Atlantic City profits down for 2018
The DGE announced the 2018 year-end results, which indicate that profits were down in Atlantic City.
US.- According to financial reports filed with the Division of Gaming Enforcement (DGE), casino licensees in Atlantic City increased net revenues by 7.5% to US$2.8 billion for the twelve months ended December 2018. However, profits were down in Atlantic City last year.
However, the casino licensees saw their gross operating profit for the industry decrease 15.4% to US$582.6 million for the twelve-month period. Last year was characterised by the reopening of two shuttered gambling halls: Ocean Resort Casino and Hard Rock.
According to statistics released by the DGE, of the seven casinos operating at the start of 2018, five of them saw lower gross operating profits, and only Tropicana and Golden Nugget increased their operating profits last year.
James Plousis, chairman of the New Jersey Casino Control Commission, said that “profit margins were tighter.” He added: “But the resort added thousands of jobs and many exciting new amenities, which position us well for continued growth,” he added.
Furthermore, the occupancy rate in the industry’s casino hotels for the twelve months ended December 2018 was 80.7%, which is 6.2% points lower than the comparable period last year.
