Atlantic City casino revenue down 37% in Q3
Atlantic City’s casinos reported a 37% loss in the third quarter according to the New Jersey Division of Gaming Enforcement.
Casinos along the East Coast’s gaming hub earned $151m for the months of July, August and September, down from $240m a year ago. Each of the nine casinos maintained a gross operating profit.
New Jersey officials allowed the state’s casinos to reopen at the start of July following a two and a half month shutdown.
Ocean Casino Resort was the lone property to see an increase in revenue, growing from $10m to $24m year-on-year.
The Borgata, which waited until 26 July to reopen, reported a 97% drop to $2.3m.
Earlier this month The Borgata laid off several employees and furloughed hundreds more amid a new overnight curfew affecting Atlantic City’s casinos.
Several operators saw double digit losses. Harrah’s fell 42% to $19m, Tropicana dropped 44% to $18m, Caesars was down 25% to $18m, Hard Rock dropped 14% to $21m and Golden Nugget declined 11% to $16m. Resorts fell 17% to $8m.
Bally’s Atlantic City, which recently changed hands from Caesars Entertainment to Bally’s Corporation, fell 8% to $13m.
Casinos are operating under 25% capacity. Average hotel occupancy for the quarter was 73%.
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