Alright, hold onto your poker chips, folks, because we’ve got some juicy Atlantic City gossip to dish out! 🎉 It turns out that all nine of those flashy Atlantic City casinos managed to squeeze out a profit during the second quarter of this year. Now, before you start imagining mobsters rolling in piles of cash, let me drop the punchline: that profit was down more than 20% from a year ago. Yeah, it’s like the casinos caught a glimpse of their bank accounts and went, “Jackpot! …Wait, what?!”
But don’t worry, the casino world isn’t all sad trombones and blinking slot machines. Nope, only three casinos and one sneaky online entity managed to beat their pre-pandemic profits from 2019. You know, back in the days when the word “pandemic” sounded like a bad sci-fi movie title. 🍿
So, according to some official-sounding figures released by the New Jersey Division of Gaming Enforcement (which, by the way, sounds like a job title you’d get if you’re the champion of Monopoly), the casinos as a whole raked in a gross operating profit of nearly $146 million. But hang on, that’s a 20.5% drop from the same time last year, and even less than the $159 million they managed to stuff into their money bags back in 2019. I mean, who needs a profit when you can have the thrill of counting your losses, am I right?
Now, here’s the deal: gross operating profit is like the high-stakes poker of the casino world – it’s all about the numbers before anyone starts taking their cut. We’re talking interest, taxes, depreciation, and every other expense you can think of, except maybe the endless buffet bills. 🍔🍰
Why the dip in profits, you ask? Well, our expert in all things Atlantic City and gambling, Jane Bokunewicz, says it’s like this: last summer, they gave the casino workers a fat raise, and let’s be real, that’s like paying an extra bet on every spin. And oh, operational expenses decided to do the cha-cha in the upward direction. So, the decline? Totally expected, kind of like that moment you realize you’ve hit the buffet for the fifth time. 😅
But hey, props to these casinos for turning a profit despite all the bills they’ve been handed! James Plousis, chairman of the New Jersey Casino Control Commission (fancy title, huh?), is impressed. Apparently, they’ve hired more staff than ever, which means they’re practically becoming the heart of the city – the more, the merrier, right?
Alright, time to unveil the winners and losers of the casino rollercoaster ride! 🎢 Drumroll, please… The Hard Rock casino strutted its stuff and managed to pocket a whopping $30.4 million in operating profit – even though it dropped 20% like a clumsy poker player. Tropicana and the Ocean casino followed, raking in nearly $25 million and nearly $24 million respectively. And guess what? These three are the cool kids who actually outdid their pre-pandemic profits from 2019. Talk about a comeback story!
But wait, there’s more. Harrah’s didn’t quite hit the jackpot, making only $18 million in operating profit – down 15.5% from last year. Caesars, on the other hand, was on fire, gaining 8.3% in operating profit. Borgata, though, was like the sad trombone sound – a 71% drop in profit. Ouch, that’s like losing your bet and your lucky charm all at once. 🥺
Let’s not forget our buddy Golden Nugget, who still managed to snatch a $7.6 million profit, even though it stopped boasting about its online gambling results. I guess it’s the casino equivalent of “I know a secret, but I’m not telling!” 🤫
Oh, and speaking of online stuff, Resorts Digital, the casino’s online wing, grabbed a $1.1 million profit. Not bad for a bunch of pixels and codes, huh? 💻💰
So, what’s the takeaway from this hilarious casino comedy? Well, despite the financial rollercoaster and labor cost increases, these casinos are proving they’ve got more game than ever. And with hotel rooms being occupied like they’re hot cakes (74% occupancy, folks!), it’s clear that people are still placing their bets on Atlantic City. Let’s just hope the city’s luck holds up better than a poker face at a family game night! 🃏🎰Alright, hold onto your poker chips, folks, because we’ve got some juicy Atlantic City gossip to dish out! 🎉 It turns out that all nine of those flashy Atlantic City casinos managed to squeeze out a profit during the second quarter of this year. Now, before you start imagining mobsters rolling in piles of cash, let me drop the punchline: that profit was down more than 20% from a year ago. Yeah, it’s like the casinos caught a glimpse of their bank accounts and went, “Jackpot! …Wait, what?!”
But don’t worry, the casino world isn’t all sad trombones and blinking slot machines. Nope, only three casinos and one sneaky online entity managed to beat their pre-pandemic profits from 2019. You know, back in the days when the word “pandemic” sounded like a bad sci-fi movie title. 🍿
So, according to some official-sounding figures released by the New Jersey Division of Gaming Enforcement (which, by the way, sounds like a job title you’d get if you’re the champion of Monopoly), the casinos as a whole raked in a gross operating profit of nearly $146 million. But hang on, that’s a 20.5% drop from the same time last year, and even less than the $159 million they managed to stuff into their money bags back in 2019. I mean, who needs a profit when you can have the thrill of counting your losses, am I right?
Now, here’s the deal: gross operating profit is like the high-stakes poker of the casino world – it’s all about the numbers before anyone starts taking their cut. We’re talking interest, taxes, depreciation, and every other expense you can think of, except maybe the endless buffet bills. 🍔🍰
Why the dip in profits, you ask? Well, our expert in all things Atlantic City and gambling, Jane Bokunewicz, says it’s like this: last summer, they gave the casino workers a fat raise, and let’s be real, that’s like paying an extra bet on every spin. And oh, operational expenses decided to do the cha-cha in the upward direction. So, the decline? Totally expected, kind of like that moment you realize you’ve hit the buffet for the fifth time. 😅
But hey, props to these casinos for turning a profit despite all the bills they’ve been handed! James Plousis, chairman of the New Jersey Casino Control Commission (fancy title, huh?), is impressed. Apparently, they’ve hired more staff than ever, which means they’re practically becoming the heart of the city – the more, the merrier, right?
Alright, time to unveil the winners and losers of the casino rollercoaster ride! 🎢 Drumroll, please… The Hard Rock casino strutted its stuff and managed to pocket a whopping $30.4 million in operating profit – even though it dropped 20% like a clumsy poker player. Tropicana and the Ocean casino followed, raking in nearly $25 million and nearly $24 million respectively. And guess what? These three are the cool kids who actually outdid their pre-pandemic profits from 2019. Talk about a comeback story!
But wait, there’s more. Harrah’s didn’t quite hit the jackpot, making only $18 million in operating profit – down 15.5% from last year. Caesars, on the other hand, was on fire, gaining 8.3% in operating profit. Borgata, though, was like the sad trombone sound – a 71% drop in profit. Ouch, that’s like losing your bet and your lucky charm all at once. 🥺
Let’s not forget our buddy Golden Nugget, who still managed to snatch a $7.6 million profit, even though it stopped boasting about its online gambling results. I guess it’s the casino equivalent of “I know a secret, but I’m not telling!” 🤫
Oh, and speaking of online stuff, Resorts Digital, the casino’s online wing, grabbed a $1.1 million profit. Not bad for a bunch of pixels and codes, huh? 💻💰
So, what’s the takeaway from this hilarious casino comedy? Well, despite the financial rollercoaster and labor cost increases, these casinos are proving they’ve got more game than ever. And with hotel rooms being occupied like they’re hot cakes (74% occupancy, folks!), it’s clear that people are still placing their bets on Atlantic City. Let’s just hope the city’s luck holds up better than a poker face at a family game night! 🃏🎰