Casino revenue drops in Atlantic City
Whilst gaming revenues fell 2.7 percent, without Taj Mahal in the equation the remaining seven facilities continued the winning strike.
US.- The New Jersey Division of Gaming Enforcement (DGE) informed on Monday that the casino industry experienced a gaming revenue fall of 2.7 percent in July, when compared to the same period in 2016. New Jersey’s gaming hub had been experiencing good results for a year.
According to the numbers, overall casino gaming revenue, including online gaming, reached US$267 million, down from the US$275 registered in July 2016, as Press of Atlantic City revealed. If the former Trump Taj Mahal, which was still operating in July 2016, gets taken out of the equation, the remaining seven casinos experienced a gaming revenue increase of 3.9 percent to US$167.8 million, compared to the US$257 of last year. David Rebuck, director of the state DGE, said: “Whilst there are fluctuations in monthly revenue, it is encouraging that Atlantic City’s current operators’ casino win figures are up nearly 10 percent for the year so far, illustrating that overall, there is continued stabilization in the industry.”
Online gaming increased 18.5 percent, whilst revenues totaled US$18.5 million, US$1.2 million more than a year ago. Chairman and CEO of New Jersey’s Casino Control Commission said that it is clear that business is building for the seven operating casinos and that he’s optimistic that this trend will continue in the upcoming months. “Atlantic City’s seven operating casinos won 3.9 percent more last month than in July 2016 – even though it had one less weekend day,” he added.
Last week, President and CEO of the American Gaming Association (AGA) Geoff Freeman said that companies are interested in investing million of dollars in Atlantic City, therefore the territory could experience a bright future. “The Atlantic City market is an exciting market right now. There is no doubt the market right-sized itself over the last couple of years. While the closing of the facilities was painful for many, it strengthened the community; it strengthened Atlantic City’s potential for the future.”
“No state is better positioned than New Jersey and no location is better positioned than Atlantic City to quickly capitalise on it. This area has been talking about it for years, so there is going to be no debate if we should have it. The casinos are already scouting out where the sports books will be located,” he commented.
