Competition continues to take a toll on profits of Atlantic City casinos. According to the latest figures released, nine of Atlantic City casinos have posted a decline of 6.8 percent year-on-year decline in profits for the second quarter to June 30.
The only casino which posted a positive uptick in profit for the quarter is the Borgata casino.
The newly opened Ocean Resort Casino expecting to make profits this year posted an operating loss of about $1.2 million for the second quarter.
According to the figures released by the New Jersey Division of Gaming Enforcement Atlantic City casinos posted a collective operating profit of $159.3 million, down 6.8% from the second quarter of 2018.
The two new casinos – Hard Rock Atlantic City and Ocean Resort – have dampened the operating profits of the Casinos in Atlantic City. The operating profits of the two casinos are already down 17 percent year-on-year for the first six months of 2019.
“The market was still adjusting to the new level of competition through the second quarter,” said James Plousis, chairman of the New Jersey Casino Control Commission.
Commenting on the poor performance of the Ocean Resorts, Michael Donovan, Ocean’s senior vice president and chief marketing officer said: “While that’s not looking great, we are making money now. We made money in June, we made money in July and we continue to make good money in August. Overall, we’re happy with the results.”