Atlantic City Casinos Post $723 Million Profit in 2017
Atlantic City casinos enjoyed a good year in 2017. The seven casinos reportedly made $723.2 million in gross operating profits last year. These profits were derived from gaming, hotel revenue, dining, and entertainment. When referring to gross operating profits, the Atlantic City casinos are talking about their earnings before interest and taxes, as well as a few other things. Either way, this is still an impressive number.
Borgata Best Performing Atlantic City Casino
Out of the seven remaining Atlantic City casinos, the Borgata was the most profitable casino. This is according to data released by the New Jersey Division of Gaming Enforcement. The MGM property made $292 million in 2017 – an increase of nearly 20%. The next most profitable casino was Harrah’s but it was quite far behind. Harrah’s made a gross operating profit of $115.8 million.
Out of all the Atlantic City Casinos, the Tropicana made the biggest improvements . This casino saw its revenue increase by 71%. In total, it made $91 million. When all is said and done, 2017 was a very good year for the seven Atlantic City casinos. It was also a welcome relief for area officials and the New Jersey Casino Control Commission chairman.
Atlantic City Casinos Could Face Tougher 2018
However, it remains to be seen if 2018 will be a good year as well. 2017 was the second year in a row of consecutive gaming revenue growth for Atlantic City casinos. In total, the casinos took in $2.4 billion, which increases to $2.66 billion with online gambling is included. However, the seven Atlantic City casinos will face more competition in 2018, as both the Hard Rock Atlantic City and Ocean Resorts Casino will be opening this summer.
Many worry that seven casinos was the right number and these two new casinos will put strain on the current properties. In addition to this, the first few months of 2018 have seen decreased revenue compared to 2017 due to poor weather. Other analysts are more optimistic and expect the new casinos will attract visitors back to Atlantic City, as well as attracting new tourists.