This doesn’t make the operating profit decline for nine casinos in Atlantic City any better. The 15% drop in total figures in the first quarter of this year compared to Q1 2022 results weighs some weight on claims that the sector has not fully recovered. 릴게임사이트
Various Factors Contributing to Atlantic City Casino Earnings
The New Jersey Game Executive said operating profit for nine properties in Garden State was $135.4 million, less than the $159 million posted last year. New Jersey Casino Management Committee Chairman James Plussis explained the numbers, arguing that state casinos face higher costs, which affect their finances and curb consequences. One of the reasons is the recent agreed wage increase for a number of casino employees, including beverage servers, porters, bartenders, and housekeepers. Wage costs are not the only contributing factor, Plusis said. Casinos were also hiring more people, which meant that as operators continued to grow and expand, so did related costs. New Jersey Casino Association President Mark Giantonio says inflation is another factor.
Inflation Higher Wages More People Working
In the meantime, however, some companies have succeeded in improving overall performance. Bally raised $88,000 in operating profit. That’s actually a small number, but it’s much better than the $6.8 million loss the company recorded in 2022. Revenue at Ocean Casino Resorts also rose nearly 28% to $23.6 million. Of course, not all earnings have recorded improvements. For example, the resort’s revenue fell to $284,000 from $527,000 last year. Borgata also reported a 50% decrease in profit to $22.8 million.Golden Nugget posted a profit of $4.8 million in the first quarter of 2023, compared to $5.6 million in the first quarter of 2022. Caesars Entertainment, on the other hand, recorded $6.8 million contracted by 13.2%. Resorts Digital rose 6% to $8 million.