Atlantic City’s seven casinos saw a collective 22.5 percent increase in profits to $723 million for 2017 according to figures released by the state Division of Gaming Enforcement.
Only Harrah’s Atlantic City showed a profit decline, down 2.7 percent to $115.8 million, but all seven casinos reported profits. The Borgata had the highest profit at $292 million, up 19.5 percent from 2016.
Casino net revenue, including online gaming, increased to more than $2.67 billion for 2017 up from about $2.5 billion in 2016. Gross operating profit reflects earnings before interest, taxes, and other charges.
According to an analysis by the Associated Press, Caesars showed a profit of $92 million, also up 19.5 percent from a year ago; Tropicana’s profit was about $92 million, representing a 71 percent increase over 2016; Bally’s profit was $42.1 million up 8.1 percent; the Golden Nugget had a $40 million profit, up 38.3 percent; and Resorts had a $23.1 million profit, up 23.6 percent.
Among online only companies, Resorts Digital reported a $14 million profit, up from a $791,000 loss in 2016, and Caesars Interactive-NJ had an $11 million profit, up $12.7 percent.
The city’s casino hotels also saw an increase in occupancy rates and average room rates in 2017 compared to 2016. The 12-month occupancy rate increased from 85.2 percent in 2016 to 86.9 percent in 2017. The average room rate last year was $108.35, up from $106.71 in 2016.
James Plousis, chairman of the New Jersey Casino Control Commission, said the figures show that the Atlantic City casino market is strong.
“The industry is on the verge of a significant expansion this summer which will create a new array of attractions and attract a lot of additional visitors to the city,” Plousis said in a press statement, “That expansion may put pressure on the current operators, but I think the industry is well positioned to deal with the new competition.”
The city is expecting two formerly closed Boardwalk casinos to re-open under new brands this summer. Hard Rock Atlantic City is scheduled to open on the site of the former Trump Taj Mahal casino and the Ocean Resort will, open on the site of the former Revel casino.
Regulators also released fourth-quarter figures for 2017, which saw the seven casinos report a gross operating profit of $161.4 million for the final three months of the year, up 36.5 percent from the same period a year ago.
The Borgata had the most expensive average hotel rooms in 2017, at $133.04; the Golden Nugget had the least expensive at $83.38. The citywide average was $108.35.
Caesars had the highest average occupancy rate at 91 percent; Golden Nugget had the lowest at 77.8 percent, according to the AP.
