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The coronavirus outbreak despatched Atlantic City’s casinos plunging to a $112 million second quarter gross working loss because the playing homes remained closed for your complete three-month interval, in accordance to figures launched Monday by state playing regulators.
That compares with an working revenue of almost $160 million within the second quarter of final 12 months.
Only one of many 9 casinos — the Golden Nugget — reported an working revenue for the quarter, and that was helped by the market-leading web playing operation. The on line casino made $3.1 million, down almost 69% from a 12 months earlier when it revamped $10 million.
New Jersey Gov. Phil Murphy ordered the casinos closed on March 16, and didn’t permit them to start reopening till July 2. That greater than covers your complete second quarter, the months of April, May and June.
The casinos supplied on-line playing and sports activities betting in the course of the quarter, which offered them some income in the course of the interval their bodily buildings have been shuttered. The 9 casinos collectively reported $121.four million in web income, down almost 85% from the second quarter of 2019.
The particular person casinos, in addition to playing regulators, dismissed the numbers as not comparable to final 12 months, when the trade was in full swing. Rather, they targeting efforts to persuade clients the reopened casinos are clear and secure.
“During this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests,” mentioned James Plousis, chairman of the New Jersey Casino Control Commission. “That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.”
“This closure was a setback to Ocean’s momentum gained through February 2020,” mentioned Terry Glebocki, CEO of the Ocean Casino Resort. “We want to thank our employees who worked tirelessly to prepare us for reopening and are happy to have two-thirds of our workforce back in the building.”
Ocean had an $11.Eight million loss, in contrast to a $1.2 million loss within the second quarter of final 12 months.
The Borgata had the largest loss at greater than $40 million for the quarter, in contrast to a $55 million revenue within the second quarter of final 12 months.
Hard Rock had a loss of $18.2 million, in contrast to a revenue of $11.2 million a 12 months in the past; Harrah’s had a $15.1 million loss, in contrast to a $23 million revenue a 12 months in the past; Resorts had a $12.6 million loss, in contrast to a $5.Three million revenue a 12 months in the past; and Tropicana had an $11.Eight million loss, in contrast to a $22.6 million revenue final 12 months.
Caesars had a $9.9 million loss, in contrast to a revenue of $16.Three million a 12 months in the past, and Bally’s had a $8.7 million loss, in contrast to a $9.Three million revenue a 12 months in the past.
The shutdown of the bodily casinos offered a chance for on-line playing operations, together with the state’s two internet-only entities. Caesars Interactive NJ earned $7.7 million within the second quarter, up greater than 54% from a 12 months earlier, and Resorts Digital posted a revenue of $5.7 million, up greater than 194% from a 12 months earlier.
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