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DGE 30.4% Increasing In Earnings Of Atlantic City Casinos

DGE 30.4% Increasing In Earnings Of Atlantic City Casinos

12.06.2017 21:27

Last week the New Jersey Division of Gaming Enforcement (DGE) published figures to show that the total gross operating earnings of Atlantic City casinos increased by 30.4% from the same last year’s period to $139.4m in the 1st quarter ending March 31, 2017. The income rose by 8.6% to $816.7m, due to an 11% surge in gaming incomes, at the same time the room incomes were up by 4.2%, because the room occupancy rate moved up by 7.3 points to 81.1%.

atlantic city casino profit

That is always the way! The Syndicate seized the revenue - declaring $61.4m, a rise of almost 29%! The nearest rival was Harrah’s with $23.8m, however it moved backwards with a 11.3% drop from last year. The Resorts Casino Hotel had success more than all others, boasting a yield of $4m, eight times more than last year’s $500,000.

The different results showed the establishments that split their online gambling businesses as separate legal entities. The Caesars Interactive Entertainment New Jersey admitted their income to fall by 6.6% to $2.3m; however, the Resorts Digital boasted of $570,000 earnings comparing to the loss of $1.1m a year before.
The DGE informs that the market year-earlier comparisons exhibit rising trends considering only the seven casinos, which were operating in both the first quarter of 2017 and the same last year’s period. Therefore, this fact eliminates the influence of the Trump’s Taj Mahal, as it was shut in October 2016. The Taj Mahal has become the fifth casino in Atlantic City closed since 2014, an evolutionary process that followed several years of decreasing attraction to gambling establishments on the seaside. The gaming income of Atlantic City casinos reached the peak in 2006, and the neighbouring state of Pennsylvania opened its first casino the same year, but then there began the downward trend.

Nevertheless, in 2016 Atlantic City reported a profit comparing to the previous year – primarily due to the regulated online gaming market in New Jersey, and a similarly favourable tendency has started off 2017. Matt Levinson, the Chairperson of New Jersey Casino Control Commission, was delighted to celebrate the income increase in the 1st quarter, and said it was evidence that the market had strengthened and operators were demonstrating more sustainable summary lines.

Today the seven remaining casinos cannot feel safe about the purchase of Taj Mahal by Hard Rock International, as the new owner is going to open its doors in the summer of 2018 after finishing a nine-figure modernization. The question is if the Hard Rock Hotel and Atlantic City casinos will develop the whole market or if it will just take a piece of someone else’s business and profit.

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