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Article content. ATLANTIC CITY, N.J. — Two reopened casinos and half a year of sports betting helped push Atlantic City’s casino revenue up 7.5 per cent in 2018 to nearly $2.86 billion.
*Reduction in the number of casinos in the Atlantic City market has generally resulted in fiscal improvement for the seven remaining casino operations. For the first time in nearly a decade, gross gaming revenue in the physical Atlantic City properties increased for two straight years, 2016 and 2017.
*The Atlantic City casino parking fee data is provided by the N.J. Casino Control Commission. Lodging fee’s 12-month trailing total for 2018 was $686, remaining flat from last year’s figure.
*Revenue generated by Atlantic City’s nine operational casinos totaled $200.6 million for the month of October, reflecting an increase of 8%. Internet gambling revenue stood at $26.8 million, up 30.1%. Revenue from sports betting was $11.7 million.You’d think that the news of a Hard Rock opening and the possibility of a second casino launch in 2018 would be good news for the Atlantic City gaming industry.
A recent article from TheWashington Post is rife with positive opinions about what will happen with New Jersey’s gambling mecca. But at least one expert, Dr. David G. Schwartz, director of the University of Nevada Las Vegas’ Center for Gaming Research, says the opening of new casinos this year could go either way.Resorts boss bullish about Atlantic City casinos in the new year
Mark Giannantonio, president of Resorts AC, was an outspoken source in the article.
You’ll remember that it was Giannantonio who was also outspoken about defeating the November 2016 referendum that proposed the opening of two casinos in North Jersey.
While the Resorts boss may have been averse to two new casinos outside the city — he cited cannibalizing — he’s more than happy to see competing casinos open within the city.
“I’m extremely optimistic about Atlantic City and the industry in 2018,” he was quoted as saying in the article. “We’re very excited about the renaissance of Atlantic City; we think it’s for real.”
And there certainly is evidence of a renaissance. Several aging casinos in NJ have closed. And as is the case with the Trump Taj Mahal and Hard Rock, international gaming titans have poured money into the city, creating thousands of temporary and permanent jobs.
The momentum in NJ casino and gambling news isn’t just property related either. Toxic owners like Carl Icahn and Glenn Straub are, in one way or another, leaving Atlantic City.
Icahn’s Taj closed its doors in October 2016 and is now the catalyst for Hard Rock’s new property. Straub’s much-maligned TEN AC (formerly Revel) has most likely been sold to a Denver-based developer. Many details are still hazy, but we know Revel will become the new Ocean Resort Casino in 2018.
Yet, while all of these signs point to continued growth of the AC casino industry, not everyone is as rosy as Giannantonio and others.$10 Free100% up to $1,500
Golden Nugget is our favorite NJ online casino, and for good reason. It has more than 500 casino games (the most in New Jersey) and offers live dealer games. It also has great deposit options and an easy-to-use online and mobile interface.NJ casino revenues could take a hit with new openings
UNLV’s gaming expert Schwartz says that AC’s future isn’t so much about new casinos and a renaissance as it is about pizza.
In an email interview with NJGS, Schwartz said one of two things will happen after the city’s new casinos will open: the revenue pizza will remain the same size and some casinos won’t get as much to eat… or the pizza will get bigger.
“The total gaming revenue for Atlantic City is smaller now than it was when the town supported more casinos,” said Schwartz. “More competition could be a case of dividing the same size pizza among more people, in which case, someone might not get enough to eat.”
But, if new casinos can add a certain level of novelty or innovation that draw more gamblers to AC, that pizza could go from a large to an extra large.
That certainly could be the case with the opening of the Hard Rock. The new hotel and casino will provide plenty of novelty for visitors.
Schwartz said the city’s growth and success is still up in the air. AC’s history proves that growth is good but can be tempered by the influence of casinos in neighboring states.
“It all depends on how the new properties market themselves and operate and how the existing operators react,” said Schwartz. “Historically, Las Vegas has benefited from more competition and new investment. Atlantic City did until increasing competition from other jurisdictions eroded the city’s casino customer base.”
Figures released by New Jersey’s Department of Gaming Enforcement (DGE) announcing its ‘Quarterly and Year-End Results’ for Atlantic City, showed gross operating profits have soared in New Jersey’s Atlantic City during 2017, increasing 22.5% for current operators. The city’s casinos also saw a rise in revenue and hotel occupancy, as they reap the benefits of a less saturated market.
Despite the large increase in operating profits for current operators, the closing of five casinos since 2014, and in particular the closing of the Trump Taj Mahal in October 2016, has led to a far less saturated casino market; the total revenue for the gaming industry in Atlantic City has actually only grown by 0.9%, compared to the 22.5% increase experienced for current operators, to $3.4bn during 2017.
Casinos such as Caesars, the Golden Nugget and Tropicana all performed well as a result of the less competitive market. Whilst the Borgata led the way in achieving a total revenue of $1.1bn, a growth of 3.5%, Caesars and the Golden Nugget both increased their revenues by 7.1%, to $442m and $316m.
Tropicana saw the largest growth to its revenue at 12.3%, up from $435m in 2016 to $489m in 2017. This helped Tropicana to report an impressive 71% annual increase in its gross operating profits profits, up from $53m to $91m by the end of 2017.
The results included a similarly buoyant hotel occupancy rate, which reached an impressive 86.9%. This represented an annual growth of 5.4%. Caesars led the charge in this department recording an average occupancy rate of 91% for the year.
Discussing the successful annual results, Christopher Glaum, deputy chief of financial investigations for DGE, said: “In a positive sign for the Atlantic City casino industry, three casino hotels reported record net revenue and gross operating profit under current ownership and both Internet casino licensees had their best year as well. Industry-wide, strong growth in net revenue led to gross operating profit growth in excess of 20 per cent for the year. These operating results bode well for the industry expansion expected to occur in mid-2018.”Atlantic City Casino Revenue October 2018 Date
Atlantic City Casinos will be well aware that these results are directly attributed to the closure of 5 casinos in the area since 2014. Therefore, the planned opening on Memorial Day 2018 of a Hard Rock Hotel and Casino, on the site of the old Trump Taj Mahal, could have an adverse effect on the individual casinos performances in future financial reports.
Register here: http://gg.gg/nvsgo
https://diarynote.indered.space
Contents
Article content. ATLANTIC CITY, N.J. — Two reopened casinos and half a year of sports betting helped push Atlantic City’s casino revenue up 7.5 per cent in 2018 to nearly $2.86 billion.
*Reduction in the number of casinos in the Atlantic City market has generally resulted in fiscal improvement for the seven remaining casino operations. For the first time in nearly a decade, gross gaming revenue in the physical Atlantic City properties increased for two straight years, 2016 and 2017.
*The Atlantic City casino parking fee data is provided by the N.J. Casino Control Commission. Lodging fee’s 12-month trailing total for 2018 was $686, remaining flat from last year’s figure.
*Revenue generated by Atlantic City’s nine operational casinos totaled $200.6 million for the month of October, reflecting an increase of 8%. Internet gambling revenue stood at $26.8 million, up 30.1%. Revenue from sports betting was $11.7 million.You’d think that the news of a Hard Rock opening and the possibility of a second casino launch in 2018 would be good news for the Atlantic City gaming industry.
A recent article from TheWashington Post is rife with positive opinions about what will happen with New Jersey’s gambling mecca. But at least one expert, Dr. David G. Schwartz, director of the University of Nevada Las Vegas’ Center for Gaming Research, says the opening of new casinos this year could go either way.Resorts boss bullish about Atlantic City casinos in the new year
Mark Giannantonio, president of Resorts AC, was an outspoken source in the article.
You’ll remember that it was Giannantonio who was also outspoken about defeating the November 2016 referendum that proposed the opening of two casinos in North Jersey.
While the Resorts boss may have been averse to two new casinos outside the city — he cited cannibalizing — he’s more than happy to see competing casinos open within the city.
“I’m extremely optimistic about Atlantic City and the industry in 2018,” he was quoted as saying in the article. “We’re very excited about the renaissance of Atlantic City; we think it’s for real.”
And there certainly is evidence of a renaissance. Several aging casinos in NJ have closed. And as is the case with the Trump Taj Mahal and Hard Rock, international gaming titans have poured money into the city, creating thousands of temporary and permanent jobs.
The momentum in NJ casino and gambling news isn’t just property related either. Toxic owners like Carl Icahn and Glenn Straub are, in one way or another, leaving Atlantic City.
Icahn’s Taj closed its doors in October 2016 and is now the catalyst for Hard Rock’s new property. Straub’s much-maligned TEN AC (formerly Revel) has most likely been sold to a Denver-based developer. Many details are still hazy, but we know Revel will become the new Ocean Resort Casino in 2018.
Yet, while all of these signs point to continued growth of the AC casino industry, not everyone is as rosy as Giannantonio and others.$10 Free100% up to $1,500
Golden Nugget is our favorite NJ online casino, and for good reason. It has more than 500 casino games (the most in New Jersey) and offers live dealer games. It also has great deposit options and an easy-to-use online and mobile interface.NJ casino revenues could take a hit with new openings
UNLV’s gaming expert Schwartz says that AC’s future isn’t so much about new casinos and a renaissance as it is about pizza.
In an email interview with NJGS, Schwartz said one of two things will happen after the city’s new casinos will open: the revenue pizza will remain the same size and some casinos won’t get as much to eat… or the pizza will get bigger.
“The total gaming revenue for Atlantic City is smaller now than it was when the town supported more casinos,” said Schwartz. “More competition could be a case of dividing the same size pizza among more people, in which case, someone might not get enough to eat.”
But, if new casinos can add a certain level of novelty or innovation that draw more gamblers to AC, that pizza could go from a large to an extra large.
That certainly could be the case with the opening of the Hard Rock. The new hotel and casino will provide plenty of novelty for visitors.
Schwartz said the city’s growth and success is still up in the air. AC’s history proves that growth is good but can be tempered by the influence of casinos in neighboring states.
“It all depends on how the new properties market themselves and operate and how the existing operators react,” said Schwartz. “Historically, Las Vegas has benefited from more competition and new investment. Atlantic City did until increasing competition from other jurisdictions eroded the city’s casino customer base.”
Figures released by New Jersey’s Department of Gaming Enforcement (DGE) announcing its ‘Quarterly and Year-End Results’ for Atlantic City, showed gross operating profits have soared in New Jersey’s Atlantic City during 2017, increasing 22.5% for current operators. The city’s casinos also saw a rise in revenue and hotel occupancy, as they reap the benefits of a less saturated market.
Despite the large increase in operating profits for current operators, the closing of five casinos since 2014, and in particular the closing of the Trump Taj Mahal in October 2016, has led to a far less saturated casino market; the total revenue for the gaming industry in Atlantic City has actually only grown by 0.9%, compared to the 22.5% increase experienced for current operators, to $3.4bn during 2017.
Casinos such as Caesars, the Golden Nugget and Tropicana all performed well as a result of the less competitive market. Whilst the Borgata led the way in achieving a total revenue of $1.1bn, a growth of 3.5%, Caesars and the Golden Nugget both increased their revenues by 7.1%, to $442m and $316m.
Tropicana saw the largest growth to its revenue at 12.3%, up from $435m in 2016 to $489m in 2017. This helped Tropicana to report an impressive 71% annual increase in its gross operating profits profits, up from $53m to $91m by the end of 2017.
The results included a similarly buoyant hotel occupancy rate, which reached an impressive 86.9%. This represented an annual growth of 5.4%. Caesars led the charge in this department recording an average occupancy rate of 91% for the year.
Discussing the successful annual results, Christopher Glaum, deputy chief of financial investigations for DGE, said: “In a positive sign for the Atlantic City casino industry, three casino hotels reported record net revenue and gross operating profit under current ownership and both Internet casino licensees had their best year as well. Industry-wide, strong growth in net revenue led to gross operating profit growth in excess of 20 per cent for the year. These operating results bode well for the industry expansion expected to occur in mid-2018.”Atlantic City Casino Revenue October 2018 Date
Atlantic City Casinos will be well aware that these results are directly attributed to the closure of 5 casinos in the area since 2014. Therefore, the planned opening on Memorial Day 2018 of a Hard Rock Hotel and Casino, on the site of the old Trump Taj Mahal, could have an adverse effect on the individual casinos performances in future financial reports.
Register here: http://gg.gg/nvsgo
https://diarynote.indered.space
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