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The Atlantic city casino boost during the third quarter of 2021

Senior Reporter

The nine casinos of the great Atlantic city boomed with a total gross operating profit of $310 million in the third quarter of 2021 as the business continues its recovery from the effects of COVID-19. This was confirmed by the New Jersey Division of Gaming Enforcement (DGE).

The Atlantic city casino boost during the third quarter of 2021
Image: pixabay.com

$310 million is undoubtedly a considerable profit, indicating that Atlantic city is thriving again, with more and more people exploring the atmosphere of a live casino.

The new profit indicates an increase of 106% from the previous year when the Atlantic City casinos had no choice but to operate through a lockdown.

The decline in tourism in 2020 and the capacity reduction in casinos can go a very long way to explaining this data, so we cannot make a fair comparison of the Gross Operating Profits of both years. However, when we compare it to the gross operating profits of 2019 and 2018, we can still say that there is a remarkable increase, and it is the highest since the third quarter of 2017.

James Plousis, Chair of DGE, further disclosed some figures regarding the revenue on which the casinos were operating. He said that eventhough casinos had 30% less revenue than the pre-lockdown period in 2019, they were able to operate and generate a higher profit through successful strategies during operation.

This boost is a positive sign which indicates that the casino industry of Atlantic City is recovering from the economic blow it suffered in the prior year and also indicates an increase in tourists in the area.

Digging deeper, Jane Bokunewicz, a director at Lloyd Levenson Institute at Stockton University, revealed how casinos have been trying to save on cash by “operating lean”.

She states that many casinos have reduced the number of workers in their spaces to save on cash. This was also concerning to him as many people must have remained unemployed due to this strategy.

The casinos have been putting forward more attractions like the high limit casinos at the Ocean casino that has driven more people to invest their money hence aiding the casino’s profit.

The Borgata was the best-performing of the nine casinos, with $57.2 million in gross operating profit and $189 million in net revenue, up from $40 million and $143 million in the second quarter of 2021. Tropicana came in second with $48 million in profit, more than double its $18.2 million in 2020. Hard Rock made a profit of $46 million, up from $21 million the previous year. Similarly, other casinos also had more visitors and increases in gross operating profits compared to last year.

Bally's, owned by Caesars Entertainment, had a profit of $13 million in 2020, made a $2 million operating profit in 2021. The Long Island-based Bally’s Corp presently owns the casino.

Caesars had a profit of $27.6 million, up from $17.5 million, the Resorts casino made a profit of $16.1 million, up from $7.7 million, and Golden Nugget made a profit of $14.3, up from $7 million.

Summing up, this boost in profits of the casino industry of Atlantic City during the third quarter has brought optimistic hope of recovery from the damage the pandemic has done. The tourism sector of America is also on the road to recovery, with many tourists coming to enjoy the exciting nightlife of Atlantic City as it reopens with full bloom again.

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