Atlantic City 1Q casino earnings down nearly 15% from year ago

ATLANTIC CITY, N.J. (AP) — Atlantic City's nine casinos collectively saw their gross operating profit decline by nearly 15% in the first quarter of this year compared with the same period a year earlier.

Figures released Monday by the New Jersey Division of Gaming Enforcement show the casinos collectively posted an operating profit of $135.4 million in the first three months of 2023, down from the more than $159 million in profits they saw in the first quarter of 2022.

James Plousis, chairman of the New Jersey Casino Control Commission, said the casinos are dealing with higher costs this year, including significantly higher wages they agreed to pay workers including housekeepers, bartenders, beverage servers and porters under a landmark contract reached last summer.

Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is a widely accepted measure of profitability in the Atlantic City casino industry.