Atlantic City Casinos’ Profits Drop 10% in Q1 2024 Amid Rising Costs
Key Points at a Glance
Casinos in Atlantic City have noted a 10% decrease in their operating profits in the first quarter of 2024. Despite a rise in total net revenues to $740.2 million from $726.3 million in the same period of the previous year, gross operating profits fell to $140.5 million. This represents a decrease of 9.6%. Experts attribute this development to rising operating costs, inflation, and a shift in revenue sources.
Winners and Losers Among the Casinos
Not all casinos were affected by the decline. The Hard Rock Hotel and Casino and the Ocean Casino Resort were able to increase their gross operating profits, with Hard Rock recording the largest increase of 18.3% to $26.2 million. In contrast, there were significant declines at other establishments, such as the Golden Nugget Hotel, whose operating profits fell by 51.7% to $2.3 million.
Outlook and Industry Analysis
Despite the decline in operating profits, some casinos reported higher net income. Caesars’ net income increased by 3.8% to $57.4 million and that of the Ocean Casino Resort to $116.6 million. The Hard Rock Hotel and Casino also recorded growth of 7% with net income of $133.4 million. These developments suggest that the casinos in Atlantic City continue to make a significant contribution to the economy and are adapting to meet challenges.
Our Assessment
The latest figures from Atlantic City show that the casino industry continues to face significant pressure. Rising operating costs and inflation pose challenges, but the adaptability of some casinos proves that there are ways to counteract these. It remains to be seen how the industry will further develop, but the current trends provide both cause for concern and hope.
Sources
– Lloyd Levenson Institute
– Casino Association of New Jersey
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