3/20/2022

Atlantic City Casino Revenue October 2018

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Revenue generated by Atlantic City’s nine operational casinos totaled $200.6 million for the month of October, reflecting an increase of 8%. Internet gambling revenue stood at $26.8 million, up 30.1%. Revenue from sports betting was $11.7 million. Atlantic City casinos have released their financial results for October revealing a 19.9% fall in revenue to $209.4 million for October. Breaking the figures down further, slot machine revenue.

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You’d think that the news of a Atlantic City Casino Revenue October 2018Hard Rock opening and the possibility of a second casino launch in 2018 would be good news for the Atlantic City gaming industry.

A recent article from TheWashington Post is rife with positive opinions about what will happen with New Jersey’s gambling mecca. But at least one expert, Dr. David G. Schwartz, director of the University of Nevada Las Vegas’ Center for Gaming Research, says the opening of new casinos this year could go either way.

Resorts boss bullish about Atlantic City casinos in the new year

Mark Giannantonio, president of Resorts AC, was an outspoken source in the article.

You’ll remember that it was Giannantonio who was also outspoken about defeating the November 2016 referendum that proposed the opening of two casinos in North Jersey.

While the Resorts boss may have been averse to two new casinos outside the city — he cited cannibalizing — he’s more than happy to see competing casinos open within the city.

“I’m extremely optimistic about Atlantic City and the industry in 2018,” he was quoted as saying in the article. “We’re very excited about the renaissance of Atlantic City; we think it’s for real.”

And there certainly is evidence of a renaissance. Several aging casinos in NJ have closed. And as is the case with the Trump Taj Mahal and Hard Rock, international gaming titans have poured money into the city, creating thousands of temporary and permanent jobs.

The momentum in NJ casino and gambling news isn’t just property related either. Toxic owners like Carl Icahn and Glenn Straub are, in one way or another, leaving Atlantic City.

Icahn’s Taj closed its doors in October 2016 and is now the catalyst for Hard Rock’s new property. Straub’s much-maligned TEN AC (formerly Revel) has most likely been sold to a Denver-based developer. Many details are still hazy, but we know Revel will become the new Ocean Resort Casino in 2018.

Yet, while all of these signs point to continued growth of the AC casino industry, not everyone is as rosy as Giannantonio and others.

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NJ casino revenues could take a hit with new openings

UNLV’s gaming expert Schwartz says that AC’s future isn’t so much about new casinos and a renaissance as it is about pizza.

In an email interview with NJGS, Schwartz said one of two things will happen after the city’s new casinos will open: the revenue pizza will remain the same size and some casinos won’t get as much to eat… or the pizza will get bigger.

“The total gaming revenue for Atlantic City is smaller now than it was when the town supported more casinos,” said Schwartz. “More competition could be a case of dividing the same size pizza among more people, in which case, someone might not get enough to eat.”

But, if new casinos can add a certain level of novelty or innovation that draw more gamblers to AC, that pizza could go from a large to an extra large.

That certainly could be the case with the opening of the Hard Rock. The new hotel and casino will provide plenty of novelty for visitors.

Atlantic City Casino Revenue October 2018 Calendar Printable

Schwartz said the city’s growth and success is still up in the air. AC’s history proves that growth is good but can be tempered by the influence of casinos in neighboring states.

“It all depends on how the new properties market themselves and operate and how the existing operators react,” said Schwartz. “Historically, Las Vegas has benefited from more competition and new investment. Atlantic City did until increasing competition from other jurisdictions eroded the city’s casino customer base.”

ATLANTIC CITY, N.J. (AP) — One has Elvis Presley’s Rolls Royce, the costumes the Beatles wore onstage, and the management know-how and money of one of the world’s largest and most successful hospitality companies — even as it replaces its boss.

The other has a successful sports betting facility, a redesigned casino floor and family owners determined not to make the same mistakes that sank its predecessor.

Two of the five Atlantic City casinos that shut down since 2014 will mark their 100th day of operations Thursday, a milestone that comes after the seaside gambling city recovered some of the money and jobs it had lost in the closures. Both the Hard Rock, formerly the Trump Taj Mahal, and the Ocean Resort Casino, the former Revel casino, reopened on June 27.

In their first two full months of operation, the Hard Rock has fared better, ranking among the top four casinos in gambling revenue while Ocean Resort finished dead last in July, and then rose to the seventh slot in August. Figures for September will be out next week.

The Hard Rock also hired 3,800 employees and scheduled more than 300 entertainment shows that pulled in $10 million in ticket revenue.

Atlantic city casino revenue october 2018 printable

Atlantic City Casino Revenue October 2018 Philippines

But Hard Rock International, the casino’s parent company, announced this week it is replacing the president of its Atlantic City casino after just three months of operation. Matt Harkness, who oversaw the planning and opening of the casino, will be succeeded by former Borgata executive Joe Lupo, who jumped ship to a Hard Rock casino in Tampa two years ago. No reason was given for the change.

In its first two full months, Hard Rock won $68.1 million from gamblers, while Ocean Resort earned $40.8 million during that time, climbing past Resorts and Bally’s.

The two new casinos appeared to grab more revenue and market share from existing casinos in July than they did in August, said Rummy Pandit, a gambling analyst at Stockton University, when 92 percent of Hard Rock and Ocean Resort’s casino revenue was attributable to “new business.”

It is a metric that will continue to be watched closely in Atlantic City, where the industry is waiting to see whether the market can absorb the sudden surge in capacity in a place that only recently regained its equilibrium as a smaller market with less competition.

Colorado developer Bruce Deifik, who bought the former Revel casino in January after it sat vacant since September 2014, said he’s happy with the progress Ocean Resort has made.

“I’m very, very pleased so far because people didn’t give Revel a chance in hell of ever reopening its doors and being successful,” Deifik said. “For the first time in its history, it has positive cash flow, I’m paying all my bills, and I have 3,380 full-time workers on my payroll. We are on a good path now.”

Ocean Resort’s sports book took in nearly $1.75 million as of August, trailing only the Borgata and Resorts among Atlantic City casino sports books. (Two racetrack sports books at Monmouth Park and the Meadowlands have each topped $4 million as of August.)

John Larick of Rockaway, New Jersey, came to Ocean Resort last week to bet on college football with some buddies as the women in their group played slot machines.

October

“The place is nice and new, very clean, and everyone is pretty friendly,” he said.

Ocean Resort is still rolling out some of its retail shops, including a burger restaurant by entertainer Mark Wahlberg, a cereal-only eater, and the eventual addition of 600 hotel rooms to bring its inventory to 2,000 — the number the city’s top casinos offer.

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Atlantic City Casino Revenue October 2018 Printable

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