Atlantic City casino operating profits decrease nearly 10% year-over-year for Q1 2024

May 22, 2024
Leer en Español

Total net revenue from all casinos managed to increase 1.9% from the comparable quarter to $740.2m.

The New Jersey Division of Gaming Enforcement has reported the Q1 2024 financial results for all Atlantic City casinos. While total net revenue was reported at $740.2m for the first quarter of 2024 as compared to $726.3m for Q1 2023, the state saw a decrease in gross operating profits year-over-year. Operating profits for the first quarter of 2024 were $140.5m, a 9.6% decrease from the comparable quarter. 

Director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, attempted to explain the decrease by citing “an increase in the cost of doing business, inflation and a potential shift in revenue mix to operations like lodging and food and beverage that traditionally have narrower profit margins.” 

The institute in which Bokunewicz oversees studies the gambling market in Atlantic City. 

Only two casinos in the city reported positive movement when it came to gross operating profit out of the nine counted in the report. Hard Rock Hotel and Casino saw the biggest increase at 18.3%, generating $26.2m for Q1 2024 while Ocean Casino Resort reported a gross operating profit of $23.9m, an increase of 1.2%. 

The Golden Nugget Hotel in Atlantic City witnessed the largest decrease in operating profits, as its $2.3m figure reported for Q1 2024 represented a 51.7% drop from the comparable quarter. Tropicana Hotel operating profits decreased from $16.8m for Q1 2023 to $12.5m for the first quarter of 2024 while Harrah’s decreased 12.3% year-over-year to $16.9m for Q1 2024. 

Multiple casinos managed to report increases in net profit, however, including Caesars which saw a 3.8% increase from the $57.4m figure reported for Q1 2023. Ocean Casino Resort made $116.6m in net profit for Q1 2024 as compared to the $106.1m figure for the first quarter of 2023. Hard Rock Hotel and Casino grew by 7%, reporting $133.4m in net profit for Q1 2024. 

Recently, the Lloyd D. Levenson Institute released its first ever 2023 Impact: Atlantic City Casino Industry report in collaboration with the Casino Association of New Jersey. The report stated how the casino industry in Atlantic City was able to generate $467m in gross gaming tax revenue in 2023, representing a nearly 12% increase over the industry’s last peak in gross gaming tax revenue in 2006.


Product Spotlight


Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.