Slight uptick in gaming revenue for Atlantic City’s shrinking casino market

Listen to this article

Atlantic City’s struggling casino market saw a rare bump in gaming revenue in August, thanks in part to a small boost from Internet wagering.Overall winnings totaled $305 million last month, up 2.3 percent or $6.9 million from August 2013, according to figures released Friday by the state Division of Gaming Enforcement. That includes about $10.5 million in revenue from Internet gaming, which was launched last fall and is now offered by six operators.
 
As the city braces for the closing of its fourth casino this year, the monthly DGE report also notes that most of the remaining properties saw year-over-year increases for August. Six casino hotels saw their winnings rise during the month, ranging from Resorts’ 2.3 percent increase to the 46.3 percent bump recorded by Tropicana.
 
That may be a sign that Atlantic City is undergoing a “right-sizing” of a market that began the year with 12 casinos and could be down to seven by mid-November. Showboat and Revel closed around Labor Day weekend, following the closure of the Atlantic Club in January, and Trump Plaza is shutting down next week.
 
Trump Taj Mahal also is slated to close in mid-November under the weight of financial problems by its parent company, Trump Entertainment Resorts.
 
Without counting Internet winnings, total brick-and-mortar gaming revenue for the city was $294.5 million in August, according to the DGE. That represented a 1.2 decrease from August 2013.
 
Year-to-date, overall gaming revenue is still down 2.1 percent through the end of August, including brick-and-mortar and Internet operations.

ALSO ON NJBIZ:

Business, sponsorship opportunities for Ray Rice lost permanently, experts say

Conference sparks talk of triumphs, challenges in New Jersey commercial real estate market

Cooper joins VA program that cuts veterans’ wait times for care