Revenues from gambling in New Jersey fell by 0.9% in the third quarter of 2023.

The financial report for Q3 has been unveiled by the New Jersey Division of Gaming Enforcement. It discloses that there has been a slight decrease of 0.9% in revenue, amounting to $971.8 million, when compared to the previous year. Furthermore, the combined gross operating profit of Atlantic City casinos experienced a decline of 7.5% year-on-year, settling at $281.2 million.

This figure marks a substantial increase of 92% from the total of $146 million reported in the previous quarter. Notably, the net revenue for the initial nine months of 2023 reached $2.47 billion, demonstrating an upward trend of 2.7% compared to the same period in 2022. On the other hand, the gross operating profit for the first nine months amounted to $602.6 million, showcasing a decrease of 2.5% in comparison to 2022.

Turning to the hotel occupancy rate, it stood at 85.6% for the quarter ending on September 30th, 2023, indicating a slight decline of 1.1% in contrast to the third quarter of 2022. The occupancy rate for the nine-month period ending on September 30th, 2023 was 75.2%, marking a decrease of 1% from the corresponding timeframe in 2022.

 

[CR7]

The financial report from the New Jersey Division of Gaming Enforcement reveals some interesting insights into the state's gambling industry for the third quarter of 2023.

Firstly, it's worth noting that there was a slight decrease of 0.9% in overall revenue compared to the previous year, amounting to $971.8 million. While this may seem like a small decline, it is still a notable change in revenue for the industry.

The combined gross operating profit of Atlantic City casinos also experienced a decline of 7.5% year-on-year, settling at $281.2 million. This decrease could be attributed to various factors, such as competition from other markets or shifts in consumer behavior.

However, it's worth mentioning that there was a significant increase in gross operating profit compared to the previous quarter, with a growth of 92% from $146 million. This positive change could indicate a potential rebound in earnings for the industry after a challenging period.

Looking at the net revenue for the first nine months of 2023, there was an overall upward trend of 2.7% compared to the same period in 2022, reaching $2.47 billion. This suggests that despite the slight decline in Q3, the overall revenue for the year is still on an upward trajectory.

On the other hand, the gross operating profit for the first nine months decreased by 2.5% compared to the same period in 2022, amounting to $602.6 million. This indicates that while revenue may be increasing, the industry is experiencing challenges in controlling costs and maintaining profitability.

In terms of hotel occupancy rates, there was a slight decline of 1.1% in the third quarter's occupancy rate, with a rate of 85.6% compared to the same period in 2022. This could be attributed to various factors, such as changes in travel patterns or increased competition from other destinations.

For the nine-month period ending on September 30th, 2023, the occupancy rate was 75.2%. This marks a decrease of 1% from the corresponding timeframe in 2022. While a slight decline, it's important to note that the occupancy rate is still relatively high, indicating that the demand for accommodations in Atlantic City remains stable.

Overall, the Q3 financial report highlights a mixed picture for the gambling industry in New Jersey. While there was a slight decline in revenue and gross operating profit, the year-to-date figures demonstrate growth in net revenue. It will be interesting to see how the industry evolves in the coming months and if it can overcome the challenges it currently faces.