Atlantic City casinos showed strong growth in the second quarter
By Bob Garcia
Atlantic City continues to rebound, although COVID-19 issues have some operators worried
While it is true that the first quarter of the year is typically slow for Atlantic City casinos, achieving a modest $90.4 million in gross operating profit that period this year, the second quarter undoubtedly completely shattered expectations. The revenue in the period doubled that amount and provided a breath of hope for the gambling industry in the area. According to reports, America’s Playground casinos achieved a total profit of $185.2 million in the second quarter, evidencing strong growth.
The figures that came as a good cheer to start the week were released yesterday by the New Jersey Division of Gaming Control. Compared to last year’s second quarter, there was clearly an incredible jump, but this is mainly because the casinos were closed for all three months due to COVID-19, causing them to generate a gross operating loss of $112 million. Comparing the figures to a year where the pandemic wasn’t even crossing our minds, in 2019, casinos generated $87 million in the first quarter, followed by a second-quarter figure of $159.3 million.
This just means, pandemic or not, the figures currently achieved are touching the sky, and many gamblers are starting to return to the casinos and resume the activity they have long been forbidden to have. Borgata, which has long been considered the king of Atlantic City casinos, was able to maintain its lofty position in terms of gaming revenue, earning $69.4 million in winnings representing nearly a quarter of the industry’s total.
With the arrival of more positive COVID-19 cases, it is not yet known what to expect in the coming quarters in cities as active as these; however, with proper control and the necessary measures, it is possible that a good profit margin can be maintained.