Atlantic City Casino Revenue Soars in July, Borgata Enjoys Record Month
Posted on: August 15, 2016, 11:42h.
Last updated on: August 15, 2016, 12:35h.
Atlantic City casino revenue jumped 6.9 percent in July compared to the same month in 2015. The city’s eight casinos still in operation pulled in $275.2 million, $17.7 million more than a year earlier.
The headliner of the revenue report is the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.
Atlantic City’s most profitable resort had its best month in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its previous monthly record and took full advantage of the an extra weekend and Independence Day holiday.
“While we expected a good month with five full weekends, we are very pleased with a record-breaking month,” Borgata Senior Vice President Joe Lupo told the Associated Press.
Taj Mahal Trumped
Along with Borgata, four of the other seven land-based casinos posted percentage gains in July. One that didn’t was not surprisingly the Trump Taj Mahal.
The Unite-HERE Local 54 union strike commenced on July 1 over health insurance and pension benefits at the formerly Trump-owned property. More recently purchased by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent less than in 2015.
Icahn says he will end the casino’s 26-year run following the Labor Day weekend. Gaming officials say the month was positive, regardless of the announcement that yet another Atlantic City casino is closing.
“July was a solid month, even though several properties faced challenges including a strike by union employees,” New Jersey Casino Control Commission Chairman Matt Levinson said.
Bally’s (4.8 percent) and Harrah’s (5.2 percent) were the other two casino properties that posted losses in July.
Table games were the best performers percentage-wise, with a nearly $7.5 million comparative boost to $75.7 million. Slots still pulled in the vast majority of casino income per se, however, with a $182.2 million win.
Year-to-date, Atlantic City casino revenue is up 1.5 percent, and a total of 3.2 percent when the state’s Internet gaming is factored in.
Online Gambling Strong
The long summer month of July brought tourists and money to Atlantic City, but online, the economy was also sunny.
Internet gaming totaled $17,368,984 during July. That’s a 38.6 percent increase from 2015 and a new monthly high for that segment.
Borgata maintained its lead on the five casino operators involved in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 percent in July, pulled in $3,706,991.
The Internet gaming market in New Jersey seems to be moving towards equal disbursement. Once dominated by Borgata, last month the smallest stakeholder was Resorts with $3,052,298, a difference of less than $1 million. The Tropicana generated $3.24 million, while Caesars collected $3.39 million.
Resorts has quickly become a major player in New Jersey’s online gaming sector. Thanks to the arrival of its poker network PokerStars, the casino climbed from $558,000 in revenue in July 2015 to $3 million last month.
The world’s largest Internet poker operator hit the Garden State last March after a lengthy vetting process by the New Jersey Department of Gaming Enforcement (DGE). It’s currently battling neck-and-neck with WSOP/888 for the title of New Jersey’s online poker market leader.
Related News Articles
Related News Articles
October 25, 2021 — 5 Comments—
November 20, 2021 — 4 Comments—
October 31, 2021 — 3 Comments—