Here's all the good news Atlantic City has received in the past month
Posted in: In The News on Wednesday, March 15, 2017
The past three years haven't been kind to Atlantic City. Five casinos closed, the city found itself in a $100 million budget hole with nearly $500 million in debt and was on its way to become the first city in the state to go bankrupt since the Great Depression. Then the state came in and took over. That's either a good thing or a bad thing, depending on your point of view. But in the past month the city has been deluged with development and job news, something it desperately needed. Here's what's happened in the city that points to a bright future for America's Playground.
New Jersey tourism grew in 2016, locally and statewide, report shows
Posted in: In The News on Thursday, March 09, 2017
Atlantic County may have an unemployment rate about one-third higher than the national average and a foreclosure rate more than three times the national rate, but tourism data show improvement in the region. For the first time in five years, tourism sales in Atlantic County grew.
Good Start to 2017 for Atlantic City Casinos
Atlantic City's casinos are off to a good start in 2017, with their January gambling revenue up 7.7 percent from a year ago. Figures released Tuesday by the state Division of Gaming Enforcement show the seven casinos took $204.6 million from gamblers in January. They were helped once again by a nice boost from internet gambling, which brought in $18.8 million for the month. That's an increase of 28.6 percent from a year ago. All seven casinos posted revenue increases, led by Caesars, which was up more than 41 percent, to $28.2 million.
Atlantic City casino revenues rose nearly 8 percent in January
With no winter storm to compare to last January’s Jonas, Atlantic City’s casinos saw more patrons and produced more revenues last month. Tradition casino revenues rose to $185.9 million compared to $175.5 million in Jan. 2016, while online revenues climbed from $14.6 million in Jan. 2016 to $18.8 million last month. Total gaming taxes to the state Treasury for the month were $16.5 million. "A year ago I said winter storm Jonas, which paralyzed much of the eastern seaboard, was one reason why casino revenues fell in January of 2016,” Casino Control Commission Chairman Matthew Levinson said in a statement. “The same storm that effectively wiped out a full weekend last year is one of the big reasons why revenues for the current casinos jumped by 15.2 percent last month.
Casino revenues up 15 percent over last January
The resort’s seven remaining brick-and-mortar casinos saw a 15 percent increase in revenues over January 2016, according to state gaming number released Tuesday afternoon. Casino gaming revenue at the seven properties totaled $204.7 million, according to the state. "A year ago I said Winter Storm Jonas, which paralyzed much of the eastern seaboard, was one reason why casino revenues fell in January of 2016," said Matthew B. Levinson, chairman and CEO of the state Casino Control Commission. "The same storm that effectively wiped out a full weekend last year, is one of the big reasons why revenues for the current casinos jumped by 15.2 percent last month."
Atlantic City casino revenues up in 2016 - first time in a decade
Posted in: In The News on Thursday, January 12, 2017
Those who wondered for years when the Atlantic City casino industry's revenues would finally bottom out may have just gotten their answer: 2015. A strong December brought the Atlantic City casino industry's total revenues to $2.60 billion, up 1.5 percent over 2015. That marks the first time in a decade that the industry increased its revenues from the previous years - after what had been an unceasing annual increase from the industry's birth in 1978 until 2006. "The year 2016 went out with a bang at the casinos, thanks to a 15 percent jump in casino revenue for December," said Casino Control Commission Chairman Matthew Levinson, referring to the seven surviving casinos. "Having New Year’s Eve on a Saturday night, and plain old good luck, provided a big boost for the casinos in December. "Every casino licensee reported increased revenue – including two that are internet-only licensees," Levinson added. "Even when results from the now-closed Trump Taj Mahal are included, December was still up by 8.6 percent compared to the year before." The brick-and-mortar casino revenues were actually down 0.3 percent to $2.4 billion compared to 2015, but internet gaming revenues soared by one-third to $197 million. The seven current casinos collectively saw revenues rise 4 percent in 2016, another sign that the industry may have reached a more realistic number of competitors for profits to be attainable