Atlantic City had a pretty bad year in 2014 when four of its gaming properties closed their doors for customers. However, as a result, the gaming destination was left with only eight casinos and experts predicted a good 2015 for them due to decreased competition. This Thursday, we had the chance to see that the experts were right, since casino operating profits went up for more than 40% during last year.
The figures published by the New Jersey Division of Gaming Enforcement show that 2015 revenue jumped for 2.3% to $3.7 billion, whereas the 40% improved gross operating profit reached $547.4 million. Combined gaming revenue in Atlantic City went up for 3.1% and almost hit the $4.5 billion mark. Food and beverage as well as room revenue also increased in 2015; both sectors grew for 0.08% reaching $441 million and $406 million respectively. Only the entertainment & other section showed negative results for the year with a 1.2% decline, which placed it at a total of $151 million.
New Jersey Casino Control Commission’s chairman, Matt Levinson, commented on the report saying that the casino industry in Atlantic City was “alive and quite well.” He pointed out that these numbers show that the market was establishing “after several years of turmoil.” Levinson concluded that “every single operator reported a very solid performance” for 2015.
In terms of which casino performed the best, nobody’s was surprised by Borgata leading the group. The operator scooped $216 million in operating profits and noted a 40% jump. The property also had the best y-o-y results, earning approximately $57 million more than 2014.
Resorts Casino, on the other hand, had the best profit gain of 525% to $15.6 million. The rest of the casinos in New Jersey also had notable jumps; for example The Golden Nugget reached $22.6 million after a 396% improvement and Bally’s profit increased for 77% to $39.9 million. Even the Trump Taj Mahal reported profit of $3.1 million in 2015 after it witnessed an operating loss of $1.1 million the year before that.