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."
Tourism industry is expected to grow in 2017 and 2018
Posted in: In The News on Thursday, May 11, 2017
Positive economic factors, including declining unemployment and rising wages, could lead to a better tourism season this year and set the table for a banner 2018, when Hard Rock Casino and Hotel Atlantic City and Stockton’s Gateway Project open. “This is the first time in a decade that I can say that casino revenues and employment are both up,” said Joe Kelly, president of the Greater Atlantic City Chamber, during the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University’s ninth annual Jersey Shorecast tourism panel. Industry experts on the panel, held at the Carnegie Center, discussed the outlook for the upcoming season. “I’m a little more conservative on 2017. We expect growth, and we should be growing. I’m optimistic about 2017, but I’m bullish about 2018,” Kelly said. In summer 2018, Hard Rock is expected to open its new property at the site of the former Trump Taj Mahal.
Construction abounds, Atlantic City rebounds
Posted in: In The News on Friday, May 05, 2017
Casinos are turning profits. Plans were announced recently for a $375 million renovation and reopening of Trump Taj Mahal by Hard Rock casino and Stockton University just broke ground on a satellite campus. A luxury apartment complex, the first to be built in Atlantic City in decades, is under construction. The city's credit rating has improved. Atlantic City, left for dead for the last ten years, is having a revival. "I always say Atlantic City is like Dracula — you can't kill it, no matter how hard we try," quipped state Sen. Jim Whelan, who was mayor of Atlantic City from 1990-2001. It's all coming after a decade that featured a 50 percent drop in the city's casino revenues. Nearly half of the city's casinos closed and 10,000 people lost their jobs, leading to a massive spike in home foreclosures. The city's finances were so grim, the state took over control in November.