Atlantic City’s eight casinos had a great third quarter with all receiving an uptick in profits for a total increase of 61 percent over 2014.
According to the state Division of Gaming Enforcement, the eight casinos turned a collective profit of $237.4 million in July, August and September compared to $147.5 million in 2014, the Associated Press reported.
“These results show that casino operations are stabilizing after several difficult years,” said Matt Levinson, chairman of the New Jersey Casino Control Commission in a press statement. “Each of the eight casino hotels reported significant increases in the third quarter. The higher profits came from increased gaming, hotel, food and beverage revenues, and reduced expenses at the properties.”
The figures represent a marked turnaround from 2014 when three casinos closed in the third quarter—Showboat, Trump Plaza and Revel. Net revenue for all Atlantic City casinos that operated in 2014—including the Atlantic Club that closed in January—is down more than 8 percent through three quarters.
However, the loss of the four casinos has clearly helped the bottom line at the remaining casinos. For the first nine months of this year, the casinos’ collective gross operating profit was $450.9 million, an increase of 67.5 percent over the same period last year, according to the AP. Net revenue for the quarter was $783 million, up 5 percent from the same period a year ago.
Borgata Casino Hotel & Spa saw the largest operating profit at $82.1 million for the quarter. .
Hotel room occupancy for the resort was nearly 92 percent in July, August and September, which was slightly below the figure for the same period last year. The Borgata had the highest average room rate at $141.58, while the Golden Nugget was the lowest at $82.12.
Here are the profit figures for each casino, as reported by the AP:
Bally’s: $21.1 million, up 69.6 percent
Borgata: $82.1 million, up 42.6 percent
Caesars: $32.5 million, up 56.4 percent
Golden Nugget: $9.1 million, up 61.8 percent
Harrah’s: $41.9 million, up 45.4 percent
Resorts: $8.8 million, up 79.7 percent
Tropicana: $26 million, up 41 percent
Trump Taj Mahal: $16.2 million, up 181.7 percent
