Atlantic City is well-known as the gambling hub on the East coast which is boosting its reputation as a reliable location for gaming enthusiasts from all four corners of the world. This was clearly confirmed by the recent revenue reports of the gambling hub which were issued this Monday which showed a considerable jump in the profits of the region reaching 22.5 percent.
It is not a secret to anyone that the gambling hub is going through a period of rediscovery and recovery from the previous rough patch which took place several years back. Back then the issue with the revenues of man locations came from the fact that the market was oversaturated and this led to the cannibalization of rival casino venues. This is how five of its 12 operating casino had to close for business. Nowadays, however, the location is back on the right track and witnessing impressive results both when it comes to its online gambling field and to its brick-and-mortar casino locations.
According to the sot recent information, the location has witnessed a 22.5-percent jump in it gross operating profits over the span of 2017 which marks an impressive improvement when compared to the performance in 2016, when casino operations amassed only $584.8 million. The gross operating profits managed to reach $723 million meaning that almost all of the currently operating seven casino venues in the gambling hub achieved gains over the span of the year which ended on 31st December 2017.
Positive Casino Field Performance
The state Division of Gaming Enforcement issued the data which proves that the casino industry’s equivalent of earnings before interest, taxes, depreciation, amortization, and items has seen a considerable increase. Meanwhile, the total revenue of the area managed to reach $3.54 billion marking the increased interest towards gambling venues in Atlantic City, which is a surge in comparison to the performance in 2016, when gambling facilities generated $3.51 billion over the span of the twelve months.
Casino venues in the gambling hub witnessed a significant surge, the largest one among them being the one of Borgata’s total revenue. The location marked a 3.5-percent increase in its performance, which equaled a total of $1.11 billion in total revenue for the casino venue. This was the best performing location over the span of 2017, whereas the casino which marked the lowest total revenue was Resorts Casino. Marking only $240 million the location claimed this position, but in the meantime witnessed the highest revenue growth rate, reaching 9 percent.
The only casino venue which reported a decline in its gross operating profit was Harrah’s which saw a drop amounting to 2.7 percent, meaning that its 2017 performance of $115.9 million was a drop from the previously reported 2016 total revenue of $119.1 million. James Plousis is chairman of the Casino Control Commission and he stated that the overall mood of the year has been of positive development and revenue increase, which also resulted in higher hotel occupancy.