According to the New Jersey gambling regulators, Atlantic City casino profits dropped by 80 percent last year. They said that the drop was due to the ongoing pandemic. Despite the low numbers, seven out of nine casinos reported profits in 2020.
Nine casinos reported $117.5 million in gross operating profits last year. It was down from around $594 million year over year. The pandemic forced casinos to shut down for three and a half months. Also, they had limited operations after reopening to prevent the virus from spreading.
According to the best sports betting software, gross operating profit is the earnings before taxes, interest, depreciation, and other costs. Also, it is the accepted measure of profitability in the New Jersey casino industry.
Atlantic City Casino Profits
The Atlantic City casinos faced their most challenging year since they opened in the city. Even after they allowed to reopen last July. According to bookie pay per head reports, casinos’ earnings were limited due to fewer amenities, no entertainment events, and travel restrictions.
Casinos proved that in-person gaming could occur safely through responsible management. As tourists return to New Jersey, they can be confident that Atlantic City casinos are safe during the summer.
However, many people learned how to be an online bookie and offered sports betting and casino games via the internet. Also, some people preferred to stay at home during the pandemic.
According to the report, Ocean Casino Resort got the biggest operating profit at $21.8 million, which was up from $6.7 million in 2019. The casino owners announced that the Ilitch family, owner of the Little Caesars pizza franchise, a casino in Detroit, and professional hockey and baseball teams, are purchasing half of the casino. Also, it is the only Atlantic City casino to increase its profits during the pandemic.