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Virus Closures Ship Atlantic Metropolis Casinos To $112M Q2 Loss

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ATLANTIC CITY, N.J.: The coronavirus outbreak despatched Atlantic Metropolis’s casinos plunging to a $112 million second quarter gross working loss because the playing homes remained closed for your complete three-month interval, in keeping with figures launched Monday by state playing regulators.

That compares with an working revenue of almost $160 million within the second quarter of final 12 months.

Solely one of many 9 casinos the Golden Nugget reported an working revenue for the quarter, and that was helped by the market-leading web playing operation. The on line casino made $3.1 million, down almost 69% from a 12 months earlier when it revamped $10 million.

New Jersey Gov. Phil Murphy ordered the casinos closed on March 16, and didn’t permit them to start reopening till July 2. That greater than covers your complete second quarter, the months of April, Might and June.

The casinos supplied on-line playing and sports activities betting throughout the quarter, which offered them some income throughout the interval their bodily buildings had been shuttered. The 9 casinos collectively reported $121.four million in internet income, down almost 85% from the second quarter of 2019.

The person casinos, in addition to playing regulators, dismissed the numbers as not akin to final 12 months, when the business was in full swing. Somewhat, they focused on efforts to persuade prospects the reopened casinos are clear and secure.

Throughout this era, the casinos undertook a tremendous effort and expense to organize a secure surroundings for the return of workers and company, stated James Plousis, chairman of the New Jersey On line casino Management Fee. That crucial funding enabled the casinos to start welcoming again guests with applicable limits in July, and began Atlantic Metropolis on the street to restoration.

This closure was a setback to Ocean’s momentum gained via February 2020, stated Terry Glebocki, CEO of the Ocean On line casino Resort. “We need to thank our workers who labored tirelessly to organize us for reopening and are joyful to have two-thirds of our workforce again within the constructing.

Ocean had an $11.Eight million loss, in comparison with a $1.2 million loss within the second quarter of final 12 months.

The Borgata had the largest loss at greater than $40 million for the quarter, in comparison with a $55 million revenue within the second quarter of final 12 months.

Arduous Rock had a lack of $18.2 million, in comparison with a revenue of $11.2 million a 12 months in the past; Harrah’s had a $15.1 million loss, in comparison with a $23 million revenue a 12 months in the past; Resorts had a $12.6 million loss, in comparison with a $5.Three million revenue a 12 months in the past; and Tropicana had an $11.Eight million loss, in comparison with a $22.6 million revenue final 12 months.

Caesars had a $9.9 million loss, in comparison with a revenue of $16.Three million a 12 months in the past, and Bally’s had a $8.7 million loss, in comparison with a $9.Three million revenue a 12 months in the past.

The shutdown of the bodily casinos offered a possibility for on-line playing operations, together with the state’s two internet-only entities. Caesars Interactive NJ earned $7.7 million within the second quarter, up greater than 54% from a 12 months earlier, and Resorts Digital posted a revenue of $5.7 million, up greater than 194% from a 12 months earlier.

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Disclaimer: This publish has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor


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