Casinos in New Jersey Report Decline in 2023 Gross Operating Profit
New Jersey casinos saw a fall in gross operating profit despite a rise in net revenue in Q4 2023 according to new data published by the New Jersey Division of Gaming Enforcement.
LISTEN TO THIS ARTICLE:There was net revenue of $781.9 million in Q4 2023, a rise of 1.3% year-on-year. However, gross operating profit fell 3.6% to $148.5 million.
The Division of Gaming Enforcement also published details of the casinos’ full-year performance. For the calendar year, net revenue was up 0.8% at $3.33 billion. However, casino operators in New Jersey saw gross operating profit fall 4.1% in 2023 to $780.7 million.
Figures from the Division of Gaming Enforcement showed that casino hotels had an occupancy rate of 66.5% in Q4 2023, an increase of 0.7% from Q4 2022. However, for the full year 2023, the occupancy rate was 73%, which represents a fall of 0.4% from 2022.
Borgata Leads the Way
In 2023, the Borgata was the leading casino resort in terms of profitability, reporting fourth-quarter net revenue of $190.4 million and a gross operating profit of $47.9 million. For the full year, the Borgata's financial performance included net revenue of $785.6 million and a gross operating profit of $226.1 million.
Following the Borgata, Hard Rock took the second position with fourth-quarter net revenue of $140.3 million and a gross operating profit of $28.5 million. Over the entire year, Hard Rock saw a net revenue of $572.7 million, which translated into a gross operating profit of $125.5 million.
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Ocean Resort, ranking third among the top performers, recorded fourth-quarter net revenue of $119.8 million and a gross operating profit of $26.6 million. It was among the few establishments to see an increase in gross profit for the year, with a total net revenue increase to $491.8 million (up by 16.3%) and a gross operating profit rise to $117.2 million (up by 21.8%).
Bally’s Enjoys Biggest Turnaround
Bally’s Atlantic City saw the biggest turnaround in fortunes in 2023, turning a gross operating loss of $1.8 million in 2022 into a profit of $11.1 million for the full year. Conversely, Resorts Casino experienced a decline in gross operating profit, dropping from $21 million in 2022 to $9.5 million in 2023.
The gross operating profit for the full year for other New Jersey casinos included Caesars with $51.7 million, the Golden Nugget with $29.8 million, Harrah’s with $80.6 million, Tropicana with $93 million, CIENJ with $23.6 million, and Resorts Digital with $12.2 million.
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