Atlantic City Casino Revenue July 2019
Posted : admin On 4/13/2022Atlantic City’s casinos reported just shy of $248.7 million in total gaming revenue last month, a significant decrease from July 2019’s $323.3 million, according to figures released Wednesday. Jul 26, 2019 The Ocean Casino Resort enjoyed its best month ever in June with total gaming revenue of almost $21.5 million, while Hard Rock Atlantic City earned more than $32.5 million, nearly matching its.
- Atlantic City Casino Revenue July 2019 Calendar Printable Free
- Atlantic City Casino Revenue July 2019 Calendar Printable Free
- Press Of Atlantic City
- Atlantic City Casino Revenue July 2019
- Atlantic City Casino Revenue Reports
Atlantic City Casino Revenue This July 25, 2019 photo shows casino employees bringing inflatable pool toys to Santa at the outdoor pool at the Ocean Casino Resort in Atlantic City, N.J. Figures released Aug. 14, 2019 by the New Jersey Division of Gaming Enforcement show the casinos took in $323 million, an increase of 7.8% from July 2018. The more revenue you generate, the more taxes you need to pay. In line with the massive amount of revenue generated in 2019, the Atlantic City casinos are expected to pay a tax amount of $152 million. This is a significant 660% increase from the amount that they paid in 2018. Aug 15, 2019 On Wednesday, New Jersey regulators issued their July gaming revenue report, which showed Atlantic City’s nine casinos enjoyed slots and table game revenue of just under $277.2m in July, a 1.8%.
Over the past year, Atlantic City has grown to become one of the most profitable gambling hubs in the country. New reports show that Atlantic City casino revenue increased massively in 2019’s third quarter. It’s fantastic news for the state and casino companies operating here.
Both sports betting and casino gambling continues to generate revenue here. Let’s take a look at exactly how much money the city’s gambling industry managed to generate over the past several months.
New Reports Show Atlantic City Casino Revenue is Increasing
You can’t cover the US casino industry without talking about Atlantic City. Decades ago, this was one of the most profitable gambling markets in the world. Unfortunately, the recession took a major toll on this city and it seemed on the brink of collapse.
Recently, however, things have improved dramatically. Revenue in this city has continued to increase for almost all of 2019. There are a few major reasons why this is.
The legalization of sports betting is certainly helping. New Jersey made sports gambling legal in May of 2018. Every casino in the state now operates a sportsbook. It’s helped to generate millions of dollars for the state government via taxes. New Jersey now has the most profitable sports betting market in the world.
New reports show that Atlantic City casino revenue increased massively during this year’s third quarter. Gross profit for the three months increased to $26.5 million, representing a 12.5% increase from the same time period in 2018. Atlantic City’s nine casinos generated $928.9 million in net revenue.
Things are looking very good here. Based on the way things are going, this will be the best year in the city’s history.
Which Casinos Generated the Most Money in Q3?
July, August, and September are all popular gambling months. It’s not a huge surprise to see so much money flowing into the casinos during this quarter. Some casinos managed to earn considerably more than others, though.
Borgata Casino generated the most money. It’s the most popular casino in the city and blew all of its competitors out of the water. In total, this gambling venue brought in $210,141,863. Hard Rock Atlantic City brought in the second-most money at $106,663,788.
These properties have reason to celebrate. James T. Plousis, Casino Control Commission Chairman in NJ, states that non-gambling amenities in the city proved successful last quarter, too.
“Positive trends also continued with important tourism indicators,” he said. “Non-gaming amenities continue to create a competitive advantage, and visitors like the diverse dining, entertainment and leisure activities that Atlantic City has to offer.”
Just about every casino had a solid few months. Things are obviously slowing down as winter approaches yet many are still generating more money than they did last year.
Atlantic City Casino Revenue July 2019 Calendar Printable Free
Sports Betting Revenue Surges in AC, As Well
There’s never been a better time to be a sports fan in Atlantic City. Sportsbooks in this city are continuing to improve. Both online and land-based sports gambling is legal here. For almost all of 2019, revenue from this industry has increased.
In October, sports betting helped to increase gambling revenue in this city to $266.23 million. Statewide, sports bettors here placed $487.9 million in legal sports wagers last month. 85% of these bets were placed online.
Altogether, more than $3.5 billion has been spent on sports bets in this state.
“New Jersey sportsbooks have surpassed Nevada’s in recent months, and it continues to show significant promise for the gaming industry,” said Steve Callender, president of the Casino Association of New Jersey and senior vice president of operations for the East Region of Tropicana Atlantic City’s parent company, Eldorado Resorts Inc.“We are optimistic as we approach the end of this year that we will finish 2019 out in a strong position.”
Atlantic City casino revenue and sports betting revenue continue to increase. This city has the potential to become the country’s true gambling center.
Stay tuned for more Atlantic City gambling news over the next few months!
The New Jersey Division of Gaming Enforcement (NJDGE) released third-quarter revenue figures for nine Atlantic City casinos.
The total net revenue for the NJ casinos came in just shy of $929 million for July through September. The figure is good for a 2.7% increase compared to the same period in 2018.
Gross operating profits were also on the rise, increasing 12.5% to $239.4 million when compared to the third quarter of 2018.
The AC casino quarterly report marks the first time revenue and profits could be compared to the prior year with the same nine casinos in operation today.
The quarterly report contains a mixed-bag of metrics that can provide a bird’s-eye view of how the industry and the region are doing.
Atlantic City Casino Revenue July 2019 Calendar Printable Free
It includes:
- Net Revenue (+2.7%): Casino revenue, minus promotions, plus other revenue, such as rooms and dining.
- Gross Operating Profit (+12.5%): The earnings before interest, taxes and payments to affiliates.
- Third-Party Business Sales (+18.7%): The sales from vendors that lease space at a casino.
- Tourism Indicators: Average occupancy (+2.6%) and room rate information for each of the casinos.
How AC casinos fared
Borgata Casino continues its dominance, nearly doubling the net revenue of its nearest competitor with $235.5 million. Even so, it is a slight decrease (0.3%) from last year.
It is the nearest competitor, that is a big surprise. Hard Rock Atlantic City came in second at $128.4 million, up an impressive 27.7% over its first months of operation in 2018.
The only other casino to report double-digit net revenue growth in the third quarter is the other newcomer to the Boardwalk, Ocean Casino (27.4%), with $79.9 million.
At the back of the pack is Resorts, posting $49.6 million in net revenue. On the bright side, along with Hard Rock and Ocean casinos, Resorts is the only other casino returning a positive net revenue number (+1.3%).
Bally’s Atlantic City was the hardest hit. It posted a net revenue number ($60.8 million) that puts it second from the bottom, down nearly 9.3% from last year. That is the largest percentage decrease for the group.
More good news for Atlantic City casinos
Casino Control Commission Chairman James Plousis spoke to the Press of Atlantic City about other key indicators from the third quarter:
Press Of Atlantic City
“Positive trends also continued with important tourism indicators. Nongaming amenities continue to create a competitive advantage, and visitors like the diverse dining, entertainment and leisure activities that Atlantic City has to offer.”
Specifically, the industry’s hotel room occupancy came in above 90%, up 8% from last year.
The big winner was Ocean Casino. It reported a 99.6% occupancy rate and also commanded the highest average price at $219 per night.
On the bottom of the totem pole is Tropicana, with an 80.9% occupancy rate, the lowest of the nine casinos.
Additionally, Golden Nugget comes in with the lowest average nightly room rate of $90.25, nearly $71 less than the industry average.
What AC casinos Q3 revenue report tells us
Obviously, a bunch of positive year-over-year numbers is a good thing.
The good news comes at a time when many are questioning the need to limit the number of AC casinos, citing market saturation, and protecting the viability of the existing properties.
It’s true that one quarterly profit statement doesn’t provide enough data to support either side of the argument. Though it does make it a bit harder to support the saturation argument when the market is returning substantial numbers.
The real key to Atlantic City’s overall health is nongaming revenue. It came in at 3.5% above the same period last year.
There is evidence that Atlantic City is continuing to shift toward a Las Vegas model. Nongaming revenue in AC now represents over 47% of total revenue. The Las Vegas nongaming revenue comes in at 65% of total revenue.
Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, commented on the report in the same Press of Atlantic City article.
“Continued overall growth in gaming and nongaming revenues for the destination … clearly demonstrates that not only is the top line strong but the bottom line is showing greater operational efficiency and resilience.”
Atlantic City Casino Revenue July 2019
Atlantic City casinos posted positive net revenue growth for the last six quarters. Year to date, however, the industry is down 4.5% compared to 2018.
It isn’t a surprise that Atlantic City is a seasonal destination. Nonetheless, if AC can continue to increase its nongaming revenue, it may successfully transition into a destination similar to Las Vegas.
If so, banking on a strong season to support the industry for the entire year will be a thing of the past.
Atlantic City Casino Revenue Reports
Maybe the constant discussion around market saturation and capping casinos will then fall by the wayside.