{"id":4626,"date":"2023-05-24T07:06:32","date_gmt":"2023-05-24T07:06:32","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/05\/24\/atlantic-city-casino-industry-reports-15-decrease-in-q1-2023-profit\/"},"modified":"2023-05-24T07:06:32","modified_gmt":"2023-05-24T07:06:32","slug":"atlantic-city-casino-industry-reports-15-decrease-in-q1-2023-profit","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/05\/24\/atlantic-city-casino-industry-reports-15-decrease-in-q1-2023-profit\/","title":{"rendered":"Atlantic City Casino Industry Reports 15% Decrease in Q1 2023 Profit"},"content":{"rendered":"<div>\n<p>According to the Associated Press, the Atlantic City casino industry had an almost 15% drop in gross operating profit during the first quarter of 2023 compared to the same period last year. The findings were disclosed on May 22, 2023 by the New Jersey Division of Gaming Enforcement, the industry\u2019s regulatory agency, revealing that the city\u2019s nine casino operators incurred greater operational costs throughout the period, affecting their profitability.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Rich Prize\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/04\/Rich-Prize-Casino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Rich Prize\" target=\"_blank\" rel=\"nofollow noopener\">Rich Prize<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>100% up to $1000 + 25% Cashback!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 100% bonus on your first deposit up to $1000!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Lower Profitability<\/h3>\n<p>The Atlantic City casinos made an operating profit of $135.4 million in the first quarter of 2023, which was $23.6 million less than the previous year\u2019s first quarter, signifying a 15% decline. The casinos\u2019 increasing running costs were blamed for the drop in profitability.<\/p>\n<h3>Rising Labor Costs<\/h3>\n<p>According to James Plousis, chairman of the New Jersey Casino Control Commission, higher costs, mostly due to higher pay paid to staff members such as housekeepers, porters, bartenders, and beverage servers, contributed to poorer profitability. These wage hikes were negotiated as part of a labor deal with employees last summer.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 100% + 100 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 100% bonus on your first deposit up to 5 BTC\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Plousis reportedly said: \u201cCompared to the first quarter last year, the <a href=\"https:\/\/igaming.org\/casino\/new-casinos\/\">casino<\/a> hotels are employing more people and a progressive labor agreement was reached. These steps are emblematic of an industry that is preparing for growth and success.\u201d<\/p>\n<h3>Gross Operating Profit and business Outlook<\/h3>\n<p>Gross operating profit (EBITDA) is a commonly acknowledged measure of profitability in the business. It represents earnings before interest, taxes, depreciation, amortization, and other costs. Plousis stated that the industry\u2019s job expansion and labor agreement signaled a readiness for future growth and success.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/7bit.partners\/a7b8d58a2\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/7bit.partners\/a7b8d58a2\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>100% up to 5BTC + 100 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 100% bonus on your first deposit up to 5BTC\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/7bit.partners\/a7b8d58a2\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Individual Casino Profitability<\/h3>\n<p>Among the individual casinos, Bally\u2019s recorded a $88,000 operating profit, compared to a $6.8 million loss in the same period last year. Ocean Casino Resort increased its profit by 27.6% to $23.6 million, while Harrah\u2019s profit increased by 21% to $19.2 million. Caesars increased its profit by 7% to $11.3 million, while Resorts lost $284,000, compared to a profit of $527,000 in Q1 2022.<\/p>\n<p>The Borgata\u2019s profit fell by more than half to $22.8 million, while Hard Rock\u2019s fell by 17.5% to $22.2 million. Tropicana\u2019s profit fell 15.3% to $16.7 million, while the Golden Nugget\u2019s profit fell to $4.8 million, down from $5.6 million in Q1 2022.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Rich Prize\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/04\/Rich-Prize-Casino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Rich Prize\" target=\"_blank\" rel=\"nofollow noopener\">Rich Prize<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>100% up to $1000 + 25% Cashback!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 100% bonus on your first deposit up to $1000!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Online Operations<\/h3>\n<p>Resorts Digital increased its operational profit by 6% to $8 million, while Caesars Interactive Entertainment NJ decreased by 13.2% to $6.8 million. Room rates varied from $113 to $212, while the overall resort occupancy rate for the first quarter of 2023 was 65.2%, up 2.1% from the previous year.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 100% + 100 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Welcome Bonus &#8211; 100% bonus on your first deposit up to 5 BTC\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/katsubet.partners\/a3a1ecddd\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/casino-news\/atlantic-city-casino-industry-reports-15-decrease-in-q1-2023-profit\/\">Atlantic City Casino Industry Reports 15% Decrease in Q1 2023 Profit<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to the Associated Press, the Atlantic City casino industry had an almost 15% drop in gross operating profit during the first quarter of 2023 compared to the same period last year. The findings were disclosed on May 22, 2023 by the New Jersey Division of Gaming Enforcement, the industry\u2019s regulatory agency, revealing that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-4626","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=4626"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4626\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=4626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=4626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=4626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}