The casino revenue in Atlantic City has been booming, with nearly $720m reported for Q1 alone.
With more people coming out of the woodwork, Atlantic City’s nine casinos and their online operations have been generating nearly $720m in net revenue for Q1. The 25% growth over last year’s first quarter is thanks largely to increased player activity due both an increasingly volatile market conditions as well as locals choosing not leave their homes because they’re sure it will be safe from infection-wrought chaos should anything happen – which so far hasn’t happened!
The business is booming snapping at its heels like never before, the company’s revenue has exceeded $704.6m in a single quarter – an increase from last year and almost double what it was just three months ago when you heard about them for first time here on our podcast episode 18 with John Lee Dumas- which means they’re doing pretty well if we may say so ourselves… And these numbers don’t even mention all those other successes such as gross operating profit rising by 63% over 2021 levels (to date) to reach nearly 180 million dollars; but wait there’s more.
The four casinos that saw their profits exceed pre-pandemic levels in Atlantic City also reported the highest gross earnings for this quarter, with $46m generated by Borgata Casino and Hotel; 27 million at Hard Rock Resort ; 18.5 milllion from Tropicana Club & Marina Resort – all located along iconic Boardwalk street.
The hospitality industry is booming, but some operators are doing better than others. For example Bally’s AC saw their loss narrow during the first quarter of this year and actually posted an occupancy rate that was 10 percentage points higher than last period – though still below what it was just one years ago when there were 72%.
For the quarter, Atlantic City’s hotels had a occupancy rate of 80%. While this is predominantly positive news and reflects how well-run these properties were during their most recent visit from reviewers–the potential for labor disputes makes it hard not to see that something could disrupt what has been going on here so far with some negative repercussions if things do get ugly.
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