Atlantic City casinos report 13.8% decrease in gross operating profit for Q3 2024
The New Jersey Division of Gaming Enforcement reports financial results for nine casinos in the area, including Caesars, Bally’s and Tropicana.
Key Points
- Gross operating profit was reported to be just under $236.6m throughout Q3 2024
- Net revenue also decreased year-over-year, falling by 2.5% to be nearly $925.1m during the third quarter of 2024
The New Jersey Division of Gaming Enforcement has reported the financial results for Atlantic City’s nine casinos for Q3 2024, including a 13.8% year-over-year decrease in gross operating profit. Atlantic City’s nine casinos reported a gross operating profit of just under $236.6m, while net revenue also fell by 2.5% from the prior year period for a total of nearly $925.1m.
Borgata was the only property to not report a decrease in net revenue year-over-year, as the hotel and casino generated $218.4m during Q3 2024, rising $44k from what had been reported during the third quarter of 2024.
The largest variance in net revenue came from Harrah’s which decreased 11.3% from the prior year period to report $79.8m in net revenue for the third quarter of 2024. Tropicana reported a net revenue of just under $86.8m, decreasing 4.1% year-over-year while the other six casinos saw decreases of 2.8% or less throughout Q3 2024.
Golden Nugget reported the largest decrease in gross operating profit, falling by 43.8% from the prior year period for a total of $6.2m throughout the third quarter of 2024. Resorts Casinos saw a decrease of 32.6% year-over-year, while Harrah’s reported a decrease of 24.8% for net revenues of $4.9m and $22.6m, respectively.
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Hard Rock actually managed to see an increase in gross operating profit, rising by 2.4% for a total of just under $45.4m during the third quarter of 2024. Borgata reported the largest gross operating revenue of all casinos at $60.4m, but the figure represents a decrease of 17.8% year-over-year.
Resorts Digital also decreased in net revenue and gross operating profit from the prior year period, falling by 28.7% in net revenue to be $6.1m, while gross operating profit decreased by 4.8% for a total of $1.5m.
The total net revenue between all nine properties was $943.2m during the third quarter of 2024, which represents a decrease of 2.9% from the prior year period. Hotel occupancy also decreased year-over-year, reported to be 84.1% during Q3 2024 for a fall of 1.5%.
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