New Jersey’s Division of Gaming Enforcement has reported that casinos in the state's Atlantic City continued their profitability decline in the first quarter of 2024.
Revenue for the city’s land-based properties rose year-on-year to US$740.2m.
However, collective gross operating profit in Q1 decreased by 9.6 per cent from Q1 2023 to $140.4m. Only two of the city's nine casinos posted a rise in profits year-on-year.
The New Jersey regulator reported a similar decline in profitability over the course of 2023, with the figure dropping by 4.1 per cent from 2022 to US$780.7m.
Gross operating profit declined in Q4 by 3.6 per cent to $148.5m.
Although, in another recent report, the New Jersey Division of Gaming Enforcement revealed that for April, igaming revenue of $187.9m in the Garden State was the second highest on record and reflected growth of 18.2 per cent year-on-year.
