Gross operating profits at Atlantic City’s eight operational casinos grew 61% year-on-year to $237.4 million in the third quarter of the year, the New Jersey Division of Gaming Enforcement reported on Monday. The amount of $147.5 million was posted for the same three months a year ago.
Matt Levinson, Chairman of the state Casino Control Commission, told media that the reported figures are indicative of the improvement of local casino operations “after several difficult years.” The official further noted that each one of the eight hotel and casino venues in the city posted third-quarter increases in profits, due to growths in casino, accommodation, and food and beverage revenues as well as reduced expenses.
Here it is important to note that the considerable increases actually reflect the difficulties Atlantic City’s gambling industry had to face in 2014, when four casinos closed doors permanently.
Bally’s posted a 70% increase in gross operating profit to $21.2 million for the third quarter ended September 30. Gross operating profit at The Borgata grew 43% year-on-year to reach $82.1 million. Caesars posted a 56% increase to $32.5 million. Gross operating profit at Golden Nugget rose 56% to $9.1 million as compared to the figures posted for the same period a year ago.
Harrah’s reported a 45% increase to $41.9 million. Resorts was also among the top performers with an 80% growth in gross operating profit to $8.9 million. Tropicana posted a 41% rise to $26.1 million. Gross operating profit at Trump Taj Mahal amounted to $16.2 million for the third quarter of the year, up the impressive 182% year-on-year.
Last but not least, Caesars Interactive New Jersey, known to be Caesars’ online gambling division, reported net operating profit of $1.5 million, up 168% as compared to the -$2.2 million posted for the same period a year ago.
Total revenue at Atlantic City’s eight casinos and their Internet gaming divisions amounted to $1 billion in the third quarter of the year, reflecting an 8% decrease from the $1.1 billion posted for the same three months of 2014. Net revenue totaled $783 million during the period in review, down 6% year-on-year. Excluding net revenue from the three casinos that closed doors during the third quarter of 2014, net revenue generated in the three months ended September 30, 2015 increased 5%.
The New Jersey Division of Gaming Enforcement also reported collective gross operating profit for the first nine months of the year of $450.9 million, up 67.5% year-on-year.
