Atlantic City, NJ — Atlantic city has attracted gamblers as well as thrill-seekers to the eastern seaboard for fun and adventure at this glistening city. After many years filled with uncertainty or turmoil, many experts are speculating that the Atlantic City Casino industry has finally reached an optimal size.
With a booming first quarter for Atlantic City Casinos during the first part of 2017 adds clout to a speculation that boom times are imminent
The Division of Gaming Enforcement for New Jersey, aka DGE, released figure earlier this week showing the progression for Atlantic City’s biggest Casinos as well as the total profits for operations. All figures showed a steady climb on an annual basis of at least 30.4%. A figure ended with a total totaling $139.4M by March 31st and the completion of the first quarter.
Revenues were also rising till they reach a total of $816.7M or 8.6% increase. Gaming revenues also rose 11%, revenues gathered in room occupation also increased 4.2% and overall occupancy was also up 81.1%. While figures showed another impressive rise in business all around, some major players did comparatively better than others.
Not surprisingly, the Borgata took a lion share with an increased wealth of 29% or $61.4M in profits. The runner-up was Harrah’s with a total profit of $23.8M, unfortunately, this figure represented an 11.3% drop down compared to last year’s figures.
Finally, biggest gains were seen be Resorts Casino Hotel which reported profits surpassing $4M, last year’s figures which were $500K.
A couple of the big player departed conventional gaming to establish their internet gaming sites as a diverse investment. The New Jersey Caesars Casino sadly watched total profits drop 6.6%, a mere $2.3. Another was Resort’s Digital that experienced a $570K increase from a whopping $1.1M loss from their last figures.
The DGE mentions figures seen here are figures from a yearly market comparison, therefore are not all-inclusive, applying primarily to these seven major casinos that were open in the first quarter of 2016 and are opening this 2017 as well. This is why the brutal impact closing the Trump Taj Mahal was not included here.
The Trump Taj Mahal was not a first Casino closing since 2014. This was the 5th in a history that shows a diminishing interest for a gaming city. Atlantic City’s Revenue received from gaming saw its last peak in 2006, the same year neighboring state Pennsylvania legalized gambling. The sad plunge into the abyss continued from there.
But it seems like the worst has passed and progress is once again driving the Vegas of the East forward. With the help of some generous contributions made by the regulated gaming industry operating in NJ. , AC saw some significant progress in 2016 and 2017 is looking brighter than ever. These numbers have stabilized and operators are reporting some healthy bottom lines.
Naturally, his raises some concerns from the major casinos about the acquisition of the Trump Taj Majal by Hard Rock International, which will be opened in 2018 after a full 9-figure makeover. The question is, “Will the Hard Rock Hotel and Casino increase the market for everyone, or simply grab pieces from everyone slice of profits?”.
