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Good Start to 2017 for Atlantic City Casinos
Posted in: In The News on Tuesday, February 14, 2017

Atlantic City's casinos are off to a good start in 2017, with their January gambling revenue up 7.7 percent from a year ago. Figures released Tuesday by the state Division of Gaming Enforcement show the seven casinos took $204.6 million from gamblers in January. They were helped once again by a nice boost from internet gambling, which brought in $18.8 million for the month. That's an increase of 28.6 percent from a year ago. All seven casinos posted revenue increases, led by Caesars, which was up more than 41 percent, to $28.2 million.

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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.

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Casino revenues up 15 percent over last January
Posted in: In The News on Tuesday, February 14, 2017

The resort’s seven remaining brick-and-mortar casinos saw a 15 percent increase in revenues over January 2016, according to state gaming number released Tuesday afternoon. Casino gaming revenue at the seven properties totaled $204.7 million, according to the state. "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," said Matthew B. Levinson, chairman and CEO of the state Casino Control Commission. "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."

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Internet gains stabilize Atlantic City casino profits despite casino closing
Posted in: In The News on Thursday, January 12, 2017

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.

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Atlantic City Casinos Post 1st Revenue Hike in 10 Years
Posted in: In The News on Thursday, January 12, 2017

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.

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Atlantic City casino revenues up in 2016 - first time in a decade
Posted in: In The News on Thursday, January 12, 2017

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

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