{"id":208797,"date":"2022-04-11T07:30:15","date_gmt":"2022-04-11T14:30:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=208797"},"modified":"2022-04-13T09:20:42","modified_gmt":"2022-04-13T16:20:42","slug":"atlantic-city-casino-2021-profit-report-stirs-mixed-analysis","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/atlantic-city-casino-2021-profit-report-stirs-mixed-analysis\/","title":{"rendered":"Atlantic City Casino 2021 Profit Report Stirs Mixed Analysis"},"content":{"rendered":"

Atlantic City casinos disclosed late last week their full-year 2021 gross operating profits. The numbers gave fodder for an array of opinions regarding the gaming beach town’s future.<\/p>\n

\"Atlantic
Atlantic City casinos are seen with beachgoers walking in the foreground. Atlantic City casinos reported profits of $766.8 million in 2021. (Image: The Philadelphia Inquirer<\/em>)<\/figcaption><\/figure>\n

The New Jersey Division of Gaming Enforcement (DGE) revealed that the nine casinos collectively reported profits of $766.8 million on net revenue of approximately $3 billion. Profits totaled just $117.5 million in 2020 when COVID-19 shuttered the resorts from mid-March through early July.<\/p>\n

More importantly, 2021 casino profits easily eclipsed the nearly $594 million that the nine properties achieved in pre-pandemic 2019.<\/strong><\/p>\n

Gross operating profits<\/a> reflect earnings before interest, taxes, depreciation, amortization, charges from affiliates, and other miscellaneous items. It is a widely-accepted measure of profitability in the Atlantic City gaming industry.<\/p>\n

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This should help operators as they seek to make up significant reductions in gross operating profit from 2020 and finance the major capital improvement projects currently underway at properties throughout the city,”<\/strong> said Jane Bokunewicz, director of Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism.<\/p>\n<\/blockquote>\n

Eight of the nine casinos were profitable in 2021. The lone exception was Bally’s, amid a major renovation of the Boardwalk property that is expected to cost $100 million.<\/p>\n

Borgata Continues Dominance<\/b><\/h2>\n

MGM Resorts operates only one Atlantic City casino, but its Borgata has long been the market’s top performer. The Marina District casino continued that trend in 2021, with nearly $174 million in profits. Tropicana came in a distant second at $118.7 million.<\/p>\n

Gross Operating Profit<\/strong><\/p>\n