The New Jersey Division of Gaming Enforcement released information about the financial performance of Atlantic City’s eight operating casinos during the first quarter of 2015. Net revenue at the gambling venues increased 7.6% and operating profit grew 26% during the period in review.
Total revenue at Atlantic City’s eight casinos amounted to $781.7 million, up 4.7% as compared to the $746.9 million posted a year ago. It is important to note that during the first quarter of 2014, there were eleven operating gambling venues on the territory of the city. The Showboat, Revel, and Trump Plaza were shuttered later last year. Including revenue from those three, overall revenue for this year’s first quarter dropped 11.1% as compared to the figures reported the previous year.
Revenue from casino operations decreased 9.2% to $563.3 million compared to $620 million generated in the first quarter of 2014.
Net revenue increased 7.6% to reach $591.9 million. Including revenue from the shuttered casinos, net revenue for the first quarter of 2015 dropped 8.6%.
The amount of $81.3 million in operating profit was generated during the reported period, up 26% as compared to the figures posted last year.
Bally’s AC and Trump Taj Mahal were the only hotel and casino venues that posted a drop in total revenue. The first venue generated $64.9 million, down 5.1% year-on-year. As for the latter, it posted revenue of $52.1 million, down 23.9% year-on-year. Net revenue at Bally’s AC increased 2.2% to $48.8 million, while net revenue at Trump Taj Mahal decreased 29.2% to $35.2 million.
The Borgata generated total revenue of $235.7 million, up 7.7% year-on-year, and net revenue of $182.6 million, up 9.2%.
Total revenue at Golden Nugget increased 27.6% to $63.1 million. As for its net revenue, it amounted to $47.1 million, up 33.6%.
Resorts posted a 12.6% increase in total revenue, which amounted to $42.8 million, and a 13.4% in net revenue, which totaled $32.1 million.
Total revenue at Tropicana increased 5.8% to $86.7 million. Net revenue increased 8.6% to $68.5 million.
Caesars posted total revenue of $95.8 million, up 2.9% year-on-year. Net revenue at the venue increased 11.8% to $70.9 million.
Last but not least, total revenue at Harrah’s rose 9.9% to reach $134.8 million. Net revenue amounted to $101 million, up 13% year-on-year.
Matthew Levinson, Chairman of the state Casino Control Commission, commented that he is optimistic about the future of Atlantic City’s gambling venues. According to him, they will further improve their financial performance in the months to come and attributed this to the addition of non-gambling options to the numerous gambling ones.
