Second Month of Increased Profits for Atlantic City Casinos
Posted: December 12, 2013
Updated: October 4, 2017
With the increased popularity of gambling, helped by the recent changes in America gambling laws, Atlantic City casino profits continue to go up
With recent changes in American gambling laws, the gaming business is growing substantially and Atlantic City casinos are profiting. It’s the second straight month that gambling venues post a year-to-year increase in profits, although it should be mentioned that last year’s revenues were affected by Hurricane Sandy, which forced casinos to close for five days during October and November 2012.
Casino revenues have gone up by 27.2%, and have reached a total of $224.7 million in November. Profits from slot machines alone have increased by 30.3%, while table games have brought in an extra 19.5%. The New Jersey Division of Gaming Enforcement is yet to announce the exact figures for the online gambling sites in the US state, which have gone live on November 26th.
Things are looking good in the newly launched world of internet betting, considering that 32,000 players have created an online gambling account in the first week after the new websites were launched. Furthermore, the popularity of online casino games should go up in 2014, after betting operators will launch their first mobile casinos in New Jersey.
Until then, traditional casinos continue to rake in impressive amounts of money. The most profitable Atlantic City casino is the Borgata, which posted an 18.9% increase in revenues and ended the month with a profit of almost $51 million. Its closest competitor, Harrah’s, made an impressive $30 million and posted a 27.4% increase. The Trump Plaza was the only casino to experience a drop in profits during November, with a 2.6% decline.
Meanwhile, the future of the Atlantic Club Casino Hotel hasn’t been decided yet, as its bidding price has been upped recently. Last month, after the venue filed for bankruptcy protection, an auction date was set for December 17th. The minimum bid for Tuesday’s auction has been set.