Atlantic City, NJ – The once-thriving casino industry in Atlantic City has hit yet another roadblock as profits declined by nearly 10% in the first quarter of 2024. This marks a significant setback for the gambling mecca, which has been struggling to regain its footing in recent years.
According to data released by the New Jersey Division of Gaming Enforcement, all nine of Atlantic City’s casinos reported a decrease in profits from January to March of this year. The total gross operating profit for the first quarter was $116.7 million, down from $129.3 million in the same period last year.
The decline in profits can be attributed to a number of factors, including increased competition from neighboring states, a lack of new attractions to draw in visitors, and the ongoing effects of the COVID-19 pandemic. Many casinos in Atlantic City have also been struggling with staffing shortages, which has led to longer wait times for customers and decreased revenue.
One of the hardest-hit casinos was the Borgata, which reported a 15% decrease in profits compared to the first quarter of 2023. The Borgata, which is one of the largest and most popular casinos in Atlantic City, has been facing stiff competition from newer casinos in nearby states like Pennsylvania and New York.
Other casinos that saw significant declines in profits include Caesars, Harrah’s, and Tropicana. Even the once-thriving Hard Rock Casino reported a 7% decrease in profits, despite efforts to attract new customers with live entertainment and special promotions.
In response to the decline in profits, some casinos in Atlantic City have been forced to make tough decisions, including laying off employees and reducing operating hours. The industry as a whole is now looking for ways to reverse the downward trend and attract new customers.
Despite the challenges facing the Atlantic City casino industry, there is still hope for a turnaround. The city recently announced plans to invest in new attractions and entertainment options, including a proposed water park and a sports complex. These initiatives could help attract more visitors and boost profits in the coming months.
Overall, the first quarter of 2024 has been a challenging time for Atlantic City’s casinos, but industry leaders remain hopeful that with strategic investments and smart marketing strategies, they can overcome these obstacles and once again become a thriving destination for gamblers and tourists alike.
