Atlantic City 1st quarter casino earnings more than triple

ATLANTIC CITY, N.J. (AP) — The Atlantic City casinos' gross operating profit soared in the first quarter of this year to more than $95 million, more than three times the amount they earned in the first quarter of 2020, when the COVID-19 shutdown wiped out half of March.

Figures released Monday by the New Jersey Division of Gaming Enforcement show eight of the nine casinos posted increases in their gross operating profit, with only Bally's posting an operating loss.

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

James Plousis, chairman of the New Jersey Casino Control Commission, said this year's figures are not evenly comparable to the first quarter of 2020 due to the virus-related shutdown. So he chose to compare this year's performance to the first quarter of 2019, when all the casinos were operating and the pandemic had not yet occurred.

Under that comparison, the casinos' first quarter earnings this year are 11% higher than they were in he first quarter of 2019, he said.

“The strength of internet gaming and the safe return of tourists to Atlantic City are a powerful combination,” he said. “Last week’s lifting of casino capacity restrictions bolsters confidence for a strong recovery this summer.”

The market-leading Borgata posted an operating profit of more than $29 million during the quarter, up more than 28% from the same period last year. The Tropicana earned $16.2 million, up nearly 128% from last year, and Harrah's earned $9.5 million, up 224%.

Hard Rock earned $8.5 million, compared to a $4.2 million loss in the first quarter of last year; Caesars earned nearly $8.2 million, up from a loss of $593,000 in the first...