Ocean Casino Resort is Atlantic City’s only profit gainer in Q3

Ocean Casino Resort was the sole Atlantic City gaming venue to post an annual operating profit gain in the third quarter of 2020, while the normally omnipotent Borgata only narrowly staved off a rare operating loss.

Figures released Monday by the New Jersey Division of Gaming Enforcement (DGE) show AC’s nine casinos (and its two online-only offshoots) generated net revenue of $629.3m in the three months ending September 30, down 32.3% from the same period last year. For the first nine months of 2020, revenue is down 44.4% to slightly less than $1.35b.

The market combined for an operating profit of just $150.5m in the most recent quarter, down 37.2% from Q3 2019. However, that’s a damn sight better than the $112m loss the casinos reported in Q2 2020, during which all of their land-based operations were shut due to COVID-19 and the market was forced to rely on its online casino and sports betting options.

Ocean Casino Resort (OCR) posted an operating profit of $24.4m, up nearly 139% year-on-year as the property finally put its 2018 (re)opening costs behind it. Apart from the two online-only operators, the closest any other casino came to posting a net year-on-year improvement was Bally’s AC, which saw its Q3 profit decline only 8.3% to $13m.