Atlantic City casinos continue to grow
The CANJ association said that November was a successful month for Atlantic City casinos.
US.- The nine casinos in Atlantic City reported revenue of US$288.6 million in November, representing a 16.5% over the same period last year. Last month was the 18th consecutive month that Atlantic City registered gaming revenue increases and CANJ highlighted the performance.
With the November results in, year-to-date figures show that Atlantic City reported US$3.02 billion in revenue, an increase of 15.7% over 2018 through the first 11 months. The last time that the industry in the city had achieved more than US$3 billion was in 2012 when Atlantic City featured 12 casinos but online gambling and sports betting weren’t legal.
The Casino Association of New Jersey (CANJ) said that the continued growth in Atlantic City was driven by online gaming and sports betting. “Sports betting and tourism are strengthening the city’s overall revitalisation, and we look forward to continuing this progress in 2020,” said Steve Callender, President of the Casino Association of New Jersey.
Online gaming revenue was over US$49 million, up 82.4% from November 2018, while sports wagering revenue was over US$15 million, up 34.6%. The industry generated over US$25 million in taxes and fees collected by the state in November 2019.
Mayor Marty Small Sr. said: “I know there were a lot of naysayers around 2014 who thought that we would never get to this level,” Small said, according to Press of Atlantic City. “We are far from the level of $5.2 billion that we were in 2006, but this is a step in the right direction.”
Third-quarter profits up in Atlantic City
Profits increased by 12.5% year-on-year in the third quarter ended September 30, 2019. The two casinos that opened their doors in Atlantic City last year were the main difference when comparing the numbers. When Ocean Casino Resort and Hard Rock Atlantic City reopened last summer, their numbers weren’t as good as the ones from 3Q19. The casinos in the city earned US$239 million in the third quarter.
The nine casinos in Atlantic City were profitable in the third quarter, and six of them experienced an increase in gross operating profit.
Chairman of the New Jersey Casino Control Commission James Plousis, highlighted other financial figures in the city during third quarter operations. He said that total taxes paid to New Jersey in the third quarter rose 13.8% to US$9.5 million. Occupied hotel room nights increased by 3% and third-party business sales increased 4.9%.
