Ac Casino Closures

AC casino layoffs sweep the Boardwalk. Phil Murphy gave the order to close the casinos on March 16, all AC casinos offered workers compensation packages. They decided to do the layoffs after the release of the latest unemployment numbers. The report showed 155,000 New Jerseyans filed, 16 times more than the last report. Phil Murphy, in a joint press conference with fellow governors, announced that Atlantic City's casinos have been ordered to shut down at 8 p.m. The same goes for New York's upstate commercial casinos, including Resorts World Catskills, Gov. Andrew Cuomo announced. May 22, 2020 The statistics cover only the first two weeks of casino closures due to the coronavirus outbreak; second-quarter earnings are sure to be worse because the casinos have been shut all of April. Associated Press Here's a rare instance of Atlantic City's rash of casino closures actually bringing good news to the industry. The casinos increased their gross operating profits by 44 percent.

1. Louisiana Casino Closures
2. Ac Casino Closures In Connecticut

ATLANTIC CITY, N.J. (AP) —

Atlantic City's casinos saw their gross operating profits fall by more than 65% in the first quarter of this year, according to figures released Friday.

The statistics cover only the first two weeks of casino closures due to the coronavirus outbreak; second-quarter earnings are sure to be worse because the casinos have been shut all of April and, so far, May, with no reopening date scheduled.

The figures from the New Jersey Division of Gaming Enforcement show the nine casinos collectively posted gross operating profits of $29.6 million in the first three months of this year, down from $85.6 million in the same period last year.

The big decline is 'not surprising, given that most casinos continued to pay employees for two weeks after the shutdown,' said Jane Bokunewicz, coordinator of a gambling studies institute at Stockton University outside Atlantic City. 'With only internet gaming and a small amount of sports betting revenue to offset payroll expenses, a significant decrease was inevitable.'

Three casinos swung from a first quarter profit last year to a first quarter loss this year. Bally's went from a $2.8 million profit in 2019 to a loss of over $8 million this year; Caesars went from a $10.8 million profit to a $593,000 loss, and Resorts went from a $3 million profit to a $3.4 million loss.

Harrah's saw its profit decline from $16.5 million last year to $2.9 million this year; Tropicana's profit fell from $16.5 million to $7.1 million, and the Borgata fell from $39.7 million to $22.6 million. The Golden Nugget's profits declined from $9.2 million to almost $7.3 million.

Hard Rock showed an operating loss in both periods but improved its performance this year, posting an operating loss of $4.2 million in the first quarter this year, compared with a loss of $6.1 million last year.

The same dynamic held true for the Ocean Casino Resort, which had an operating loss of $574,000 in the first quarter this year compared with its loss of $11.5 million in the same period last year.

Gross operating profit reflects earnings before interest, taxes, depreciation and other expenses, and is a widely accepted measure of profitability in the Atlantic City gambling industry.

Gov. Phil Murphy ordered the casinos closed on March 16, affecting the last two weeks of the quarterly earnings reporting period. But that period included what might have been a prosperous period for the casinos, particularly their sports betting operations.

The NCAA college basketball championship tournament was just about to get underway. But it, like virtually all major sporting events, was canceled due to the virus outbreak.

Casinos have continued to take in money through internet gambling, and, on a much smaller scale, sports betting, with obscure events like Belarussian soccer or Russian pingpong providing betting options.

Two internet-only entities saw their operating profits increase during the quarter. Caesars Interactive-NJ saw a $3.7 million profit, up 36.5% from last year, and Resorts Digital had an operating profit of $2.6 million, up 45% from last year.

The casinos' collective net revenue decreased by 14.5% to $595.7 million for the first quarter of this year.

Hotel occupancy was 68.1%, which is 4.5% lower than the first quarter of last year. The Borgata had the highest average room rate at $175.76, while Resorts had the lowest at $92.92.

___

Follow Wayne Parry at http://twitter.com/WayneParryAC

Gamblers and vacationers who had planned to visit U.S. casinos expressed a mixture of disappointment and relief over a wave of closings in at least 15 states as officials worked on slowing the spread of the coronavirus pandemic.

Some said they still plan to visit casinos.

Many casinos, where hundreds or even thousands of people touch the same slot machines and gambling chips, remain open. The casinos that remain open say they are stepping up cleaning and sanitization efforts.

Sherry Giordano, an Atlantic City casino regular from Willow Grove, Pennsylvania, has a trip booked for this weekend that will be canceled. But she would have been hesitant to go even if the casinos had been open, because of her husband's health history that could make him more susceptible to the virus.

'I'm less concerned with my own safety, and I think a lot of people have a tendency to think that way, which is both kind of stupid and selfish because we can endanger others,' she said. 'I not only love gambling, I love meeting people and escaping reality.

'Atlantic City is very important to me and my husband,' she said. 'But I think it's the right thing to do. I would rather err (on the side of) caution rather than jeopardize a life.'

For most people, the virus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, and death. The vast majority of people recover.

Tom Brown, of Edison, New Jersey, canceled a Las Vegas trip last week, and then canceled the rebooked trip for late March that would have replaced the first one. He acted because of concerns over the potential for the virus to sicken his wife, who as a cancer patient undergoing infusion therapy has low resistance.

'We will likely wait several months before considering another casino junket,' he said.

Troy Wildasin, an Emmaus, Pennsylvania, casino patron, said that even in the best of times, the sanitary state of casinos left a lot to be desired.

'Not only would this help the chance of decreasing the virus outbreak, but this will also give the opportunity to give the casinos a fresh cleanup,' he said. 'There is not one casino, regardless of city, that is clean. Hard to do properly when they are open 24/7.'

Michael Magbaleta, of Jersey City, New Jersey, frequents casinos in Atlantic City, Las Vegas and Pennsylvania but said he won't be going in the near future.

'I'd feel a bit antsy and paranoid going on a casino trip now,' he said 'As it is, Wind Creek at Bethlehem, Pennsylvania, closed down, and they have a huge customer base traveling from New York City to that resort. I'm glad they are taking extreme measures to protect the employees and public.'

Sherry Cannon of Toledo, Ohio, is canceling a Las Vegas trip planned for mid-May.

'I am not comfortable going to any casino any where in the world right now,' she said. 'It makes me sad, but I would rather myself and my 80-year-old mother stay alive and not spread anything to anyone else. I am glad the casino here in Toledo closed, and I'm happy the ones in Detroit closed because if they hadn't, my mom would be trying to get me to go.'

Don Battista of Austin, Texas, had been due to fly to Laughlin, Nevada, this week, but has since thought better of it.

Louisiana Casino Closures

'Our group decided while we are not elderly, and all healthy, it would be irresponsible to possibly spread to someone in that danger range,' he said.

Shelly Bittner plans to leave Breezewood, Pennsylvania, in early April to visit Las Vegas, virus or no virus.

Ac Casino Closures In Connecticut

'We still plan on going unless they stop the planes from flying,' she said. 'Just use common sense. Wash your hands, and use sanitizer.'

ATLANTIC CITY, N.J. (AP) —

Atlantic City's casinos saw their gross operating profits fall by more than 65% in the first quarter of this year, according to figures released Friday.

The statistics cover only the first two weeks of casino closures due to the coronavirus outbreak; second-quarter earnings are sure to be worse because the casinos have been shut all of April and, so far, May, with no reopening date scheduled.

The figures from the New Jersey Division of Gaming Enforcement show the nine casinos collectively posted gross operating profits of $29.6 million in the first three months of this year, down from $85.6 million in the same period last year.

The big decline is 'not surprising, given that most casinos continued to pay employees for two weeks after the shutdown,' said Jane Bokunewicz, coordinator of a gambling studies institute at Stockton University outside Atlantic City. 'With only internet gaming and a small amount of sports betting revenue to offset payroll expenses, a significant decrease was inevitable.'

Three casinos swung from a first quarter profit last year to a first quarter loss this year. Bally's went from a $2.8 million profit in 2019 to a loss of over $8 million this year; Caesars went from a $10.8 million profit to a $593,000 loss, and Resorts went from a $3 million profit to a $3.4 million loss.

Harrah's saw its profit decline from $16.5 million last year to $2.9 million this year; Tropicana's profit fell from $16.5 million to $7.1 million, and the Borgata fell from $39.7 million to $22.6 million. The Golden Nugget's profits declined from $9.2 million to almost $7.3 million.

Hard Rock showed an operating loss in both periods but improved its performance this year, posting an operating loss of $4.2 million in the first quarter this year, compared with a loss of $6.1 million last year.

The same dynamic held true for the Ocean Casino Resort, which had an operating loss of $574,000 in the first quarter this year compared with its loss of $11.5 million in the same period last year.

Gross operating profit reflects earnings before interest, taxes, depreciation and other expenses, and is a widely accepted measure of profitability in the Atlantic City gambling industry.

Gov. Phil Murphy ordered the casinos closed on March 16, affecting the last two weeks of the quarterly earnings reporting period. But that period included what might have been a prosperous period for the casinos, particularly their sports betting operations.

The NCAA college basketball championship tournament was just about to get underway. But it, like virtually all major sporting events, was canceled due to the virus outbreak.

Casinos have continued to take in money through internet gambling, and, on a much smaller scale, sports betting, with obscure events like Belarussian soccer or Russian pingpong providing betting options.

Two internet-only entities saw their operating profits increase during the quarter. Caesars Interactive-NJ saw a $3.7 million profit, up 36.5% from last year, and Resorts Digital had an operating profit of $2.6 million, up 45% from last year.

The casinos' collective net revenue decreased by 14.5% to $595.7 million for the first quarter of this year.

Hotel occupancy was 68.1%, which is 4.5% lower than the first quarter of last year. The Borgata had the highest average room rate at $175.76, while Resorts had the lowest at $92.92.

___

Follow Wayne Parry at http://twitter.com/WayneParryAC

Gamblers and vacationers who had planned to visit U.S. casinos expressed a mixture of disappointment and relief over a wave of closings in at least 15 states as officials worked on slowing the spread of the coronavirus pandemic.

Some said they still plan to visit casinos.

Many casinos, where hundreds or even thousands of people touch the same slot machines and gambling chips, remain open. The casinos that remain open say they are stepping up cleaning and sanitization efforts.

Sherry Giordano, an Atlantic City casino regular from Willow Grove, Pennsylvania, has a trip booked for this weekend that will be canceled. But she would have been hesitant to go even if the casinos had been open, because of her husband's health history that could make him more susceptible to the virus.

'I'm less concerned with my own safety, and I think a lot of people have a tendency to think that way, which is both kind of stupid and selfish because we can endanger others,' she said. 'I not only love gambling, I love meeting people and escaping reality.

'Atlantic City is very important to me and my husband,' she said. 'But I think it's the right thing to do. I would rather err (on the side of) caution rather than jeopardize a life.'

For most people, the virus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, and death. The vast majority of people recover.

Tom Brown, of Edison, New Jersey, canceled a Las Vegas trip last week, and then canceled the rebooked trip for late March that would have replaced the first one. He acted because of concerns over the potential for the virus to sicken his wife, who as a cancer patient undergoing infusion therapy has low resistance.

'We will likely wait several months before considering another casino junket,' he said.

Troy Wildasin, an Emmaus, Pennsylvania, casino patron, said that even in the best of times, the sanitary state of casinos left a lot to be desired.

'Not only would this help the chance of decreasing the virus outbreak, but this will also give the opportunity to give the casinos a fresh cleanup,' he said. 'There is not one casino, regardless of city, that is clean. Hard to do properly when they are open 24/7.'

Michael Magbaleta, of Jersey City, New Jersey, frequents casinos in Atlantic City, Las Vegas and Pennsylvania but said he won't be going in the near future.

'I'd feel a bit antsy and paranoid going on a casino trip now,' he said 'As it is, Wind Creek at Bethlehem, Pennsylvania, closed down, and they have a huge customer base traveling from New York City to that resort. I'm glad they are taking extreme measures to protect the employees and public.'

Sherry Cannon of Toledo, Ohio, is canceling a Las Vegas trip planned for mid-May.

'I am not comfortable going to any casino any where in the world right now,' she said. 'It makes me sad, but I would rather myself and my 80-year-old mother stay alive and not spread anything to anyone else. I am glad the casino here in Toledo closed, and I'm happy the ones in Detroit closed because if they hadn't, my mom would be trying to get me to go.'

Don Battista of Austin, Texas, had been due to fly to Laughlin, Nevada, this week, but has since thought better of it.

Louisiana Casino Closures

'Our group decided while we are not elderly, and all healthy, it would be irresponsible to possibly spread to someone in that danger range,' he said.

Shelly Bittner plans to leave Breezewood, Pennsylvania, in early April to visit Las Vegas, virus or no virus.

Ac Casino Closures In Connecticut

'We still plan on going unless they stop the planes from flying,' she said. 'Just use common sense. Wash your hands, and use sanitizer.'

The shutdowns could be a boon to casinos in states where internet gambling is legal, including New Jersey, where online gambling revenue has been soaring for years.

On Monday, New Jersey Gov. Phil Murphy ordered the closure of Atlantic City's nine casinos as of 8 p.m., after days of allowing them to remain open. The governors of New York and Connecticut did likewise, also including bars, restaurants and movie theaters.

It will be the fifth time that Atlantic City's casinos have shut down since gambling began here in 1978; only hurricanes and a government shutdown have caused such closures before.

As of Monday, casino closures also had been implemented or announced in Maryland, Nevada, Michigan, New Mexico, California, Alabama, Rhode Island, Massachusetts, Indiana, Ohio, Illinois, Pennsylvania and New York.

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