Less competition has led to higher profits for Atlantic City’s casinos in 2017 — but will it last with two more casinos soon to join the mix? The seven casinos saw their gross operating profits increase by 22.5 percent last year, to $723 million.
That is good news for the seaside gambling resort, which saw five of its 12 casinos shut down since 2014. Harrah’s was the only one whose profit declined, down 2.7 percent to $115.8 million. The Borgata had the highest profit at $292 million, up 19.5 percent from 2016.
Gross operating profit reflects earnings before interest, taxes, and other charges, and is a widely-accepted measure of profitability in the Atlantic City casino industry.
Caesars showed a profit of $92 million, also up 19.5 percent from a year ago; Tropicana’s profit was just a shade below $92 million, representing a 71 percent increase over 2016; Bally’s profit was $42.1 million up 8.1 percent; the Golden Nugget had a $40 million profit, up 38.3 percent; and Resorts had a $23.1 million profit, up 23.6 percent.