Atlantic City seeks balance
Four of its casinos faced further declines in their revenues during the first nine months of the year.
US.- The New Jersey Division of Gaming Enforcement (DGE) issued on Tuesday the Atlantic City report about industry’s profits. The seven casinos that still remain in the former gambling capital of the United States are facing a rough struggle to survive the crisis, although three of them showed positive results during the first nine months of 2016.
From January to September, the total revenue of Atlantic City market noted a rise of 0.7 percent to US$2.71 billion, including the operations held at the now closed Trump Taj Mahal casino and hotel. The gaming city of New Jersey State now hosts only seven casinos, as five of them were shut down during the past few years due to the economic crisis.
Combined casino revenue results showed an increment of 1.1 percent, to US$1.93 billion, but only three of the gaming venues contributed positively to the number. The Borgata casino and hotel reported a profit of US$144.5 million, meaning an 18.4 percent of increment since September. The Golden Nugget follows the trend with 23.5 percent of growth to US$15.7 million. Finally, the Resorts Casino Hotel profit was up 23.2 percent to US$7.3 million.
On the other hand, four casinos profits were down the expectations. Bally’s profit was reduced almost by a 50 percent to US$8.8 million. The three casinos of Caesars Entertainment reported losses, falling to a total of 6.7 percent to US$42.9 million. The Harrah’s venue also fell a 10 percent to US$25.8 million; whilst the Tropicana perceived a decline of 3 percent to US$22.1 million.