Atlantic City Casinos Record Growth in 2017
Atlantic City casinos can be satisfied with the 2017 results since they managed to record growth in revenue for the second year in a row!
Figures released by the New Jersey Division of Gaming Enforcement revealed the gaming revenue from the land-based operations was $186.2 million in December, which represented a slight drop of 1.8% when compared to the same month of 2016.
Not Bad. Not Bad At All.
Still, this decline didn’t influence the overall annual results. 2017 brick-and-mortar gaming revenue was $2.41 billion – 0.3% up from last year, or 2.2% when combined with online gambling revenue.
Of course, we must bear in mind that 2016 figures include $125.5 million generated by the Trump Taj Mahal casino, which was closed in October 2016. Once we remove its result from the whole picture, the year-on-year growth increases to 7.3%.
This is quite an achievement, especially since the number of casinos in the Atlantic City dropped from 12 in 2014 to just seven in 2017.
2018 Should Be Even Better
Five out seven AC casinos finished December with a positive result. Borgata is leading the way with $57.8 million, 1.2% increase over the corresponding period of 2016, while the biggest loser in the market was Caesars, with a worrisome decrease of 20%. Table game revenue drop of 42% was the biggest culprit for such poor performance.
Borgata claimed around one-third of the entire annual land-based revenue, taking home $755.1 million, while its two closest rivals were far behind. All seven Atlantic City casinos managed to record annual revenue growth, though Bally’s was barely there with a mere 0.1% increase in its revenue.
2018 should be better for Atlantic City and its casinos, especially since two more will reopen this summer. The Taj Mahal will once again open its doors, this time as Hard Rock Atlantic City, while Revel will reopen after nearly four years as the Ocean Resort Casino.