Atlantic City Casino Profits Up During First Half of 2016

Atlantic City CasinosThere is some good news for the casino industry in the Atlantic City. According to the latest results, the industry is seeking revival after making an improvement in its bottom-line.

New Jersey Division of Gaming Enforcement in its data has revealed that the Atlantic City’s casino industry profits have risen by more than 20% in first two quarters of 2016.

However, the profits are still very low and seem to be significantly flat. In the first half of this year, the profit earned is just $1.68 billion which was $1.66 billion during the same time period last year.

Casino Control Commission’s Chairman Matthew Levinson in a statement has said that;

Slowly but surely, casino profits are increasing as operators in Atlantic City work to rebuild their business. The $259 million in profits for the six months is the highest since 2010. Profits were up at six of the casinos — and by double digits at four of them. For the first time in eight years, every casino reported positive operating income.

In the past one decade, there has been a drastic decline in the profits of Atlantic City’s casino industry. In the year 2014, 4 casinos had to be shut down because there were not yielding any kind of profits. Carl Icahn has declared that he will be closing down another casino named Trump Taj Mahal. Subsequently, the city will be left with only 7 gaming casinos.

Out of the total profits of the casino industry in Atlantic City, Borgata has contributed to more than 33 percent and it is the most profitable casino at the present time. The operating profits of this casino grew up by approximately 27 percent with a nice figure of 106 million US dollars. In July this year, there is an increase of 6.9% profit in only 8 US casinos with total figures $275 million.

The Borgata Hotel Casino & Spa has made revenue close to $85 million as on July 2016; which is highest in its career of 13 years. The profits rose by 12.5% as compared to last year.

Borgata’s Senior Vice President Joe Lupo has said that the casino was able to improve its performance because a number of investments were done in the property which includes Outdoor Pool, Beer Garden and Premier Night Club. Marketplace Eatery was also launched last year which has tremendously contributed to the non-gaming revenue in the casino industry.

The positive changes in the casino industry of Atlantic City seem to come as a sort of relief when voting for the referendum in the process to move casinos out of this city. Now it will be interesting to note whether the voters would vote to launch new casinos in New Jersey or not.

Jay Stevens

Jay Stevens

Hi, my name is Adam Jay Stevens. Welcome to Top10-CasinoSites. Explore the online casino world with my site.

Related Articles

Savan Vegas, Laos Receives Better Offer From Consortium

In Laos, a new bidding proposal has been made for Savan Vegas Hotel and Entertainment Complex. European-Asian Consortium is the

LeoVegas Casino Fined for Taking Wagers from Problem Gamblers

LeoVegas has been in the news recently because it has embroiled itself in a small problem and the UK Gambling

Svenska Spel Enters a Partnership Deal with Evolution Gaming

The gambling market of Sweden is experiencing some critical changes, and the state-owned Svenska Spel is trying to get some

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment