Las Vegas revenue for February was up, and it seems casinos across the United States are saying similar things. Atlantic City casinos are showing a profit. For most casinos in the United States, revenue reports are showing that profits are up, so it should be unsurprising that Atlantic City has just reported the same.
Atlantic City casinos profit jumped almost a quarter in 2017, even though it appeared to have a flat revenue performance. The figures released by the New Jersey Division of Gaming Enforcement, Monday, April 9, 2018, show the east coast casino hub gained $3.5 billion in profit, which was up 9 percent overall from 2016s numbers.
If one assesses the third-party partners, the annual figure was increased by .5 percent. The numbers will vary depending on how one looks at them. For example, gaming revenue was up 1.6 percent based on a year-to-year analysis, so the intake was $2.5 billion. The number was below what the Division of Gaming Enforcement reported in January. When one looks at room revenue, it was not up, but down. The number was 3.6 percent, which was lower than 2016. However, room occupancy rose 5.4 points. Food and beverage were down, but entertainment increased 6 percent.
New Jersey Revenue Reports
Some media reports say earnings are up 22.5 percent. This is looking at specific casinos in North New Jersey, which apparently had a better year based on a profitable improvement. The percentage of 22 comes from seven operators that show their gross operating profit combined to make that increase in revenue. Six of the seven casinos had increases in income across the board. Harrah’s did not, as they saw a loss of 2.7 percent.
Borgata is leading in the casino industry for Atlantic City. They had a profit of $292 million, which was up 19.5 percent overall. Caesars also showed an increase of $92 million or 19.5 percent uptick. Tropicana is in third for overall revenue growth at $91.9 million. They had the best year with a gain of 71 percent.
Bally and the Golden Nugget also reported profits to the gaming department in New Jersey. Resorts Digital and Caesars Interactive were the only two online operators, and they both had profits.
While Atlantic City seems to have struggled in the last few years, with the return of the economy they are seeing more profits, with a nice increase building year on year. It may also have something to do with downsizing in 2014, with fewer casinos to compete against.