Atlantic City Casinos Had $723M In Profits Last YearIndustry Has Strong Calendar Year, Regulators Say |
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Atlantic City’s brick-and-mortar and online casinos generated gross operating profit of $723.3 million in 2017, according to figures from state gaming regulators.
The profits were up 23.7 percent over 2016, regulators said. According to financial reports filed with the New Jersey Division of Gaming Enforcement, the casino licensees’ total revenue increased by one percent last year to $3.54 billion. Revenue from businesses leasing space within the casinos fell 5.7 percent to $195 million last year. Factored together, the combined sales increased 0.5 percent to $3.74 billion in 2017.
The casinos had a small uptick in gaming win last year, while revenue from hotels and food and beverage sales both dipped. The entertainment and “other” category, which includes concert and show admissions, casino-owned spa revenue, casino-owned retail sales, rental income and other miscellaneous revenue sources, as up six percent year-over-year to $164.5 million.
Atlantic City’s diversification, aimed at lessening the dependence on gambling, can be seen by entertainment revenue growing faster than any other revenue stream for the casino industry.
Here’s a detailed look at the figures
Gaming revenue has reversed course to start 2018. According to state figures, the casinos won $594.9 million through March, down six percent compared to the $631.9 million won during the same period last year. Through the first three months of last year, gaming revenue of $631.9 million was up 5.7 percent compared to the same period in 2016.
If you exclude internet gaming revenue, the casinos took in $525.3 million from their brick-and-mortar operations through March, a decrease of 8.3 percent year-over-year. Internet casino win of $69.5 million through March was up 17.3 percent.
Atlantic City gaming win reached of a high of $5.2 billion in 2006, only to be halved over the next decade thanks to a sluggish U.S. economy and competition in neighboring states.
In an effort to grow sluggish online poker revenues, Atlantic City and Las Vegas will soon pool their players for online poker tournaments and cash games.
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