Atlantic City continues to
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The casinos in Atlantic City have had positive growth for three years. This year, the income is also increasing thanks to sports betting and online gambling. Compared to the previous year, the casinos had an increase in the double -digit percentage range, whereby there are different results among the individual venues.
Excellent 3rd quarter 2019
The New Jersey Division of Gaming Enforcement (DGE) has die in the second week of December Current numbers about the third quarter of 2019 (PDF file) released. The DGE is the government agency in New Jersey, which is responsible for the casino industry in Atlantic City and its regulation. The total profit for the quarterly period has increased by $ 26.5 million. That corresponds to you Growth of 12.5 percent compared to the same period last year.
This enabled the profits of the casino operators to be screwed up to $ 239.4 million. So the industry is currently very profitable again, because that is The strongest result since the third quarter of 2017. But not only the profits increase. The nine casinos in Atlantic City can also have an increase in net sales. In the third quarter of 2019, the casinos in Atlantic City, taken together, generated sales of $ 928.9 million. Compared to 2018, this is an increase of 2.7 percent.
“2019 was a great year for Atlantic City with an increase in tourism due to the games, sports betting and other positive developments all over the city. The casino industry continues to serve as a backbone of the city, region and the economy of New Jerseys. These constant economic profits are an encouraging sign that the city is an excellent destination for vacation on the coast. ”– Joe Kelly, President, Great Atlantic City Chamber
New casinos with the largest growth
The current figures that include the business results of July, August and September offer the first way to evaluate the development of all nine casinos. In June 2018, the Hard Rock Hotel & Casino Atlantic City and the Ocean Casino Resort were added two new venues, which now only have comparative values from the previous year. the both latest casinos also recorded the greatest increases with the profits and sales.
The Hard Rock Hotel & Casino achieved an EBIT (Earning Before Interest and Taxes) of $ 24 million and sales of $ 128.4 million in the summer months. Celebrate and come to an EBIT of $ 10.23 million and sales of $ 79.9 million. The Ocean was almost able to pay its win -of almost $ 600,000 from the third quarter of 2018. The Hard Rock still made three times as much profit as a year ago.
“We set a new record for the winnings, driven by an increase in sales by 27 percent. Ocean has been listening to double -digit growth for four months in a row and we are happy to take this momentum to 2020. ”– Mike Donovan, Senior Vice President und Chief Marketing Officer, Ocean Casino Resort
Strong November continues Atlantic City
The fourth quarter of 2019 will probably also be a very successful for the Atlantic City Casinos. The casinos were able to screw their numbers up again in November. The Ocean Resort Casino recorded an almost 50 percent increase in income compared to the previous year. The Hard Rock Casino & Resort also improves almost 15 percent. That Casino with the highest income is and remains the Borgata, which was able to increase its revenue compared to November 2018 by 12.5 percent to $ 69.3 million.
The entire sales of the casino industry in Atlantic City has been $ 3.02 billion since the beginning of the year. This border was exceeded for the first time since 2012 when there were twelve casinos on the New Jersey Atlantic coast. This corresponds to growth of 15.7 percent compared to the previous year. Only the figures of the online business can convince even more: Growth of more than 82 percent in the online area is of course fantastic for the industry. Could anyway All areas of the gaming industry in Atlantic City growth recorded in November:
- Sales in Atlantic City were $ 288 million (+ 16.5 percent compared to November 2018)
- Turnover with online games was $ 49 million (+ 82.4 percent)
- Turnover with sports betting was $ 15 million (+ 34.6 percent)
“It is gratifying to see another month of growth in Atlantic City. All areas of the industry, including slot machines, table games, online betting and sports betting, have clearly exceeded the development from last year. ”– Fucking, Chairman, New Jersey Casino Control Commission
Sports betting as a new source of income
Even if all areas are subject to positive growth, the sports betting have a large proportion of the positive development of the Atlantic City Casinos. The liberalization of the sports betting is jointly responsible for this. The rapidly growing market in New Jersey has new records almost every month. The business figures were also convincing in November, since in New Jersey alone more than Half a billion US dollars used in sports betting became. Of course, this also benefits the Atlantic City casino industry because the casinos are one of the (so far) a few places where the sports betting in the USA is allowed.
The operations of $ 563 million occurred because the game plans of the Large American sports Football, basketball and ice hockey had filled game plans throughout the month. This enabled the previous record of bets over total height of $ 487 million loosely in the shade. And that is only the beginning of the sports betting in the USA.
The industry still has an extreme growth potentialBecause the sports betting has not yet reached all Americans. However, more and more states gradually loosen the restrictions. The tax revenue is certainly responsible for this. In November alone, the casinos and racetracks in Atlantic City paid four million US dollars of sports betting taxes. It is $ 32.7 million for the whole year. No state wants to do without such a source of income and therefore it is not surprising that the Sports betting for the US economy is becoming increasingly important will.
The sports betting are another factor that helps the casino industry in Atlantic City, that To stabilize comeback of the seaside resort. The offers are also diversified by the casino operators in the coastal city. You are responsible for high investments in the three-digit million range for renovation projects and non-gaming services. With this, they want to attract new visitors even more than gambling.
“The efforts of the industry drove the revitalization of Atlantic City and made the city a conference location for business people as well as a first -class holiday resort with great restaurants, great entertainment and numerous shops.”