Three quarters of profit growth for Atlantic City

Gross operating profits came in at US$169.3 million in the second quarter, up from $145.7m for the corresponding period last year.

Matthew Levinson, Chairman and CEO of the Casino Control Commission, said: "Revenue, occupancy rates and profits all increased, and with everything else that’s going on or going up in Atlantic City right now, I think the industry’s future looks a little bit brighter every day. They must be doing something right.”

Atlantic City had 12 casinos going into 2014. The five closures have contributed to the increases at the remaining casinos. The occupancy rate in the industry’s casino hotels for the six months ended June 2017 was 85.8 %, which is 6.9 % points higher than the comparable period last year.

The city’s remaining casinos saw their profits increase by more than Gross operating profits for the year are up more than 20 %, totalling more than US$308.6 million.

Total gambling revenue, including internet gaming, came in at more than US$1.7 billion during the first six months.

Five of the seven casinos saw a jump in gross operating profits through the second quarter of the year with the Tropicana seeing the biggest increase, up 105 % in the second quarter to US$35 million. Golden Nugget reported a 27 % increase with profit of nearly US$ 17 million whilst Caesars profit surged by 25 % reaching US$45.6 million. The market leading Borgata saw profits reach US$129 million, marking an increase of 22 %.

The two casinos with falling profits were Ballys, down 5 % at US$16 million, and Harrah’s down 5.8 % at US$50 million.

Source: GMB / G3 Newswire