Atlantic City casinos report Q1 revenue of $565m
Atlantic City’s nine casinos earned first quarter revenue of $565m according to figures released by the New Jersey Division of Gaming Enforcement.
Revenue was down 5% compared to the first three months of 2020.
Gross operating profit soared to $95.5m, which represents a 222% increase from Q1 2020. Eight of nine Atlantic City casinos saw gross operating profit rise, with Bally’s the exception.
Atlantic City casinos spent the first three months of 2021 operating under Covid-19 capacity restrictions and social distancing measures. Casinos returned to full capacity on May 19, per an order from New Jersey Gov. Phil Murphy.
Q1 earnings were up 11% from the first quarter of 2019, the most recent comparable quarter, James Plousis, chairman of the New Jersey Casino Control Commission, told the Associated Press.
Atlantic City casinos began to close on March 16, 2020 and didn’t reopen until early July 2020.
“The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination,” he said, according to the AP. “Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”
Q1 hotel occupancy was 52.4%, down 16% from the same period in 2019.
Borgata led Atlantic Casinos with operating profit of $29m, well ahead of second place Tropicana at $16.3m.
Several casinos saw operating profits soar triple, even quadruple figures from Q1 2020. Caesars earned $8.2m, up 1478%, while Ocean Resort took in $8m, an increase of 1485%.
Golden Nugget Online Gaming led internet-only operators with operating profit of $7.9m, up 24%. Caesars Entertainment generated iGaming earnings of $4.5m, an increase of 20%. Resorts Digital rounded out the top three with $4.3m, up 59%.
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