The New Jersey Division of Gaming Enforcement announced the 2nd Quarter 2022 total gaming revenue results, which found that Atlantic City casino licensees reported a net revenue of $828.8 million reflecting a 14.1% increase over the same quarter last year. Despite the revenue increase, the total gross operating profit for the collective casinos was $183.6 million, a 0.8% decrease from the same three months in 2021.
Record inflation has led to increased operating costs for the casinos, which has forced prices to increase and is the likely culprit for the lower profit margins.
For the first six months of 2022, net revenue was $1.5 billion, an increase of 19.9% from the same period last year and gross operating profit was $339.3 million, an increase of 20.9% compared to the same period last year.
The occupancy rate in the industry’s casino hotels for the three months ended June 2022 was 77.4%, which is 7.4 percentage points higher than Q2 last year.
Eight of the nine Atlantic City casinos still managed to post a profit, with Bally’s being the lone casino to operate in the red.
MGM Resorts’ Borgata was the most profitable casino, posting a profit of $42.2 million in the second quarter, which is almost 5% better than the same quarter in 2021.
Hard Rock reported the second-best profit at $38 million, and Tropicana was third at $30.3 million.
Hard Rock saw the biggest year-over-year profit increase, as the resort’s bottom line was 46% higher than Q2 2021.
Other Q2 profits included:
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