Casino profits dive more than 80%

The coronavirus outbreak sent profits plunging at Atlantic City’s casinos by more than 80% last year, according to figures released Friday by New Jersey gambling regulators. But despite those dismal numbers, seven of the nine casinos still managed to eke out a profit, no matter how small, in 2020.

The state Division of Gaming Enforcement reported the nine casinos collectively posted $117.5 million in gross operating profits in 2020. That was down from nearly $594 million a year earlier, before the pandemic forced casinos to close for 3 months, and limited their operations even after reopening.

The Ocean Casino Resort posted the largest operating profit at $21.8 million, up from $6.7 million in 2019.

The Tropicana earned $18.7 million, but that was down more than 78% from a year earlier. Hard Rock earned $10.9 million, down nearly 72%, and Caesars earned $10.4 million, down more than 84%.

Harrah’s earned $8.5 million, down more than 90%; Golden Nugget earned $7.2 million, down nearly 74%, and the Borgata posted an operating profit of just $650,000 for the year, down 99.7% from 2019.

Resorts had an operating loss of $10.5 million, compared to a profit of $17.6 million in 2019. Bally’s had a $10 million operating loss, compared to a $27.5 million profit in 2019.