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Atlantic City Casino Profits Fall 5% in August
- September 16, 2015 By Oliver Young -
The New Jersey Division of Gaming Enforcement released the report of August 2015 Gaming Revenue Results that shows a fall of 5% in Atlantic City casino profits. The report is taking into account the profit of $272.3 million won in August, 2014, and the profit of August, 2015, of a bit lower $258.6.
However, if the discounted operators are included in the list, then the profit generated in Atlantic City casinos dropped for significant 15.2%. Last year this number was $305 million, which is far better than the $258.6 from this August.
In any case, according to the NJDGE, this profit drop can be easily explained with the fact that the Labour Day three-day weekend this year came in September, whereas last year it was in August. Thus, they believe it’s expected to see more action in casinos during holidays, than in regular days. Taken into account that Atlantic City showed positive results these last months, the DGE are probably right. For example, the gaming destination noted increased profits for the first quarter of 2015 of 26%.
Casinos are Closing, the Industry is Thriving
It’s very interesting how Atlantic City witnessed three of its gambling facilities close down, but its casino industry is thriving. The area used to be a home to 11 casinos and now that number has fallen to eight. The last one in the row to close is The Atlantic Club which stopped its operations in January, 2014, and joined the company of Showboat, Revel and the Trump Plaza.
The Chairman of the New Jersey Casino Control Commission, Matt Levinson, said that the gaming industry in the city is showing strong results. He pointed out that Atlantic City’s operating casinos “had a 2.4% increase in gaming revenue this summer compared to last.” Also, Levinson added that even though August showed negative results, the “existing operators are still up approximately 3.2% for the first eight months of the year.”
Golden Nugget Noted Best Results, While Caesars the Biggest Decrease for August
Besides giving info on the overall situation of the gaming industry in Atlantic City, the report also reveals how gaming operators performed during August, 2015. Therefore, the one establishment that had an almost 28% growth and generated $22.4 million is Golden Nugget.
Another casino that managed to score better results than August last year is Resorts with its 18% and $17.5 million revenue. The casino’s online platform, Resorts Digital, earned $735,140 last month.
On the other side of the list we have the biggest losers which are Caesars and The Trump Taj Mahal. The Trump Taj Mahal noted a drop of 24.2% to $18.9 million. Caesars generated $31.3 million, which is for 28.6% less than this period last year. However, this casino scored a win too since its online platform Caesars Interactive jumped 2.2% to $2.7 million.
Finally, the city’s Internet gaming sector increased for 15.8%, which is great news for online gaming supporters. Namely, the remote gaming industry in Atlantic City last year earned $10.5 million, while this year the number jumped to $12.2 million.