Revenue Up Again for Atlantic City’s Surviving Casinos

Though down as a whole for the city overall, Atlantic City’s remaining casinos saw a slight bump in revenue for March thanks to online gambling revenues. Still, the month was a tough one for the city with overall casino revenue down 12.6 percent when factoring in three casino that closed after March 2013.

Atlantic City’s eight remaining casinos saw a 2.3 percent increase in revenue for March over last year thanks mostly to an increase in online gambling revenue.

But when revenue from three casinos that closed after March 2014 are factored in, the city saw a decline of 12.6 percent in revenue.

According to the New Jersey Division of Gaming Enforcement, the eight remaining casinos took in $203.8 million in March, compared to the $199.2 million they won in March 2014.

Matt Levinson, chairman of the New Jersey Casino Control Commission, said a significant portion of the increase came from online gambling revenue, which was up 17.6 percent. For the first quarter of the year, total gambling revenue increased 5.9 percent, with a 19 percent increase in online gambling revenue.

Online gaming took in $13.1 million, up about 11 percent over March 2014.

“Gaming revenue at the eight operating casinos has increased for seven of the last eight months, and last week those casinos reported a 12 percent increase in gross operating profits for all of last year,” Levinson said. “With new attractions coming to Atlantic City, like Bass Pro Shop, Harrah’s meeting center and the new sound and light show at Tropicana, I anticipate this trend will continue into the summer months.”

The Atlantic Club, Showboat, Revel and Trump Plaza all went out of business in 2014. When their March revenue (The Atlantic Club closed in January 2014) is factored in, casino revenue was down 12.6 percent in March compared with the $233.3 million the casinos won in March 2014.

Among the remaining casinos, the Golden Nugget continued a winning streak as its March revenue was up by more than 41 percent. The casino’s internet gaming revenues increased in March to nearly $3 million, up from $680,000 in March 2014.

 Revenue at Resorts and the Tropicana was basically flat for the month.

Harrah’s posted an 11.4 percent increase, to $32.3 million; the Borgata was up 7.7 percent to $60.2 million; Bally’s was down 11.1 percent to $15.8 million, and Caesars was down 4.1 percent to $23.2 million. The Trump Taj Mahal was down nearly 23 percent to $14.7 million.

Only Golden Nugget, Harrah’s Resort and Borgata posted increases in their slot and table games revenue.