“We are pleased that the north end of the Atlantic City Boardwalk “North Beach” continues to lead the market, with Hard Rock Atlantic City, Ocean Casino Resort and Resorts showing the majority of the increase in comparison to 2019. This positive growth shows the importance of investing in the city and that working collaboratively together can have a positive impact in our community.”
- Joe Lupo, President of Hard Rock Hotel & Casino Atlantic City
ATLANTIC CITY — Casino Net Revenue and Gross Operating Profit Based upon filings made with the Division of Gaming Enforcement, the casino licensees reported Net Revenue of $968 million and a Gross Operating Profit of $310.8 million for the 3rd Quarter 2021. For the first nine months of 2021, Net Revenue was $2.3 billion and the Gross Operating Profit was $592.4 million. In light of the casino hotel closures beginning March 16, 2020 through July 2, 2020 due to the COVID-19 pandemic and subsequent operating restrictions, the Net Revenue and Gross Operating Profit for the 3rd quarter and year-to-date are not comparable to the 2020 period.
The occupancy rate in the industry’s casino hotels for the three months ended September 2021 was 81.3% and the occupancy rate for the nine months ended September 2021 was 68.0%.
The following notes are integral to understanding the financial information contained in this press release. The notes provide a description and source of the data.
- Net Revenue is the amount reported on Line 5 of the income statement. Net Revenue reflects Casino Revenue (less all promotional allowances) plus Rooms Revenue, Food and Beverage Revenue and Other Revenue as reflected on each casino licensees’ income statement.
- Gross Operating Profit reflects earnings before interest, taxes, depreciation, amortization, charges from affiliates, and other miscellaneous items as reflected on each casino licensees’ income statement. It is a widely-accepted measure of profitability in the Atlantic City gaming industry.
- Average Rate Per Occupied Room reflects Rooms Revenue as reported on the casino licensees’ Statements of Income (which includes the value of complimentary rooms) divided by the number of occupied room nights for the period.
- The footnotes are an integral part of each casino licensee’s financial statements. Valid comparisons cannot be made without using the information contained in the footnotes.
Additional information on Atlantic City tourism can be found on the Casino Reinvestment Development Authority’s website at:http://www.atlanticcitynj.com/about/stats.aspx
Reports filed by the individual casinos can be found at the Division’s website at: http://www.nj.gov/oag/ge/quarterlyfinancialrpt.html