Better Days Coming for Atlantic City as Revenues Rise
One of America’s favorite gambling destinations, the one we’re sure many Canadian players visited and enjoyed in – Atlantic City – has gone through a lot over the past couple of years.
The year of 2014 was particularly hard for the Atlantic City casino landscape which was left without four land-based casinos that were shut down.
The fears over the future of the casino industry were spreading, but the better days appear to be coming after the Taj Mahal’s October closing put an end to an era in Atlantic City.
The New Jersey Division of Gaming Enforcement (DGE) has published a report last Friday to confirm that seven remaining casinos managed to increase profits in the fourth quarter of 2016.
The city’s casino scene appears to be bouncing back from the dark years as the DGE reports show a 0.4% increase in revenue compared to 2015. Gross operating profit was 7.3% higher year-to-year totaling to $118.1 million to $99.8 million in 2015.
The segments which influenced and added to the rise came from entertainment, which recorded a $154.5 increase, whereas the biggest part goes to casino sales which amassed to the total of $2.52 billion.
The Golden Nugget achieved the biggest individual improvement of all four casinos, whereas Caesars Entertainment saw a decrease of 3% in earnings, together with Bally who made -2.5%.
The overall positive results are nevertheless takes as optimistic signs in Atlantic City gambling industry, which is expected to continue down the path to pastures green.
The promise of soon-to-open Hard Rock Hotel & Casino Atlantic City and hard Rock’s proposed purchase of the Trump Taj Mahal are only the signs of positive things to come for one of America’s favorite gambling communities.