Atlantic City casinos defied all odds within their profiting markets, with reports saying that they have made an estimated revenue of $929 million within the space of a 3 month time period. It is said that their projected profit gains have shot up from 12.5% to 29.7%.
This is the first time operating profits have risen so dramatically since the operation takeover by Hard Rock Atlantic City and Ocean Casino Resort (OCR). The operation was taken over in the year 2018, yet the scaling of profit projections has never reached such dramatic levels as this. Usually, the profit margins remained between 4.5% and 7.9%, so this is definitely a huge jump in value.
Within 2018 due to the operation of Q1 and Q2 projects (New Jersey Division etc.), the profit margins as a whole of Atlantic city plummeted by 4.5%, and this is due to how much revenue the new casinos take in terms of maintenance and other money consuming areas. Q1 projects alone had eaten up 30% of the profits that were made within that year, and Q3 casinos were effectively damaged overall by the process.
It is said that the majority of the casino’s money made this coming new year came from the opening and introduction of further online gambling via live coverage of different betting industries. This introduction alone had allowed much surge in the take of bets and proactiveness within the casino environment.
Caesar Entertainments land-based casinos show a much different tale within terms of profits and takings. The casinos (all three of them) reported declines, with Ballys casino posting as the biggest percentage to the decline at a drop of 22.6% in takings in comparison to last year. This in total was estimated as $18.4 million dollars alone. The casinos which followed after Ballys are Caesars AC, at an 18.4% drop and Harrah’s casinos with an 8.2% profit loss overall.
Market-leading casinos such as Borgata reported their biggest profit margins yet, at $69.85 million which is a very strong 16.6% increase on what they had taken last year. Tropicana had risen at a respected 2% and the Golden Nugget gained 30% profit increase in total. We definitely call that a good year!
It wasn’t just the casinos that saw improvements, the hospitality industry did too, with a 90.8% occupancy rate from increased visitors and therefore gives it a 2.6 point rise from what was taken last year.