Last updated on April 13th, 2024 at 07:18 am
Based on the latest report, New Jersey casino operators suffered a decrease in their profits in the 2023 Fiscal Year. Their fourth-quarter net revenue was $782 million, a decrease of 1.3 percent year-over-year. Also, their gross operating profit dropped by 3.5 percent to $149 million.
The Division of Gaming Enforcement also disclosed data on the full-year performance of its licensees. As reported by the relevant body, revenue during the fiscal year came to $3.33 billion, up 0.8% over the previous year. Meanwhile, New Jersey’s licensed casino operators saw their gross operating profit fall 4.1% year-on-year to $780.7 million in FY 2023. It is still better than gambling in Georgia, which is still non-existent.
The division also released period-end hotel occupancy numbers, stating that 66.5% of state-run casino hotels were full in the fourth quarter. According to online casino platform experts, this is a marginal improvement of 0.7% over last year’s corresponding time. In contrast, the occupancy rate for the twelve months ending in December 2023 was 73%, reflecting a decrease of 0.4%.
New Jersey Casino Operators in 2023
Net revenue for the fourth quarter of 2023 was $190.4 million, while gross operating profit was $47.9 million, making Borgata the most lucrative casino resort in the world. In fiscal year 2023, the property brought in $785.6 million in net revenue and $226.1 million in gross operating profit.
Moving on to Hard Rock, they achieved a net revenue of $140.3 million and a gross operating profit of $28.5 million in the fourth quarter. With $572.7M in net sales for the fiscal year, it made $125.5M in gross operating profit.
Ocean Resort rounded out the top three with Q4 net sales of $119.8 million and gross operating profit of $26.6 million. With $491.8 million in net revenue (+16.3%) and $117.2 million in gross operational profit (+21.8%), the venue rose in gross profit in 2023, making it one of just three licensees to do so.
Notably, Bally’s AC emerged victorious in 2023, significantly increasing its profits from $1.8 million in 2022 to $11.1 million in FY 2023. In contrast, Resorts Casino’s gross operating profit dropped from $21 million in 2022 to $9.5 million in 2023. Although their earnings are down, it is still an excellent time to open a casino.
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