Atlantic City casino revenues up slightly in 2016
Posted in: In The News on Wednesday, December 14, 2016
The state's online gaming industry continues to enjoy big upticks compared to a year earlier - the 29.9 percent increase in Nov. 2016 vs. Nov. 2015 being typical these days. Online poker was up 6.4 percent to $2.1 million last month, which is almost exactly what it has made in most of the recent 18 months. Online slots and other games were up $4M to $17.2M as those games grew even further beyond poker numbers. The city's casino industry was down 3.5 percent in November compared to Nov. 2015, with brick-and-mortar numbers down 5.8 percent but being soothed by online gaming upticks. "Through November, total gaming revenue is up 1 percent compared to last year," noted Casino Control Commission Chairman Dennis Levinson. "And if you take out the Taj Mahal, which closed in October, the operating casinos are up 3 percent for the 11 month period. The positive performance has been fueled all through the year by strong increases in internet gaming win. Every casino with a permit to offer internet gambling reported increased on-line revenue." Total gaming taxes were $15.7 million in November on 8% of taxable casino gross revenue and 15% of Internet gaming gross revenue. In addition, the casino industry incurred $2.7 million in Investment Alternative Tax Obligations, which reflects 1.25% of casino gross revenue and 2.5% of Internet gaming gross revenue. The biggest loser in November was Caesars, down 12.4 percent, with Golden Nugget up 11 percent. The rankings by all 2016 gaming win: Borgata $709.0M Harrah's $328.9M Tropicana $311.4M Caesars $272.3M Golden Nugget $229.7M Bally's $195.2M Resorts $158.9M
Atlantic County maintains credit strength despite Atlantic City turmoil
Posted in: In The News on Wednesday, December 14, 2016
Atlantic City's continued financial issues, leading to a recent state takeover, shouldn’t have a dramatic impact on Atlantic County, according to a report by Moody's Investors Services. Growth outside of Atlantic City will offset the decline in revenue from Atlantic City, according to the report released Wednesday morning. Since 2007, the city's share of the county tax base is down 21 percent.
Tropicana to host Beach Bash in January
Posted in: In The News on Thursday, December 08, 2016
During the cold winter months, one casino has decided to celebrate the summer. Tropicana Atlantic City will host a propertywide indoor beach party beginning Jan. 14. The casino’s Beach Bash events will run through Feb. 28 and include live entertainment, contests to win prizes such as free slot play or a timeshare getaway, and specialty cocktails and menu items at the restaurants in the casino’s 200,000-square-foot retail-and-entertainment complex, The Quarter.
Chris Rock stopping in Atlantic City for first tour in nine years
Posted in: In The News on Wednesday, December 07, 2016
In the wake of a year that brought a tidal of tragedies ranging from the death of David Bowie to beloved gorilla Harambe, comedian Chris Rock will be kicking off the New Year with a much better start. After nine long years, the comedian will launch his first, full-scale, 2017 world tour in February. Atlantic City is currently the only New Jersey stops on Rock’s “Total Blackout tour,” and one of the few on the east coast, according to a list of tour dates on Chris Rock’s website by Wednesday afternoon. Missing from the list are other east coast hubs such as New York City and Philadelphia. Rock is scheduled to appear at the Borgata on June 3. Rock announced the good news in a Facebook live video yesterday in Los Angeles. “Tonight, I am announcing that I, Chris Rock, am going on tour,” said “Grown Ups,” star. “First time in nine years, ok, haven’t done it in a while, been a little busy writing ‘Pootie Tang 3’ and everything. But hey, it’s time.” Rock announced in the video that he would have all new material.
Improvements planned for The Pool After Dark at Harrah’s Resort
Posted in: In The News on Tuesday, December 06, 2016
The Pool After Dark at Harrah’s Resort is set to undergo a large-scale improvement project over the next couple of months. The pool will be closed for the project after its Jan. 11 event and is expected to reopen in early March. Improvements at the nightlife destination include the construction a new elevated DJ booth with an LED video wall, an updated sound system, a redesigned Loft gaming area, upgraded cabanas, daybeds and lounge furniture and a revised, open floor plan. The renovations will be done just in time for the facility to celebrate its 10th anniversary, Harrah’s officials said. “The Pool After Dark offers a truly unique nightlife experience here on the East Coast, offering partygoers the opportunity to see a performance by one of their favorite artists or deejays and try their hand at the hottest table game action in town, all within the ultimate pool party atmosphere,” said Alicia Jones, director of nightlife. The upgrades to the nightclub are part of Caesars Entertainment’s previously announced $180 million in capital investments and improvements in the Atlantic City market, including a $30 million guest room and suite renovation, a brand new fitness center and its $125 million Waterfront Conference Center at Harrah’s. “After a decade of first introducing Vegas-style nightlife to the market, with performances by today’s top artists, deejays and celebrity clientele, Harrah’s Resort is excited to further evolve The Pool After Dark in celebration of its 10th anniversary next year and continue to raise the bar in Atlantic City,” said Rick Mazer, regional president of Harrah’s.
Atlantic City's darkest days are over, top casino exec says
Posted in: In The News on Monday, December 05, 2016
The chief executive officer of Borgata owner MGM Resorts International said he expects Atlantic City to stop hemorrhaging casinos and begin traveling on the road to recovery. "Atlantic City's darker days are behind it," MGM CEO Jim Murren said at a National Press Club luncheon Friday. "We're going to see gradual improvement." Atlantic City has faced bankruptcy as five casinos shut down. New Jersey took over city operations earlier this month, gaining the power to break union contracts, hire and fire workers, and sell off public assets. The state acted under a rescue law passed in May after rejecting city's five-year recovery plan.