Atlantic City casinos reported an increase in profits in January

Atlantic City casinos reported an increase in profits in January

Atlantic City Casino began the year with confidence, and slot machine revenues surpassed the results of table casino games (Roulette, blackjack etc).

According to the New Jersey Gambling Regulatory Department, nine Atlantic City casino operators reported that gaming profits from land-based facilities in January were $177.3 million, an increase of 9.2% compared with the January figures of 2018.

It is worth mentioning, that in January of the previous year there was a blizzard, as a result of which a coastal gambling center operations were limited. This incident significantly reduced the monthly figure. Nevertheless, the profit for January 2019 turned out to be almost $32 million lower than the results for December 2018.

In any case, the January revenues were entirely due to the success in the slot machine sector, where revenue increased by 15.1% to $126.1 million. At the same time, in the segment of board games it fell by 3.1% to $51 million. Here we should mention a record $33.6 million, which earned partners from the online gambling sector, as well as $18.8 million from sports betting. Thus, the total profit of the gambling sector for the month amounted to $229.6 million.

As for slots and table games, only one of the Atlantic City casinos turned out to be in the black last month - Resorts Casino Hotel ($12.6 million, + 8.8%). All the rest showed negative dynamics: Borgata ($50.4 million, –6%), Harrah's ($21.5 million, –8.6%), Tropicana ($21 million, –8.6%) and Caesars (–21.3 % up to $ 17.1 million).

Even the new gambling facilities - Hard Rock Atlantic City and Ocean Resort Casino could not contribute to the development of the market. In January, Hard Rock profit was $15.6 million, which is almost a third less than the December figure. Ocean Resort Casino's revenue increased, but only slightly - by $750,000 to $12.65 million.

Ocean Resort recently reported a recession since its launch in June 2018 and a net loss of $22.7 million. The numbers were announced during a regulatory hearing at which Luxor Capital Group’s sale of Ocean Resort to New York hedge fund received preliminary approval.

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