Atlantic City casino industry pumps $2.3 billion into N.J. small businesses
Posted in: In The News on Saturday, June 03, 2017
Four decades ago, casino gaming was billed as an economic engine that would redevelop the resort. While casino gaming failed to create small businesses in the city, it spawned an economy that sees casinos spend an average of $2.3 billion annually with more than 2,000 independent vendors operating in every county in the state. Casino operators use a slew of outside firms to provide services to their customers, including transportation companies, meat and produce purveyors, bakeries, beverage distributors, radio stations, professional consultants and construction contractors, according to the Casino Association of New Jersey. For the past 30, years Greg Goff, owner of Casino Lobster in Pleasantville, has been one of the people who has taken advantage of the business coming from the casino industry.
Atlantic City casino profits spike 30.4% in Q1
Posted in: In The News on Thursday, May 25, 2017
Atlantic City casinos reported a surge in operating profit in the first quarter of 2017, adding weight to theories that the market has ‘right-sized’ after years of turmoil. Figures released this week by the New Jersey Division of Gaming Enforcement (DGE) show Atlantic City casinos’ total gross operating profit rose 30.4% year-on-year to $139.4m in the three months ending March 31. Revenue rose 8.6% to $816.7m, thanks to an 11% rise in gaming revenue, while room revenue was up 4.2% as occupancy improved 7.3 points to 81.1%. As ever, the Borgata bogarted the profits, claiming $61.4m, a gain of nearly 29%. The next closest competitor was Harrah’s at $23.8m, and it was going in the opposite direction, netting 11.3% less than last year. The biggest gainer was Resorts Casino Hotel, which reported a profit of $4m, up from just $500k last year.
Atlantic City Casinos Post Boost in Profits
Posted in: In The News on Tuesday, May 23, 2017
Atlantic City's casinos saw their gross operating profit increase by more than 30 percent in the first three months of 2017. Figures released on Monday, May 22nd, by the New Jersey Division of Gaming Enforcement show the seven casinos posted an operating profit of $139.2 million in the first quarter. That's an increase of 30.4 percent over the same period last year. Gross operating profit reflects earnings before interest, taxes, depreciation and other charges. It's a widely accepted measure of profitability in the gambling industry. Officials with the Casino Control Commission say the numbers prove Atlantic City's casino industry is healthy again after a string of five casino shutdowns since 2014.
First quarter casino earnings show 30 percent gain for Atlantic City
Posted in: In The News on Tuesday, May 23, 2017
After years of struggle, it seems the casinos of Atlantic City are finally on an upward trend. One official associated with the gaming industry has now stated that the casinos of the gambling city are showing positive signs of growth. Profit figures for the remaining seven casinos of Atlantic City are up 30.4% for the first quarter of this year when compared to last year. Chairman of the New Jersey Casino Control Commission, Matt Levinson, commented after the recent figures were released by the state Division of Gaming Enforcement that casinos of AC are healthy again. In his statement, according to Philly.com, Levinson said that if there were any doubt in regards to the health of the casino industry within Atlantic City, the results of the first quarter should put the doubt to rest. Levinson stated that it is clear to him that the industry has stabilized and operators are showing healthier bottom lines.
Atlantic City Casinos 1st Quarter Profits up 30 Percent
Posted in: In The News on Monday, May 22, 2017
After months of good news from Atlantic City's recently struggling casinos, a top New Jersey gambling regulator made a bold proclamation Monday: Atlantic City's casinos are healthy once again. Matt Levinson, chairman of the New Jersey Casino Control Commission made the comment after the state Division of Gaming Enforcement released figures showing gross operating profit for the seven casinos rose by 30.4 percent in the first quarter of 2017 compared with the same period a year ago. It is the latest in a series of upbeat financial reports after the seaside gambling resort was rocked by the closure of five of its 12 casinos since 2014. The surviving seven appear to have regained their footing in a slimmed-down market with less competition close by.
Atlantic City casinos trending in right direction; online poker, not so much
Posted in: In The News on Friday, May 12, 2017
Atlantic City casinos in April produced another of those months where their numbers went up, or not, depending on your choice of accounting. Revenues rose by 5.8 percent over April 2016 if you count the dollars from the seven surviving casinos. But if you include Trump Taj Mahal, which closed last fall, industry revenues fell 1.6 percent. I prefer this number because then you're comparing total revenue (the split goes away once we're comparing vs a month in 2016 when Trump Taj Mahal had already closed). That said, the industry's total revenues are up 3.8 percent for the first four months of 2017 vs the same period in 2016. "The win from table games declined last month, in large part because players were luckier this April than in last April," said Casino Control Commissioner Matthew Levinson. "Swings like that have to be expected. It is, after all, gambling."