Second-quarter setback for Atlantic City casinos
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The nine casinos in Atlantic City saw their combined second-quarter online and retail operating profit fall by almost one percent year-on-year to $183.6 million. However, they recorded a 14.1% rise in associated net revenues to $828.8 million in the same period.
The Atlantic City casinos' profits have declined in the second quarter of 2019. Bally's Atlantic Coast property from Baly's Corporation posted an operating loss of $3.7 million.
Borgata Hotel Casino and Spa from MGM Resorts International posted the highest second-quarter operating profit at $42.2 million. Hard Rock International’s Hardrock Hotel and Casino Atlantic City property saw its own figure improve by 46% to $38 million in the same period. Caesars Entertainment Incorporated's Tropicana Casino recorded an 8. 2% growth in combined proceeds to $30.3 million, but Harrah's Atlantic Coast recorded a 14% decline to just $21. 3 million during the period, as the company made significant investments in its facilities.
The second-quarter operating profit for Ocean Casino Resort property dropped by 8.1% year-on-year to $15.5 million. Caesars Atlantic City's profit fell by 23.6% to $14.2 million and Golden Nugget Atlantic city's to 9.7%. Resorts Casino Hotel's profits dropped 15. 1% from $6. 2 million to 6.3 million in the second quarter.
Second-quarter operating profit for Atlantic City casinos rose compared to the same period in 2019. Jane Bokunewicz, Institute Coordinator for Stockton University’s Levenson Institute for Gaming, Hospitality and Tourism, says the industry has learned to adapt and operate profitably.
