Revenue in January was up nearly 19% compared to a year ago

Atlantic City casino revenue on the rebound

2015-02-13
Reading time 1:18 min
(US).- Less competition is starting to help the eight casinos that survived Atlantic City's Great Casino Contraction of 2014. Matt Levinson, chairman of the New Jersey Casino Control Commission, believes that the numbers could indicate the worst is over. "Seven of them were up, and six reported double-digit increases," he said. "Even when you include the now-closed casinos in last year's results, total gaming earning are still up. While it is always risky to say we've turned a corner or that there is light at the end of the proverbial tunnel, let me say that January's results are very encouraging."

Even when the four casinos that shut down during 2014 are included, Atlantic City's casino revenue for January 2015 was still up by nearly 1 percent.

The eight casinos took in $197.5 million last month, an increase of 18.8 percent over the $166.2 million that they raked in back in January 2014.

The four casinos that closed last year were the Atlantic Club in January, the Showboat in August, and Revel and Trump Plaza in September.

Internet gambling took in $11.5 million in January, up from $10.7 million in December.

But Caesars Interactive-NJ posted a 9 percent decline, falling to $2.7 million in online earnings last month compared to $3 million a year ago. The figures show that the Borgata still leads the Internet gambling market in New Jersey with $3.7 million in online winnings last month, with Caesars Interactive, Tropicana and Golden Nugget all bunched closely behind, with revenue ranging from $2.4 million to $2.7 million.

The Golden Nugget posted the biggest monthly gain, up nearly 70 percent to $18.3 million from $10.8 million in January 2014.

Only the Trump Taj Mahal Casino Resort, struggling to emerge from bankruptcy and being acquired by billionaire Carl Icahn, posted a decline in January, down 21.2 percent to $12.1 million.

Other big gainers included Resorts (up 31.8 percent); Caesars (29.8 percent); Tropicana (28.6); and Harrah's (20.1).

 

 

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