The NJ Office of Attorney General Division of Gaming Enforcement reported the following on New Jersey Casino Licensees:
Casino Licensees Financial Results:
Based upon filings made with the Division of Gaming Enforcement, the casino licensees’ Net Revenue increased 27.4% to $719.8 million for the three months ended March 2022 compared to the same period in 2021. Additionally, Gross Operating Profit for the industry increased 63% for the quarter to $155.6 million compared to the first quarter of 2021.
The occupancy rate in the industry’s casino hotels for the three months ended March 2022 was 63.1%, which is 10.7 percentage points higher than the comparable period last year.
The following notes are integral to understanding the financial information contained in this press release. The notes provide a description and source of the data.
• Net Revenue is the amount reported on Line 5 of the income statement. Net Revenue reflects Casino Revenue (less all promotional allowances) plus Rooms Revenue, Food and Beverage Revenue and Other Revenue as reflected on each casino licensees’ income statement.
• Gross Operating Profit reflects earnings before interest, taxes, depreciation, amortization, charges from affiliates, and other miscellaneous items as reflected on each casino licensees’ income statement. It is a widely-accepted measure of profitability in the Atlantic City gaming industry.
• Average Rate Per Occupied Room reflects Rooms Revenue as reported on the casino licensees’ Statements of Income (which includes the value of complimentary rooms) divided by the number of occupied room nights for the period.
• The footnotes are an integral part of each casino licensee’s financial statements. Valid comparisons cannot be made without using the information contained in the footnotes.
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Additional information on Atlantic City tourism can be found on the Casino Reinvestment Development Authority’s website at: http://www.atlanticcitynj.com/about/stats.aspx
Reports filed by the individual casinos can be found at the Division’s website at: http://www.nj.gov/oag/ge/quarterlyfinancialrpt.html