Land Based Casinos In New Jersey Post Disappointing Q3 Numbers
Land Based Casinos In New Jersey Post Disappointing Q3 Numbers
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The New Jersey Division of Gaming Enforcement’s release of financial data for the quarter ending September 30, 2024, has brought to light a concerning trend for the state’s brick-and-mortar casino establishments. The figures indicate a noticeable dip in both revenue and profitability compared to the same period in the previous year.
The cumulative net revenue from New Jersey’s land-based casino licensees amounted to $943.2 million for the third quarter of 2024. Representing a 2.9% decrease when compared to the corresponding quarter in 2023.
Gross Operating Profit Contraction
Perhaps more alarming than the revenue decline is the significant drop in gross operating profit. The state’s casinos collectively reported a total gross operating profit of $242.9 million for Q3 2024. This marks a 13.6% decrease year-over-year.
Year-to-Date Performance
The first nine months of 2024 show a marginal decline in net revenue. The cumulative figure reached $2.54 billion, representing a slight 0.2% decrease compared to the same period in 2023. The gross operating profit for this nine-month stretch stood at $576.6 million, reflecting a more pronounced 8.8% reduction from the previous year.
