Atlantic City for several years has seen a downturn in the gambling industry. Four casinos were shut down during 2014 and Trump’s Taj Mahal joined the list of failed casinos in 2016, This left the city with just seven venues still in operation.
During 2016, the casinos in New Jersey seemed to have had revenue gains and showed a healthy profit margin for the yearaccording to figures released by the New Jersey Division of the Gaming Enforcement (DGE) recently.
The DGE has reported (pdf) that the casinos in Atlantic City showed total revenues for 2016 of $3.51 billion this is a 0.4% increase for the year. The Gross operating profit showed $587.4 million that’s 7.3% higher than 2015.
Four of the seven casino’s that are operating were able to show profits during 2016 overall, with Borgata Casino in the lead, showing gains of just over 13% which was $244.7 million in earnings. The biggest improvement for year-on-year totals were posted by Golden Nugget Casino that showed an increase of just over 28% which is $29 million in earnings.
The declines showed that Caesars Entertainment were on the losing end. Harrah’s earned $119.1 million for the year, a decrease of -3%. Caesars AC fell almost 4% with $80.3 million earnings and Bally’s was down 2.5% with just $39 million in earnings.
Efforts are being made to improve the Atlantic City gambling industry with new venues in the works, this includes the recent acquisition of Trump’s former Taj Mahal by Hard Rock International, who plan to invest $375 million to improve the property and the opening date is set for the summer of 2018. The Name of the casino will be known as the Hard Rock Hotel & Casino Atlantic City.
