Atlantic City Reveals Latest Figures & January Results
According to the official figures, nine casinos operating in Atlantic City recorded a combined rise of 20% in gross gaming revenue during the 31-day period ending on January 31, 2019.
The numbers also reveal that the aggregate gross gaming revenue of $229.6 million was boosted by a 53% increase in winnings from online gambling, which reached $33.5 million.
The report, published by The Press of Atlantic City last week, indicated January had been the eighth consecutive months of growth. The city’s leading venue was Golden Nugget Atlantic City, which generated $26.7 million in revenue, 14.3% more when compared to the corresponding period of 2018.
This is also the seventh consecutive month of a double-digit rise in the resort city on New Jersey’s Atlantic coast, with Golden Nugget Atlantic City recording the biggest percentage increase in online gaming winnings. 66.9% on a yearly basis to a total of $12.1 million.
Numbers tell the whole story: Resorts Casino Hotel, operated by Mohegan Gaming and Entertainment, recorded $12.8 million in gaming revenues in January, which represents a year-on-year increase of 10.9%. Its online gaming division, Resorts Digital, earned $6.4 million during the first month of 2019, which is a rise of 65.8% over the same period of the previous year.
Some Casino Did Well, Some Did Not
Not everyone can be pleased with the result in January. Bally’s Atlantic City, owned by Caesars Entertainment Corporation, saw its gaming revenue drop by 1.1% to $12.6 million, while Borgata Hotel Casino and Spa suffered an even larger decline. The venue owned by MGM Resorts International posted revenue of $55.8 million, which is 3.4% less money earned when compared to January 2018, although its online gaming arm recorded 14.2% rise in revenue, ending the month with $4.7 million.
The Tropicana Casino and Resort Atlantic City, owned by Gaming and Leisure Properties Incorporated, has recorded a year-on-year drop of 6.2% in gaming revenues during January to $24.5 million, despite the fact that results of its online division improved by 6.9% to reach $3.4 million.
Harrah’s Resort Atlantic City will want to forget January as soon as possible, as its overall gaming revenues recorded an annual decline of 8.6%, earning a total of $21.5 million. The performance of its sister Caesars Atlantic City venue was even more dismal, as this venue saw its revenues drop by 21.3% to $17.1 million. Caesars Interactive New Jersey online vertical did far better, recording a rise of 36.5% to $4.5 million.
The significant improvement in gaming revenues in Atlantic City during January can be contributed to two of the city’s newest venues – the Ocean Resort Casino and the Hard Rock Hotel and Casino Atlantic City. Both these two facilities opened on June 28, and their contribution to overall results in January was more than $31.4 million, including approximately $2.1 million earned from online gaming.