Atlantic City Casino Profits Up 30 Percent In First Quarter Of 2017Total Industry Revenue Up 1.7 Percent Year-Over-Year |
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Gross operating profits for Atlantic City’s casino industry were $139.2 million during the first quarter of this year, which was an increase of 30.4 percent compared to the same period in 2016, according to New Jersey gaming regulators.
The casinos took in $816.7 million from Jan. 1, 2017 to Mar. 31, 2017, an increase of 1.7 percent compared to the $803.1 million from the same period last year. Casino win accounted for $606.2 million of total revenue, an increase of four percent year-over-year.
Hotel rooms accounted for $83.7 million, a decrease of 5.3 percent from $88.4 million. Food and beverage sales dropped 4.7 percent to $93.6 million. The entertainment and “other” category accounted for $33 million, nearly unchanged year-over-year.
The Q1 performance was stronger if you didn’t factor in the absence of the Trump Taj Mahal, which closed in October during a labor dispute. That iconic casino was recently purchased for just four cents on the dollar and could reopen next year.
Online gaming is booming in the Garden State. Through the end of April, internet gaming revenue of $80.1 million was up 29.5 percent year-over-year from $61.8 million.
That’s despite online poker revenue declining five percent during the first third of 2017. Live poker has held steady even though online play is contracting.
The money won from gamblers accounted for 74 percent of total Atlantic City casino industry revenue in the quarter. In Las Vegas, casino win accounts for under 40 percent of total revenue.
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