ATLANTIC CITY, N.J. (AP) — The Atlantic City casinos’ gross working revenue soared within the first quarter of this yr to more than $95 million, more than thrice the quantity they earned within the first quarter of 2020, when the COVID-19 shutdown worn out half of March.
Figures launched Monday by the New Jersey Division of Gaming Enforcement present eight of the 9 casinos posted will increase of their gross working revenue, with solely Bally’s posting an working loss.
Gross working revenue consists of earnings earlier than curiosity, taxes, depreciation and different costs, and is a widely-accepted measure of profitability within the Atlantic City playing trade.
James Plousis, chairman of the New Jersey Casino Control Commission, mentioned this yr’s figures are usually not evenly corresponding to the primary quarter of 2020 as a result of virus-related shutdown. So he selected to match this yr’s efficiency to the primary quarter of 2019, when all of the casinos have been working and the pandemic had not but occurred.
Under that comparability, the casinos’ first quarter earnings this yr are 11% greater than they have been in he first quarter of 2019, he mentioned.
“The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination,” he mentioned. “Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”
The market-leading Borgata posted an working revenue of more than $29 million throughout the quarter, up more than 28% from the identical interval final yr. The Tropicana earned $16.2 million, up practically 128% from final yr, and Harrah’s earned $9.5 million, up 224%.
Hard Rock earned $8.5 million, in comparison with a $4.2 million loss within the first quarter of final yr; Caesars earned practically $8.2 million, up from a lack of $593,000 within the first quarter of final yr. and the Ocean Casino Resort earned $7.94 million, in comparison with a $574,000 loss in final yr’s first quarter.
Golden Nugget earned $4.7 million, up over 406%; Resorts earned simply over $1 million, in comparison with a $3.4 million loss within the first quarter of 2020, and Bally’s reported a lack of practically $6.5 million, in comparison with a lack of over $8 million final yr below earlier possession.
Among internet-only entities, Golden Nugget Online Gaming earned over $7.9 million, up practically 24%; Caesars Interactive Entertainment NJ earned practically $4.5 million, up practically 20%; and Resorts Digital earned practically $4.3 million, up over 59%.
The figures usually comport with nationwide statistics exhibiting the casino trade is recovering from the financial hardship of the pandemic.
Earlier this month, the American Gaming Association, the casino trade’s nationwide commerce group, mentioned the nation’s industrial casinos took in more than $11.1 billion within the first quarter of this yr. That matched the trade’s greatest quarter in historical past, the third quarter of 2019.
The figures don’t embrace tribal casinos, and solely symbolize cash taken in by casinos earlier than paying bills and money owed.
Just over half Atlantic City’s casino lodge rooms have been occupied within the first quarter of this yr, with the typical room charge set at practically $131 an evening. The Ocean casino had the best common room charge at $175, whereas Resorts had the lowest-priced at $91.
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, mentioned income and lodge occupancy figures for the primary quarter of this yr have been up from the fourth quarter of final yr. She referred to as that “further sign that the industry is recovering. As the last restrictions are lifted, there is every reason to expect to see even stronger recovery in the second and third quarter data.”