why are casinos closing in atlantic city

The shutdown of the physical casinos provided an opportunity for online gambling operations, including the state’s two internet-only entities. Hard Rock had a loss of $18.2 million, compared to a profit of $11.2 million a year ago Harrah’s had a $15.1 million loss, compared to a $23 million profit a year ago Resorts had a $12.6 million loss, compared to a $5.3 million profit a year ago and Tropicana had an $11.8 million loss, compared to a $22.6 million profit last year.Ĭaesars had a $9.9 million loss, compared to a profit of $16.3 million a year ago, and Bally’s had a $8.7 million loss, compared to a $9.3 million profit a year ago.

The Borgata had the biggest loss at more than $40 million for the quarter, compared to a $55 million profit in the second quarter of last year.

Ocean had an $11.8 million loss, compared to a $1.2 million loss in the second quarter of last year. “We want to thank our employees who worked tirelessly to prepare us for reopening and are happy to have two-thirds of our workforce back in the building.” “This closure was a setback to Ocean’s momentum gained through February 2020,” said Terry Glebocki, CEO of the Ocean Casino Resort. “That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.” “During this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests,” said James Plousis, chairman of the New Jersey Casino Control Commission. Rather, they concentrated on efforts to convince customers the reopened casinos are clean and safe. The individual casinos, as well as gambling regulators, dismissed the numbers as not comparable to last year, when the industry was in full swing. The nine casinos collectively reported $121.4 million in net revenue, down nearly 85% from the second quarter of 2019. The casinos offered online gambling and sports betting during the quarter, which provided them some revenue during the period their physical buildings were shuttered. That more than covers the entire second quarter, the months of April, May and June. Phil Murphy ordered the casinos closed on March 16, and did not allow them to begin reopening until July 2. The casino made $3.1 million, down nearly 69% from a year earlier when it made over $10 million. Only one of the nine casinos - the Golden Nugget - reported an operating profit for the quarter, and that was helped by the market-leading internet gambling operation.

Why are casinos closing in atlantic city