NEW YORK - When the Resorts International Casino opened its doors on May 27, 1978, politicians and residents alike felt that the gambling den would be just the ticket to turn Atlantic City, N.J. Atlantic City's casinos have a ways to go reverse that 50% decline: The 2018 figure of $2.896 billion in total revenue, though up 7.5% from 2017, only gets the industry back to 2013 levels. It's worth noting that had the city's casino industry stuck to brick-and-mortar gambling only, 2018 would have shown the lowest total revenues in AC.
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.
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.
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! Online gambling law in ontario. It's Margarita Monday! Enjoy $5 margaritas and tacos! #TheOceanAC#DistritoCantinaAChttps://t.co/KvDdl09NwJpic.twitter.com/hqGrv2DoCW
— Ocean Resort Casino (@TheOceanAC) December 11, 2018
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.
Atlantic City casinos closed out 2018 on a strong note. After releasing their revenue reports for December 2018, the city's brick-and-mortar casinos generated $209 million for the month, which brought the total revenue for the year to $2.51 billion.
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.
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! Online gambling law in ontario. It's Margarita Monday! Enjoy $5 margaritas and tacos! #TheOceanAC#DistritoCantinaAChttps://t.co/KvDdl09NwJpic.twitter.com/hqGrv2DoCW
— Ocean Resort Casino (@TheOceanAC) December 11, 2018
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.
Atlantic City casinos closed out 2018 on a strong note. After releasing their revenue reports for December 2018, the city's brick-and-mortar casinos generated $209 million for the month, which brought the total revenue for the year to $2.51 billion.
Atlantic City Casino Revenue December 2018 Philippines
It was a 12.3 percent increase in their year-over-year numbers for December and a four percent increase from the $2.41 billion that the casinos brought in in 2017. In 2017, Atlantic City was the second-largest gaming market in the country, behind the Las Vegas Strip casinos.
When factoring in online gaming and sports betting to the state's overall gambling revenue, the figure jumps to $2.9 billion for 2018. It is the third year in a row that the market saw growth following several years of steady decline, due mostly to increased competition from casinos in Maryland and Pennsylvania.
The online side of the New Jersey gambling market also finished strong. New Jersey regulated online gaming operators set records with $29 million in revenue for December alone. It was a 40 percent increase year-over-year and brought the total online haul to $298.7 million for 2018.
Online poker brought in $21.4 million of the total online revenue for the Garden State, while other online casino games pulled in $277.3 million. Poker made up just 7.1 percent of the market's total haul, marked by an 11 percent drop from last year's online poker revenue for the state.
Atlantic City Casino Revenue December 2018 Calendar
It wasn't all good news in the state, however. In 2018, with the openings of both Hard Rock Casino and Ocean Resort Casino, the state jumped from seven to nine commercial gaming properties. Six of the seven casinos that were already operating before those openings saw a drop in revenue for the year due to the crowding market.
Ocean Resort Casino had financial problems throughout its first six months of business. Owner Bruce Deifik sold his majority stake in the property earlier this month.
Atlantic City Casino Revenue December 2019
