Atlantic City Casinos Were Very Profitable in 2015
According to newly released revenue data from the New Jersey Division of Gaming Enforcement, all eight Atlantic City Casinos were profitable in 2015. It’s the first good news Atlantic City’s seen in quite some time, but it doesn’t mean the beach side resort town is out of the woods just yet.
Revenue for Atlantic City’s casinos for 2015 was a whopping $3.7 billion. That an increase of 2.3% over the previous year.
While an increase like this would normally be cause for major celebrations, that might not be the case this time. Much of the new revenue was the result of losing four major casinos in 2014. With fewer operators in the market, the surviving casinos were able to cash in on a less competitive environment.
Atlantic City visitors were definitely in a spending mood as they rolled through in 2015. Gaming revenues were up 3.1% over the previous year’s receipts. That translates into $2.5 billion that changed hands on AC gaming tables.
Leading the pack to the revenue trough was the might Borgata, one of Atlantic City’s true success stories. The venerable establishment raked in a very solid $216 million for the year. That’s nearly 40% of the entire Atlantic City gaming market.
While Atlantic City casinos seem to be doing well, Atlantic City itself is in absolutely terrible shape. The city government is nearly out of cash and can’t pay for a number of essential services, including its own police department.
It will take more than one good year at the casinos to dig Atlantic City out of its current mess, but it’s a start anyways.