Recently, the New Jersey Division of Gaming Enforcement (DGE) made 2018 casino financial performance report public. According to the numbers, overall revenue was up 7.5%. However, profits were down 15.4% to $582.6 Million compared to the year before. But then again, Hard Rock and Ocean Resort Casino didn’t hit the scene until June 2018. So, that would explain how this happened. Plus, it reveals just how competitive Atlantic City’s casino market really is.
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A Closer Look
After further examining the report, only one operator stood out above all. That’s right; Golden Nugget AC posted YOY revenue gains from 5.8% to $247.7 Million. Which means, they operate the number one online casino, revenue-wise, in the Garden State. So, that just goes to show how strong that market is. Also, the Nugget was only one of two operators to post profit gains. In fact, they saw a 12.5% increase YOY to $45 Million. At the same time, Tropicana AC also showed signs of growth, although it was slightly less at 1.4% to $93.4 Million.
All in all, it looks like the Golden Nugget and Tropicana are both on the right track. Now as for the Borgata, well, it’s not quite that simple. Of course, they’re the Boss of the Boardwalk at $206.4 Million in revenue. Unfortunately, that’s 18.8% less than the year before.
Different Year New Landscape
So as we can see, with the addition of two new properties in mid-2018, it really affected a lot of AC operators. But now that things are starting to balance out in the city, it’s likely this year will look much more positive than last. Not to mention, sports betting hit the scene in the middle of last year as well. So, that too became a major factor in the overall outcome of revenue and profit gains. With the rush to build on-site sportsbooks, a lot of sufficient income went toward investments. Looking ahead, these figures are going to look much different as the landscape in AC is changing at a very rapid pace.