Atlantic City Casino Revenue October 2018

Posted onby admin

When it comes to judging the performance of a business venture, three months is a period too short to determine whether it was successful or not. Still, according to the third-quarter casino revenue results, both new players in the casino Mecca – Atlantic City – could improve in the months to come.

  1. The Hard Rock also hired 3,800 employees and scheduled more than 300 entertainment shows that pulled in $10 million in ticket revenue. 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.
  2. The Atlantic City casino parking fee data is provided by the N.J. Casino Control Commission. Lodging fee's 12-month trailing total for 2018 was $686, remaining flat from last year's figure.
  3. On Wednesday, the New Jersey Division of Gaming Enforcement released its November gaming revenue report, which showed brick-and-mortar gaming win of $209.2m, up 12.9% from the same month last.

You’d think that the news of a Hard 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 The Washington Post is rife with positive opinions about what will happen with New Jersey’s gambling mecca. Two reopened casinos and half a year of sports betting helped push Atlantic City's casino revenue up 7.5 percent in 2018 to nearly $2.86 billion, state gambling regulators said Monday.

The results for the casino revenue in the third quarter of the current fiscal year, which were provided to the state Division of Gaming Enforcement (DGE), showed that the Hard Rock Hotel Casino and the Ocean Resort Casino took the eighth and ninth position in the ranking of Atlantic City’s nine casino properties. Still, officials of the two businesses’ said they remain optimistic about the Hard Rock’s and the Ocean Resort’s revenue in the first year of their operation.

As far as the overall performance of Atlantic City gambling sector is concerned, the local casino market saw a 15.3% decline in comparison to the same quarter a year earlier, despite the fact that only seven casinos operated at the quarter ended in September 2017. Still, there has also been some good news for the local casino industry, as Atlantic City’s gambling revenue is on the way to met or even surpass the amount registered in 2017.

The net revenue of Atlantic City casino sector rose by 17.8% in the third quarter of 2018, with the gaming revenue increasing in October, too, for a fifth straight month.

Hard Rock and Ocean Resort Both Rely on Non-Gambling Operations

The two newest casino venues in Atlantic City each sought operating licenses from the state’s Casino Control Commission in May and June 2018, respectively.

Atlantic City Casino Revenue October 2019

The third-quarter figures provided by the businesses, however, showed that neither one of the two new properties has managed to make the performance it had hoped for. Despite the fact that the revenue projections are not exactly what the casinos have expected, a financial expert reminded that they do not always have to come true. In addition, the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism’s executive director Rummy Pandit explained that it is perfectly normal for gambling operators to be willing to obtain the maximum revenues possible. However, this could not always happen, since revenues always consist of various elements within the gambling properties themselves.

Illusionists Penn & Teller prepare to stun Hard Rock https://t.co/iRjcfTXWX0@pennjillette@MrTeller@HardRockHCACpic.twitter.com/O9EndUDY3p

— At The Shore (@AtTheShoreAC) December 10, 2018

What is more, both new properties are trying to take advantage of some non-gaming market segments. For example, the Hard Rock Hotel Casino has focused on entertainment, offering a variety of live music and comedy acts performances. The Ocean Resort Casino, on the other hand, has demonstrated large dependence on its non-gambling offerings, such as the HQ2 Dayclub/Nightclub, the TopGolf Swing Suite, as well as meetings and conferences.

Cheers! It's Margarita Monday! Enjoy $5 margaritas and tacos! #TheOceanAC#DistritoCantinaAChttps://t.co/KvDdl09NwJpic.twitter.com/hqGrv2DoCW

— Ocean Resort Casino (@TheOceanAC) December 11, 2018

Atlantic City Casino Revenue October 2018 Date

According to information, revealed by Pandit, casino hotels in Las Vegas generate larger profits from their non-gambling offerings in comparison to the gambling amenities. Experts have even hinted that non-gambling offerings could be the key for Atlantic City to match competition from neighboring states.

November 13, 2012 11:46 am

Atlantic City Casino Revenue October 2018 2019

2019

Atlantic City Casino Revenue October 2018 Events

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 decreased 21.8% to $149.1 million for the month, while table game revenue was off by 14.6% to $60.2 million.
At the root of Atlantic City’s latest troubling figures was the super-storm Hurricane Sandy which, despite not doing much physical damage to Atlantic City’s 12 casinos, did force them to close for up to six days between October 28 and November 2.
As a result, Atlantic City casinos saw their revenue results plunge, with the city’s newest $2.4 billion centerpiece casino Revel having its worst ever month with just $9.3 million in revenue, down from $13.4 million the previous month. Nevertheless, Revel was not alone as all the other casinos also reported losses lead by the Trump Taj Mahal Casino Resort down 38% to $18.6 million.
Next, Bally’s Atlantic City revenue dropped 33% to $19.8 million; Trump Plaza Hotel and Casino down 32.5% to $6.6 million; the Showboat Casino Hotel down 27.2% to $15.1 million. Resorts Casino Hotel reported a 25.3% decline to $9.5 million; the Tropicana Casino Resort was down by 21.4% to $16.1 million, and the Borgata Hotel Casino fell by 21% to $42 million.
Finally, Harrah’s Resort Atlantic City was off by $18.3% to $26.6 million; Caesars Atlantic City down 16.7% to $26.9 million, the Atlantic Club down 7.1% to $10 million, and the Golden Nugget Atlantic City down 4.3% to $8.6 million.
Encouragingly, though, the City’s famous Boardwalk area, where 9 casinos are located, remained unscathed and reopened quickly after the storm passed. Commenting on the latest results, Casino Control Commission chairman Matthew Levinson, explained: “The numbers..clearly show that the storm had a noticeable impact on our casinos..[but] There was no damage to any of them or to the Boardwalk..As the region gets back to normal, so, too will the casinos. “
Overall, for the first 10 months of 2012 Atlantic City casinos have seen their revenue fall by 6.2% to $2.7 billion compared to the same period last year.