The seven casinos in Atlantic City experienced a lucrative 2017 as their aggregated annual gross operating profit increased by 22.5% year-on-year to top $723.28 million while their combined net revenues improved by 5% to reach just over $2.67 billion.
According to an April 9 report from The Press of Atlantic City newspaper citing figures from the New Jersey Division of Gaming Enforcement, the venues also recorded a 6% rise year-on-year in total twelve-month revenues to $3.54 billion as average occupancy rates pushed up by 5.4% to reach 86.9%.
The newspaper reported that the resurgence in New Jersey was led by Tropicana Entertainment Incorporated’s 2,100-room Tropicana Casino and Resort Atlantic City as it posted a 71% swell year-on-year in annual gross operating profit to $91.92 million alongside an associated 12.1% rise in net revenues to $385.91 million.
The nearby Golden Nugget Atlantic City, which is owned by Landry’s Incorporated, reportedly saw its gross operating profit for 2017 improve by some 38.3% year-on-year to reach $40.05 million while its net revenues grew by 6.9% to surpass $234.11 million.
The Resorts Casino Hotel additionally recorded double-digit gross operating profit growth for last year with a 23.6% boost year-on-year to $23.16 million while the venue operated by the Mohegan Tribal Gaming Authority reportedly moreover experienced a 7.4% enhancement in net revenues to $176.67 million.
Caesars Atlantic City, which is one of a trio of Atlantic City venues run by Las Vegas-headquartered Caesars Entertainment Corporation, and the Borgata Hotel Casino and Spa from MGM Resorts International both reportedly experienced 19.5% increases year-on-year in annual gross operating profits to $92.11 million and $292.48 million respectively. The former purportedly saw its 2017 net revenues rise by 5.8% to $318.95 million with the latter experiencing a 2% swell to over to $833.97 million.
For its part, the Bally’s Atlantic City property from Caesars Entertainment Corporation reportedly posted an 8.1% rise year-on-year in its annual gross operating profit to $42.15 million while its net revenues of $228.24 million represented a boost of 1.5%.
Finally, Harrah’s Resort Atlantic City was reportedly the city’s only loser last year as its gross operating profit for the twelve months to the end of December dropped by some 2.7% year-on-year to $115.88 million although its net revenues fell by only 1% to $414.65 million.
“The industry is on the verge of a significant expansion this summer, which will create a new array of attractions and attract a lot of additional visitors to the city,” Jim Plousis, Chairman for the New Jersey Casino Control Commission, reportedly told the newspaper. “This expansion may put pressure on the current operators but I think the industry is well positioned to deal with the new competition.”