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Great results of the casinos in Atlantic City in 2014

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Great results of the casinos in Atlantic City in 2014
Written by François Debruge on Tuesday, April 28, 2015

After almost four years of devastating news about the lack of success of the casinos in Atlantic City, the official figures on gross operating profits in 2014 were tumbling. They were published earlier this month, and they show an increase of 44% compared to the previous year. After four establishments had been closed in 2014, the survivors were able to thrive.

12% increase for the 8 remaining casinos

All the casinos in Atlantic City recorded an operating profit of $341 million in the past year. When the city still had four additional establishments in 2013, the result was lower, and it only reached $235.7 million. The eight remaining casinos have now recorded an increase of 12% of the operating revenues. While only 8 establishments are now contributing to the overall revenue, consolidation has strengthened the industry and will allow casinos to reinvest in additional capital facilities.

Profits for seven of the eight establishments

Matt Levinson, the president of the New Jersey Casino Commission (NJCC), commented on the recently published results. He took the opportunity to indicate that the eight land-based casinos in Atlantic City have seen an increase not only in the revenues from gambling but also those from the sale of show tickets and occupancy of hotel rooms. Seven of the eight establishments in the city have reported positive gross operating profits. Three of them have even recorded a 120% increase in profits.

The casinos on the rise

The Resorts and the Golden Nugget, which had reported losses of at least $10 million in 2013, made a profit in 2014. The Golden Nugget is now the market leader in terms of gross revenues. In fact, they recorded the largest increase. It reaches 144%, or $4.6 million more in 2014 compared to 2013. On the other hand, The Resorts had incurred a loss of $12.3 million in 2013. They managed to record a profit of $2.5 million last year, which is an increase of over 120%. Similarly, the Tropicana saw their operating income grow by more than 125% in the last year from just over $26 million in 2013 to nearly $60 million in 2014. The Borgota continues to show the highest sales month after month. Their operating profit increased by 30% from $121.6 million in 2013 to $158,4 million in 2014.

The casinos on the fall

The largest decline among the surviving casinos was recorded by the Trump Taj Mahal, which was on the verge of closure at the end of last year. They recorded a loss of $1.1 million in 2014 against a profit of $20 million in 2013. At the same time, the revenues of Bally, Caesars and Harrah went down by 32%, 14% and 4.6% to $22.6 million, $60 million and $97.4 million.

The closed casinos

The Atlantic Club and the Revel are among the casinos that closed in 2014, who managed to cut their operating loss, but not enough to prevent their closure. The Trump Plaza recorded low revenues of $4.7 million in 2013 and $13 million during the eight months of operation in 2014. The Showboat was still profitable when it was closed but their profit fell from $34 million in 2013 to just under $13 million during the eight months of its operations in 2014.

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