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.
Good to know: Casino workers in Atlantic City continued to push for smoke-free gambling halls in the city by demonstrating outside of a local hotel on November 22
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%.
