Atlantic City casino industry boosted its profits

During the first half of 2016, Atlantic City casino revenues rise by more than 20 percent.

US.- According to figures released yesterday (Monday) by the state Division of Gaming Enforcement, the Atlantic City casino industry boosted profits by more than 20 percent in the first half of 2016.

There were a dozen casinos in Atlantic City until four closed in 2014. Only seven will remain once the Trump Taj Mahal closes next month. The eight remaining Atlantic City casinos had a combined second-quarter profit of US$259 million, compared to US$213 million in 2015, said the quarterly report.

The improved bottom line came even as total revenues for the same period barely improved, from US$1.66 billion in the first half of 2015 to US$1.68 billion in the same period in 2016. The occupancy rate in the city’s casino hotels for the six months ended June 2016 was 78.9 percent, which is 0.4 percentage points higher than the comparable period last year.

“Profits rose more than 21 percent in the first half of this year and, for the first time in eight years, every single bricks and mortar casino reported positive operating income,” said Matthew Levinson, chairman and chief executive officer of the state Casino Control Commission. “Slowly but surely, casino profits are increasing as operators in Atlantic City work to rebuild their business. The US$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.”