Close Menu
  • Keno Strategy
  • Keno Variations
  • Keno Odds
  • News
  • Casinos
  • Games
  • Handpays
What's Hot

Live! Casino Philadelphia Fined $100,000 by PGCB for Proxy Betting Violations

June 30, 2024

Blackjack Win Leads to Unexpected Jackpot Denial at MGM Grand Detroit

June 30, 2024

Michigan Increases MGCB Budget for Enhanced Regulation and Responsible Gaming

June 28, 2024
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram Pinterest VKontakte
Keno WizardKeno Wizard
  • Keno Strategy
  • Keno Variations
  • Keno Odds
  • News
  • Casinos
  • Games
  • Handpays
Keno WizardKeno Wizard
Home » New Jersey Operators Report a Decrease in Profit in 2023
Casinos

New Jersey Operators Report a Decrease in Profit in 2023

April 9, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The New Jersey Division of Gaming Enforcement has published data about the local casinos’ performance in Q4 2023, reporting a decrease in gross operating profit despite an increase in net revenue.

The report highlights Q4 net revenue of $781.9 million, reflecting a 1.3% increase year-on-year. As mentioned, gross operating profit declined by 3.6% to $148.5 million.

Additionally, the Division of Gaming Enforcement published data about its licensees’ full-year performance. According to the authority, net revenue reached $3.33 billion for the calendar year, representing an increase of 0.8% year-on-year. In the meantime, licensed casino companies in New Jersey reported FY 2023 gross operating profit of $780.7 million, a 4.1% decrease year-on-year.

The division also published hotel occupancy figures for the period, saying that casino hotels in the state reported a Q4 occupancy rate of 66.5%. This figure marks a slight 0.7% increase compared to the prior year period. The occupancy rate for the twelve months ended December 2023, on the other hand, reached 73%, which demonstrates a decline of 0.4%.

Most Hotels Experienced a Decline

The most profitable casino resort in 2023 was the Borgata with Q4 net revenue of $190.4 million and gross operating profit of $47.9 million. The property’s FY 2023 results included net revenue of $785.6 million and gross operating profit of $226.1 million.

Next up was Hard Rock with Q4 net revenue of $140.3 million and gross operating profit of $28.5 million. Its FY net revenue stood at $572.7 million, resulting in a gross operating profit of $125.5 million

Rounding up the top three, Ocean Resort posted Q4 net revenue of $119.8 million and gross operating profit of $26.6 million. The venue was one of the only three licensees to report an increase in gross profit for 2023, with net revenue of $491.8 million (+16.3%) and gross operating profit of $117.2 million (+21.8%).

See also  Nevada Posts March Results, Casino Results Contract

Bally’s AC was notably the biggest winner in 2023 as it was able to greatly bolster its profitability from a gross operating loss of $1.8 million in 2022 to a profit of $11.1 million in FY 2023. Resorts Casino, on the other hand, saw its gross operating profit plummet from $21 million in 2022 to $9.5 million in 2023.

Here’s how New Jersey’s other licensees fared in terms of FY 2023 gross operating profit:

  • Caesars: $51.7 million
  • Golden Nugget: $29.8 million
  • Harrah’s: $80.6 million
  • Tropicana: $93 million
  • CIENJ: $23.6 million
  • Resorts Digital: $12.2 million

In other news, Atlantic City’s casino workers continue to push for a ban on smoking in the local casinos.

Decrease Jersey operators Profit Report
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Live! Casino Philadelphia Fined $100,000 by PGCB for Proxy Betting Violations

June 30, 2024

Blackjack Win Leads to Unexpected Jackpot Denial at MGM Grand Detroit

June 30, 2024

Iowa: Linn County Casino Developers Consider Reapplying for License

June 28, 2024

Gambling Inspector in Maine Claims Retaliation by Boss over Concerns

June 28, 2024
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Live! Casino Philadelphia Fined $100,000 by PGCB for Proxy Betting Violations

June 30, 2024

Blackjack Win Leads to Unexpected Jackpot Denial at MGM Grand Detroit

June 30, 2024

Michigan Increases MGCB Budget for Enhanced Regulation and Responsible Gaming

June 28, 2024

$63B in Bets in Second Year

June 28, 2024
Top Reviews

Pragmatic Play’s Slot Portfolio Goes Live with Swiss Casinos

Moody’s Improves Melco’s Rating amid Strong Recovery in Macau

Relax Gaming Becomes A Major Player on Italian Market

Subscribe to Updates

Get the latest creative news and blogs update directly in your Inbox!

Keno Wizard
Facebook X (Twitter) Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2024 Kenowizard.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.