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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.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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