Atlantic City Casino Profits Fall 11 Percent To Start Year, But Sports Books Are On The HorizonSports Wagering Can't Come Soon Enough For Seaside Gambling Town |
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Atlantic City’s gambling industry is struggling just as two brick-and-mortar casinos are slated to reopen next month under new branding and ownership.
According to figures released Tuesday by Atlantic City gambling regulators, the industry’s gross operating profit in the first quarter of 2018 was $123.6 million, down 11.7 percent compared to the first quarter of last year.
The occupancy rate in the industry’s casino hotels for the three months ended March 2018 was 77.9 percent, regulators said, which was 3.2 percentage points lower than the same period last year. Sales from third party businesses decreased four percent to $39.2 million.
Overall, the the casino licensees’ net revenue decreased 3.2 percent to $599.2 million for the quarter. A big reason for that was fewer gambling dollars.
Atlantic City’s brick-and-mortar and online casinos won a combined $809.3 million through the first four months of 2018, according to the most recent figures available. The winnings were down 4.1 percent compared to the $843.5 million won through the same period in 2017. Revenue from the brick-and-mortar setting was $716.7 million through April of this year, down 6.1 percent. Online gaming revenue of $92.5 million was up 15.5 percent year-over-year.
It’s worth noting that the gambling winnings will receive a much-needed boost sometime next month when New Jersey kicks off sports betting thanks to last week’s Supreme Court ruling.
Atlantic City has seven casinos, but that number will rise to nine when Hard Rock Atlantic City (formerly Trump Taj Mahal) and Ocean Resort Casino (formerly Revel) begin taking bets on June 28. A handful of years ago, Atlantic City had 12 casinos.
The Borgata casino, which accounted for 32 percent of the industry’s net revenue during the first quarter, saw its net revenue and profits fall 6.4 and 27.1 percent, respectively. Borgata had 36 percent of the industry’s profits during the quarter.
Below is a look at each operator, courtesy of the New Jersey Division of Gaming Enforcement.
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