New Jersey Casinos Up 2.2% to $2.66Bn in 2017
January 16, 2018 3:17 pmFor a decade Atlantic City’s casino market was stuck in the doldrums until it managed to reverse the downturn in 2016 after posting a 1.5% increase in revenues to $2.6 billion. According to the latest results, 2017 has proved to be another positive year for New Jersey, too, with its casinos reporting a 2.2% increase in revenues to $2.66 billion, marking two consecutive years of growth for the East Coast gambling resort.
Breaking the figures down further, New Jersey’s land-based casino revenues accounted for $2.41 billion of the overall total, representing a 0.3% improvement over the previous year, while online gambling contributed a further $245.6 million in 2017, or 24.9% more than in 2016.
Leading the way in terms of land-based gambling was the Borgata whose $800 million in revenues was higher by 4.4% versus last year, followed by the Tropicana up by 14.6% to $390 million, and then Harrah’s up by 1.6% to $363 million. Nevertheless, all of Atlantic city’s casinos posted positive growth last year, including Caesars up 7.6% to $325 million, the Golden Nugget up 14.4% to $288 million, Bally’s up 0.1% to $211 million, and Resorts up 10% to $190 million.
Meanwhile, The Golden Nugget topped the internet market with $68.5 million in revenues, followed by the Borgata, Caesars, Resorts and Tropicana, whose online revenue all fell within the $42.5-$48.5 million range.
Needless to say, the latest financial results provide an even greater sense of optimism for the year ahead, especially with the expected reopening of the former Revel and Trump Plaza casinos in 2018, which will be renamed the Ocean Resort Casino and Hard Rock Hotel & Casino Atlantic City, respectively, and as Christopher Glaum, deputy director of financial investigations for the Division of Gaming Enforcement, explains:
“With strong growth in Internet gaming win and the anticipated reopening of two former casino properties this summer, I am optimistic that the Atlantic City casino industry can accelerate its revenue growth trajectory in 2018.”
Also agreeing with the sunny outlook is lead gaming analyst Steve Ruddock, who said New Jersey’s progressive internet gambling market would be further boosted by operators currently introducing a range of new, innovative product to attract more players.