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Atlantic City Casino Profits Up in H1-2016
ATLANTIC CITY CASINO PROFIT RISES IN H1-2016
Collective profit up 21 percent in the first six months of the year...the best since 2010.
Atlantic Citys remaining land casinos reported collective profits up 21 percent in the first half of 2016, indicating that the embattled industry may be stabilising following the closure of several venues.
Figures released Monday by the New Jersey Division of Gaming Enforcement show the eight remaining casinos reported a collective second-quarter profit of about $259 million, compared with $213 million in 2015.
The division also reported that operating profits for the gambling halls in the second quarter of the year were up 15 percent, at $152 million, compared with $132 million in the second quarter of 2015.
New Jersey Casino Control Commission chairman Matt Levinson told the Associated Press news agency that the results indicated that "slowly but surely" profits are increasing and are the highest for the first six-month period since 2010.
"For the first time in eight years, every single bricks and mortar casino reported positive operating income," Levinson said.
However, the positive environment may not last much longer; Associated Press notes that in November this year New Jersey voters will decide whether to end Atlantic Citys state-wide monopoly on casino gambling.
A ballot question asks voters to participate on allowing casinos in the northern part of the state at two yet-to-be-named locations near New York City, and potential licensees are lobbying and advertising heavily in the state.
Over the half-year The Borgata reported the largest rise in profit - up 27 percent year-on-year in the second quarter to $106 million, followed by Resorts (up 26 percent at $5.7 million); Tropicana (up 25 percent at $17 million); Golden Nugget (up 12 percent at $13.3 million);and Ballys (up 8 percent at $17 million).
Trump Taj Mahal (currently in line for closure) reported profits of $2 million, compared with operating losses of $9.6 million in the comparative period last year, whilst Caesars saw a decline in profits of 0.2 percent compared with 2015 to $36.5 million. and Harrahs profits were down 3 percent to $57 million.
For Internet-only operations Caesars Interactive-NJ posted a second-quarter profit of $5.2 million, compared with $857,000 a year ago. Resorts digital posted a loss of $1.4 million, compared with losses of $3 million in 2015.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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