Atlantic City casino revenues rose nearly 8 percent in January
Posted in: In The News on Tuesday, February 14, 2017
With no winter storm to compare to last January’s Jonas, Atlantic City’s casinos saw more patrons and produced more revenues last month. Tradition casino revenues rose to $185.9 million compared to $175.5 million in Jan. 2016, while online revenues climbed from $14.6 million in Jan. 2016 to $18.8 million last month. Total gaming taxes to the state Treasury for the month were $16.5 million. "A year ago I said winter storm Jonas, which paralyzed much of the eastern seaboard, was one reason why casino revenues fell in January of 2016,” Casino Control Commission Chairman Matthew Levinson said in a statement. “The same storm that effectively wiped out a full weekend last year is one of the big reasons why revenues for the current casinos jumped by 15.2 percent last month.
Atlantic City casino revenues up in 2016 - first time in a decade
Those who wondered for years when the Atlantic City casino industry's revenues would finally bottom out may have just gotten their answer: 2015. A strong December brought the Atlantic City casino industry's total revenues to $2.60 billion, up 1.5 percent over 2015. That marks the first time in a decade that the industry increased its revenues from the previous years - after what had been an unceasing annual increase from the industry's birth in 1978 until 2006. "The year 2016 went out with a bang at the casinos, thanks to a 15 percent jump in casino revenue for December," said Casino Control Commission Chairman Matthew Levinson, referring to the seven surviving casinos. "Having New Year’s Eve on a Saturday night, and plain old good luck, provided a big boost for the casinos in December. "Every casino licensee reported increased revenue – including two that are internet-only licensees," Levinson added. "Even when results from the now-closed Trump Taj Mahal are included, December was still up by 8.6 percent compared to the year before." The brick-and-mortar casino revenues were actually down 0.3 percent to $2.4 billion compared to 2015, but internet gaming revenues soared by one-third to $197 million. The seven current casinos collectively saw revenues rise 4 percent in 2016, another sign that the industry may have reached a more realistic number of competitors for profits to be attainable
Internet gains stabilize Atlantic City casino profits despite casino closing
After a decade long slide, the casino industry in the city is starting to show signs of rebounding. Despite the closure of the Trump Taj Mahal Casino Resort, the casino industry saw its first revenue increase in a decade thanks to a thriving internet gaming market. "For the first time in a decade, annual total gaming revenue increased last year – up 1.5 percent over 2015," said Matthew Levinson, chairman and CEO of the Casino Control Commission. "I look forward to this trend continuing in 2017." During 2016 brick-and-mortar casino revenue totaled $2.406 billion compared to $2.414 billion in 2015, reflecting a less than one percent decrease, according to the state Department of Gaming Enforcement figures released Thursday afternoon. Despite the loss in brick-and-mortar revenue, overall gaming industry's gaming revenues totaled $2.603 billion, reflecting an increase of 1.5 percent, compared to the same period last year. While internet gaming saw a 32 percent increase to $196.7 million compared to the December 2015. Internet gaming operations like PokerStars playing a huge role in markets gaming revenue growth, said Colin Mansfield, a casino analyst with Fitch Ratings. “Overall the gaming numbers met our expectations,” Mansfield said. “We see it as a $2.4 billion market for the next couple of years. There aren’t huge catalysts that are going to push it in either direction.” The Taj, once called the “Eighth Wonder of the World” by former owner and President-elect Donald J. Trump, closed Oct. 10 after management accused striking Unite Here Local 54 members of preventing a “path to profitability.” Last month, brick-and-mortar gaming revenues totaled $189.6 million, an increase of about $22 million over December 2015, about 13.6 percent, excluding the Taj Mahal. The increase was attributed in part to having New Years Eve on a Saturday, Levinson said. Every casino licensee reported increased revenue – including two that are internet-only licensees, Levinson said. went out with a bang at the casinos thanks to a 15 percent jump in casino revenue for December," Levinson said. "Having New Year’s Eve on a Saturday night and plain old good luck provided a big boost for the casinos in December." Over the past year, the casino industry has been laying the foundation that could turn the city’s gaming market around, Bob Ambrose, instructor of hospitality and gaming at Drexel University “By no means do I want to diminish the negatives of the past and the loss of jobs by recent casino /hotel closures but we are seeing a one step at a time initiative by some of the corporate stakeholders that gives hope and a little back to the city image with each new venture” Ambrose said.
Atlantic City Casinos Post 1st Revenue Hike in 10 Years
Internet gambling helped Atlantic City's casinos post their first revenue increase in a decade. Figures released Thursday by New Jersey gambling regulators show the casinos won $2.6 billion from gamblers in 2016, an increase of 1.5 percent from a year earlier. The last time Atlantic City casino revenue increased was in 2006, just as a wave of Pennsylvania casinos began opening and drawing away Atlantic City's customers. The city had 12 casinos that year; now it has seven. Only two casinos posted revenue declines during the year, in which less competition and a continuing boost from New Jersey's nation-leading online gambling industry helped Atlantic City casinos start to find a new equilibrium. It follows a brutal three year-period that saw five casinos close and 11,000 jobs lost. The Trump Taj Mahal, which was opened by President-elect Donald Trump in 1990, shut down on Oct. 10. But Matt Levinson, chairman of the New Jersey Casino Control Commission, thinks better days are arriving for Atlantic City's casino industry.
Harrah's all set to boogie with The Sunshine Experience
Posted in: In The News on Wednesday, January 04, 2017
With the tribute scene hotter than ever, the competition is getting tough. So what can a band do to solve this? Be the only game in town. “We are the only tribute to KC and the Sunshine Band in the world,” says Stevie Bensusen, lead vocalist for The Sunshine Experience, a Los Angeles-based tribute to KC and The Sunshine Band that comes to The Showroom at Harrah’s Resort 8 p.m. Thursday, Jan 5. Competition aside, it seems that KC was a smart choice from a marketing perspective as well. According to Bensusen, the appeal of his band is about as wide as it gets. “When we were looking at all the acts, from an ethnic perspective it made sense. KC is one of the only acts you can put in front of an all-white audience, an all-black audience or a mixed audience, because that’s how much his music transcended all of that. We were looking to form a tribute that could perform anywhere. He is the one who came up.” That was four years ago. Since then the band has toured everywhere from the West Coast to the east and around the world, with audiences eating it up wherever they go. While the music of KC and The Sunshine Band may have been released 40 years ago, there are elements of it that are coming back around today, making the band appealing to audiences of all ages. “Anybody who likes Bruno Mars ... even young kids — they may not know who KC is but they have heard those songs. And if they haven’t they will stop and say ‘man that sounds like Uptown Funk!’ When you go to our shows its teens to people in their 60s. They connect with these kind of sounds.” Of course it doesn’t hurt that KC and the Sunshine Band had a massive string of hits in their heyday, enough to keep audiences entertained for the full 90-minute show that The Sunshine Experience puts on. In fact, the current show they do is an exact replica of the setlist from KC’s current tour, so anyone who missed seeing the real thing the last time they were here can feel free to catch a near note-for-note recreation of it on Thursday, which is in some ways a milestone for The Sunshine Experience, as they have not played Atlantic City before. “I’m really looking forward to coming here. We are going to rock it — we’ll have a great time.”
Atlantic City’s seven surviving casinos eke out November gains
Posted in: In The News on Thursday, December 15, 2016
Atlantic City casinos eked out a minor gaming revenue bump in November, provided you pretend that the Trump Taj Mahal never existed. Figures released Wednesday by the New Jersey Division of Gaming Enforcement show brick-and-mortar gaming revenue at Atlantic City’s seven surviving casinos totaled $180.1m in November, down 5.8% from November 2015, although up 1% if you discount contributions from the Taj Mahal, which closed for good in October.