Atlantic City’s casino profits shrink again. Hotel occupancy rates slipped too, during the first half of 2019.
New Jersey Division of Gaming Enforcement released Q2 results for Atlantic City’s nine casinos.
Net revenue was up 18.2% in Q2 ….. but gross operating profit was down 6.8%.
Q2 Revenue Winners
- The Borgata $202m
- Hard Rock $103.7m
- Harrah’s $96.4m
Q2 Profit Losers
- Caesars down 33.7%
- Golden Nugget down 28.8%
- Harrah’s down 27%
All nine Atlantic City casinos reported profit declines in Q2
Since Jan 2019, average AC hotel occupancy is down 4.3 to 77%.
Ocean Casino selling most rooms. 91% of available inventory. Golden Nugget sold just 70.5% of their available hotel rooms.
Casinos reduced workforce totals by 4%. Part-time positions have been expanded. Atlantic City employment numbers down 3% for Summer 2019.
Borgata employed the largest casino job force in Atlantic City. 5,843 during August 2019.