Casinos of Atlantic City posted their first monthly decrease of the year in regards to gaming revenues with April totals.
Atlantic City has seemed to be on the up and up over the past few months with the surviving gaming venues doing well as far as monthly revenues are concerned. New venues are preparing to open and with Hard Rock moving in, the area may soon be a bustling gambling town once again. However, for the month of April, AC took a step back as earnings took their first dive for the year based on monthly totals.
First Monthly Revenue Decline
The April numbers mark the first time the area has seen a decline in gaming revenues for the year. This past Friday, the New Jersey Division of Gaming Enforcement released the figures for the land based gaming venues of the state, showing a total of $191 million was earned. This was a decrease of 3.6% when comparing totals from April of last year.
The decrease is only superficial really if you consider that in April of last year, the area also included on additional casino, the Trump Taj Mahal. This venue is now shut down and soon to be operated as a Hard Rock Casino. If you remove the April revenues from the Trump Taj Mahal, the state was actually up just over 4%. If you then add in the online gambling contribution of $20.8 million, then the total gaming win for Atlantic City comes to $211.7 million which is a 5.8% increase for the month.
As far as year to date is concerned, the state is on a positive trend, with the total gaming win coming in at $843.6 million. This is an increase of 11%.
Totals and Contributions
The figures from the month of April show that Atlantic City suffered from a slight decline in regards to slot gaming revenues and an 11% decrease when it comes to table games. Matt Levinson, the Chairman of the New Jersey Casino Control Commission, commented that each of the casinos currently operating in the state have seen an increase in revenues as far as slots are concerned. The table game decline was significant though and was basically based on players being lucky at the gaming tables.
When it comes to an individual breakdown of gaming earnings, the Borgata Casino came in at the front of the pack, earning $58.4 million. This was just over 4% more than what was earned in 2016. The Borgata is a top leader in the gaming industry as they were far ahead of their closest competitors by more than $200,000.
Caesars came in second with $29.9 million in earnings with the Tropicana coming in next at $28.3 million in earnings. The Tropicana actually earned the biggest increase percentage wise for the month but was unable to remain in second place like they did in March.
Harrah’s was a venue that saw declines for April, earning $27 million, a drop of 7.2%. Bally’s, another property of Caesars, was down as well, dropping just over 5% with $17.1 million in earnings. Resorts pulled up the rear with less than $14 million in monthly earnings but saw no decrease or increase, remaining at an even keel.
Overall, Atlantic City is still doing relatively well when it comes to earnings. In the coming months there should be an even better turnaround as venues such as TEN try to open as well as the new Hard Rock Hotel & Casino Atlantic City, which will take the place of the former Trump Taj Mahal.