Atlantic City increases revenues

atlantic city revenues

Credits: Atlantic City NJ

Land-based and online casinos increased revenues during August operations, the latter achieving a six consecutive month growth.

US.- New Jersey’s Division of Gaming Enforcement revealed on Wednesday that the seven remaining casinos, including online operations, experienced a gambling revenue rise in August of 5.5 percent when compared to the same period in 2016.

Overall casino gambling revenue totaled approximately US$245 million, up from the US$232 million reported last year. David Rebuck, director of the state Division of Gaming Enforcement, said that these numbers reflect the continued stabilisation of the Atlantic City casino market buoyed by consistency positive online gaming figures. Year-to-date casino revenue for the seven casinos rises to US$1.8 billion, up from the US$1.6 million from 2016, which translates into a 9.2 percent growth.

Matthew B. Levinson, chairman and CEO of the state Casino Control Commission, said: “We all know that summer is the crucial time for casinos, and a strong performance from Memorial Day to Labor Day is key to their success. Great summer weather and an improving economy combined to draw more business not only to the facilities in Atlantic City but to their internet operations. When you see improvements like these month after month, season after season, a trend is clearly emerging.”

Moreover, online gambling increased 32.4 percent, with revenues totaling approximately US$21.2 million during last month’s operations, US$5 million more than last year. Steve Ruddock, lead analyst for PlayNJ.com, said: “Early revenue projections may have missed the mark, but analysts were right on the money with their predictions that New Jersey online gaming would see sustained growth as the market matured.”

“Online gaming has grown into an industry on pace to generate close to a quarter of a billion dollars in 2017,” Ruddock said. “That represents a 20 percent year-over-year increase, and an increase of more than 90 percent compared with what the industry generated back in its first full year in 2014.”