Profits Continue to Rise in Atlantic City

Written by:
Guest
Published on:
Aug/22/2017

ATLANTIC CITY, N.J. –  (Associated Press) - Atlantic City's casinos have seen their gross operating profits increase by nearly 20 percent in the first six months of this year, according to new state date released Tuesday.

The figures from the New Jersey Division of Gaming Enforcement also showed that the seven casinos reported a collective second-quarter profit of $169.3 million, compared with $145.7 million for the same period last year. That's an increase of 16 percent.

New Jersey Casino Control Commission Chairman Matt Levinson was pleased with the results.

"For three consecutive quarters now, the current operators reported double-digit growth in gross operating profits. They must be doing something right," Levinson 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."

The data showed gross operating profits for the year are up 19.1 percent to $308.6 million over the same period last year.

Gross operating profit reflects earnings before interest, taxes, depreciation and other charges. It's a widely accepted measure of profitability in the gambling industry.

Five of the seven casinos reported increased gross operating profits through the second quarter of the year.

The Tropicana reported the biggest increase, up 105 percent in the second quarter to $35 million, compared with the same period last year. Resorts reported profits of $9.5 million, up 63 percent; Golden Nugget posted a profit of nearly $17 million, an increase of 27 percent; Caesars saw a profit of $45.6 million, up 25 percent; and Borgata was up to $129 million, or up about 22 percent.

Ballys reported nearly $16 million in profits, down 5.8 percent from last year. Harrah's profits were down 13 percent to $50 million.

Business/Financial News

Are You Ready For A Custom Pay Per Head Site?

Are You Ready For A Custom Pay Per Head Site?

Are you on the verge of looking for an internet provider that will put your business in the right direction?

Top Pay Per Head Software Will Help You Manage Your Various Business Accounts

Top Pay Per Head Software Will Help You Manage Your Various Business Accounts

While some companies just require enough capital a good place to set them up, other firms need a lot more.

Ethereum Hacker Gives Back $3 Million

Ethereum Hacker Gives Back $3 Million

Vice Media features a report on an alleged Ethereum hacker who reportedly returned some $3 million and nobody can quite understand why.

Some Of The Critical Services Offered By Pay Per Head Betting System

Some Of The Critical Services Offered By Pay Per Head Betting System

Have you ever wondered what essential services pay per head betting systems like PremierPerHead.com offer?

3 Solid Tips To Start Running a Lucrative Online Bookie Business

Running an online bookie business can be as rewarding as it is tough. But, there are 3 great tips to help agents create a lucrative business. Find them here. 

Syndicate