New Jersey Q2 Casino Revenue up by 14% Year-on-Year
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The New Jersey Division of Gaming Enforcement has announced second quarter results for the state’s gambling industry revealing that net revenue grew by 14%.Five of Atlantic City’s nine casinos reporting a drop in profits
According to the report, Atlantic City casinos and their online partners posted combined gross operating profits of $183.6 million in the second quarter of 2022. This was a drop of 0.8% from the $185.1 million reported in the same period in 2021. However, this was still above 2019 pre-pandemic figures.
Casinos reported $828.8 million in combined net revenue. This was an increase of 14.1% year-on-year. Despite this, five of Atlantic City’s nine casinos reported lower profits than the same period in 2021. Bally’s reported an operating loss of $3.7 million.
Borgata was the market leader for the period reporting the largest quarterly operating profit of $42.2 million. This was an increase of 4.6% from 2021’s figures. Hard Rock reported $38 million in profits, up 45.9% while Tropicana profits grew by 8.2% to $30.3 million.
Caesars saw the largest drop in profits down by 23.6% to $14.1 million while Harrah’s profits dropped by 14 % to $21.3 million. Ocean saw an 8.1% drop to $15.5 million while Golden Nugget reported a 14.7% drop to $9.1 million. Resorts profits dropped by 15.1% to $6.2 million.
The latest figures mean that for the first six months of 2022, revenue increased by 19.9% year-on-year to $1.5 billion while gross operating profit was up by 20.9% to $339.3 million.
Jenny TangGlobal iGaming Analyst based in New York City.
