AC's Casino Profits in H1 The Highest Since 2010

admin, August 24, 2016 10:26 am

There are signs that Atlantic City’s beleaguered casino industry may finally be stabilizing after the Division of Gaming Enforcement released its latest results for the first half of 2016 revealing a 21% surge in profits to $259 million, compared to the $213 million that was collected in H1 of 2015. The boost in profits came even as the casinos total revenues remained fairly even at $1.68 billion in H1 2016 versus $1.66 billion for the same six months of 2015.
Furthermore, the $259 million in profits for H1 2016 was the highest recorded since 2010, while all of Atlantic City’s casinos posted positive operating incomes for the first time in eight years. Commenting on the encouraging figures, Matthew Levinson, chairman of the Casino Control Commission, said:
“Slowly but surely, casino profits are increasing as operators in Atlantic City work to rebuild their business.”
In the second quarter of 2016, though, six of the current eight casinos in Atlantic City posted higher gross operating profits, while Caesars was lower by 0.2% to $36.5 million, and Harrah’s down 3% to $57 million. The Borgata, on the other hand, posted the biggest year-on-year growth in Q2 2016, with profits up 27% to $106 million; followed by Resorts up 26% to $5.7 million; Tropicana up 25% to $17 million; Golden Nugget up 12% to $13.3 million; Bally’s up 8% to $17 million; and Trump Taj Mahal seeing a dramatic turnaround from losses of $9.6 million in Q2 2015 to a $2 million profit in Q2 2016.
According to analysts, the positive trend is a result of Atlantic City’s once saturated gambling market dropping from 12 casinos at the beginning of 2014 to their current level of eight casinos. That number will be further reduced after the Trump Taj Mahal also bows out of the market this October, with the recent stabilization of the industry adding weight to the argument against allowing two new casinos to be built in the north of the state. New Jersey residents are due to vote on the issue in a referendum to be held on November 8th.

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