Atlantic City Casino Revenue Up 7.9 Percent in September

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Oct/12/2017

ATLANTIC CITY — (Associated Press) The resort’s seven remaining casinos saw gambling revenue, including internet gaming, increased nearly 8 percent in September compared with last year, according to state gambling figures released Thursday.

Overall casino gambling revenue, excluding the closed Trump Taj Mahal, totaled more than $235.8 million in September, compared with more than $218.4 million in September 2016, according to the figures.

“More than half of the casinos had their best September in a decade or more, and the current operators as a group were up 7.9 percent, some of which was the result of having one more Saturday than in September last year,” said Matthew B. Levinson, chairman and chief executive officer of the Casino Control Commission.

September capped a solid first nine months of the year for the industry. For the year to date, casino revenue for the remaining casinos totaled $2 billion through September, compared with $1.8 billion in the prior period, an increase of more than 9 percent.

“This isn’t just luck. Business is building,” Levinson said. “Revenue at one operator was flat, but every other casino and every internet operation was up for the first nine months of this year.”

The revenue increase shows the city gaming market is moving in the right direction, said Michael Clay, administrator of the Financial Investigations Unit with the state Department of Gaming Enforcement.

“The Atlantic City casino industry revenue results for September continue the 2017 trend of overall stability and individual property growth,” Clay said. “These casino gaming results provide a strong foundation for the anticipated expansion of Atlantic City’s hospitality and gaming amenities in 2018.”

Internet gambling grew 27.1 percent. Its revenues totaled about $183.6 million in September, compared with more than $144.5 million a year ago.

“Online gambling now accounts for some 10 percent of all casino revenue generated by Atlantic City casinos, which is a staggering total for such a young industry,” said Steve Ruddock, lead analyst for PlayNJ.com. “The bottom line is that legal online gambling has become an incredibly competitive market with many winners, and that has undoubtedly been a boon for New Jersey.”

Business/Financial News

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