209.2m reported during the same period of 2016.

The chief earnings winner was the Tropicana, which reported a 67% year-on-year rise in earnings during Q3, increasing to $46.2m from the $27.6m received during the third quarter of 2016.

Also reporting earnings rises during the period were Caesars and the Golden Nugget, with year-on-year rises of 11% and 15.4% respectively, bringing their earnings up to $29m and $12.8m during the period.

Bally’s earnings during the period rose 10.7% to $18.1m while Harrah’s grew by just under 1% to $37.7m, with Resorts rising by just 0.3% to $10.7m.

Of the seven open casinos Borgata was the only one to post a loss during the period, with that loss being just 0.4%, making their earnings during the period $81.8m.

Atlantic City’s two internet-only corporate entities had a good quarter as well, with Caesars Entertainment NJ reporting a 55.4% year-on-year rise in its Q3 2017 earnings which were $3.7m during the period.

Resorts Digital reported a staggering year-on-year rise in its earnings during the period, jumping from a $570,000 profit during Q3 2016 to a $12.1m profit during the same period of this year.

RELATED TAGS: Online | Land-Based | Industry | Financial | Casino
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