Hard Rock posted a gross operating profit of $44.3 million in the third quarter, up less than 1% from a year earlier.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City casino industry.
“In keeping with the experiences of many resort communities along the New Jersey shore, Atlantic City saw a bit of a cooling off in summer 2023 compared to the pent-up post-pandemic energy seen in 2021 and 2022, said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City casino industry.
”That said, it did outperform pre-pandemic 2019 for both net revenue and gross operating profit, suggesting that this could be part of a cycle of stabilization."
The Tropicana had a profit of $36.7 million, down 11.5%; Harrah's had a $30 million profit, down over 13%; Caesars had a $21.1 million profit, down nearly 18%; Golden Nugget had an $11 million profit, nearly 4%; Bally's had a $7.3 million profit, down over 32%; and Resorts had a $7.2 million profit, down nearly 43%.
Persons:
Gross, Jane Bokunewicz, Lloyd Levenson, James Plousis, Harrah's, Bally's, Wayne Parry
Organizations:
CITY, of Gaming Enforcement, Atlantic City, Stockton University, New Jersey Casino Control, Tropicana, Caesars, Golden, Resorts, Caesars Interactive Entertainment, Resorts Digital, Twitter
Locations:
N.J, New Jersey, Atlantic City, www.twitter.com