New Jersey casinos see improving revenues

(The Center Square) – Casinos in New Jersey are coming up aces with their revenue collections, which look to be returning to normal following a disruption caused by the COVID-19 pandemic.

The revenue numbers for the third quarter outpaced 2019 revenue numbers, and year-to-date figures this year are approaching numbers before the pandemic.

New Jersey casinos reported $968 million in net revenue and a $310.8 million gross operating profit during the third quarter. During the first nine months of 2021, casinos reported $2.3 billion in net revenue and a $592.4 million gross operating profit.

Meanwhile, casino hotels reported an 81.3% occupancy rate during the quarter. During the first nine months of 2021, the casino hotels reported a 68% occupancy rate.

Not surprisingly, revenue and occupancy numbers for 2021 far outpace 2020 numbers, as casino hotels were closed from March 16, 2020, through July 2, 2020.

However, in the third quarter of 2019, casinos reported $928.9 million in net revenue. They reported $239.4 million in gross operating profit.

During the first nine months of 2019, casinos reported $2.4 billion in net revenue and $484.6 million in gross operating profit. Meanwhile, casino hotels reported 90.8% hotel occupancy during the third quarter of 2019 and 81.2% for the first nine months of the year.

— Todd DeFeo, The Center Square

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