Atlantic City’s elite eight casinos enter autumn on a roll
Atlantic City casinos reported another modest gaming revenue decline in August, proving that all things named Trump are really bad for anyone trying to maintain a positive outlook.
The New Jersey Division of Gaming Enforcement issued its August casino report card on Wednesday, which showed the state’s eight casinos generated brick and mortar gaming revenue of $223.6m, up 3.5% from what these same elite eight earned the same month last year.
Throw in the $21.3m the casinos’ online gambling operations earned in August and the year-on-year comparison looks even better, rising 5.5% to nearly $245m. However, including last August’s contributions from the Trump Taj Mahal, which closed in October 2016, and August’s official brick-and-mortar figure is down 2.7% and overall revenue slipped 0.4%.
August’s brick-and-mortar number wasn’t helped by a guest at Resorts Casino Hotel hitting a $1.24m slots payday on August 29. Amazingly enough, the guest – identified only as James C. – pulled off the life-changing feat on his freaking birthday.
As usual, the market-leading Borgata held on to pole position with a stellar $70.4m in land-based gaming revenue, up 7.4% year-on-year, more than twice the combined sum earned by runner-up Tropicana ($33.6m, +11.6%) and third-ranked Harrah’s ($32.2m, -3.9%).
The rest of the pack finished as follows: Caesars ($27.7m, -0.6%), Bally’s ($21m, +0.2%), the Golden Nugget ($20m, -2.3%) and the aforementioned Resorts brought up the rear with $18.6m (+6.5%), but at least it had a better excuse this time.
New Jersey Casino Control Commission chairman Matt Levinson said the August results “capped off a very solid summer” for AC’s casino industry. Year-to-date brick-and-mortar revenue came to $1.64b, 7.7% higher than the elite eight generated in the first eight months of 2016. Counting online revenue, the year-to-date figure is up 9.2% to $1.8b. Hopefully casino profits have kept pace with the results posted over the first half of 2017, and AC may find that 2017 is the year it brushes off the scent of decay.
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