Atlantic City Casino Revenue October 2018

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Atlantic City Casino Revenue October 2018

ATLANTIC CITY, N.J. (AP) — One has Elvis Presley’s Rolls Royce, the costumes the Beatles wore onstage, and the management know-how and money of one of the world’s largest and most successful hospitality companies — even as it replaces its boss.

October

Gaming revenue was up more than 13 percent overall in October, as the city’s nine casinos brought in $234.3 million compared to $206.4 million the same month in 2017. Casino win — revenue from slots and table games — generated at the Atlantic City casinos was more than $200.6 million in October, an increase of 8 percent from last year’s $185.8 million. Article content. ATLANTIC CITY, N.J. — Two reopened casinos and half a year of sports betting helped push Atlantic City’s casino revenue up 7.5 per cent in 2018 to nearly $2.86 billion. Reduction in the number of casinos in the Atlantic City market has generally resulted in fiscal improvement for the seven remaining casino operations. For the first time in nearly a decade, gross gaming revenue in the physical Atlantic City properties increased for two straight years, 2016 and 2017. Atlantic City Casino Revenue October 2018, alea casino glasgow quay, slot granitz, long term parking river rock casino.

The other has a successful sports betting facility, a redesigned casino floor and family owners determined not to make the same mistakes that sank its predecessor.

Two of the five Atlantic City casinos that shut down since 2014 will mark their 100th day of operations Thursday, a milestone that comes after the seaside gambling city recovered some of the money and jobs it had lost in the closures. Both the Hard Rock, formerly the Trump Taj Mahal, and the Ocean Resort Casino, the former Revel casino, reopened on June 27.

In their first two full months of operation, the Hard Rock has fared better, ranking among the top four casinos in gambling revenue while Ocean Resort finished dead last in July, and then rose to the seventh slot in August. Figures for September will be out next week.

The Hard Rock also hired 3,800 employees and scheduled more than 300 entertainment shows that pulled in $10 million in ticket revenue.

Revenue

But Hard Rock International, the casino’s parent company, announced this week it is replacing the president of its Atlantic City casino after just three months of operation. Matt Harkness, who oversaw the planning and opening of the casino, will be succeeded by former Borgata executive Joe Lupo, who jumped ship to a Hard Rock casino in Tampa two years ago. No reason was given for the change.

In its first two full months, Hard Rock won $68.1 million from gamblers, while Ocean Resort earned $40.8 million during that time, climbing past Resorts and Bally’s.

The two new casinos appeared to grab more revenue and market share from existing casinos in July than they did in August, said Rummy Pandit, a gambling analyst at Stockton University, when 92 percent of Hard Rock and Ocean Resort’s casino revenue was attributable to “new business.”

It is a metric that will continue to be watched closely in Atlantic City, where the industry is waiting to see whether the market can absorb the sudden surge in capacity in a place that only recently regained its equilibrium as a smaller market with less competition.

Colorado developer Bruce Deifik, who bought the former Revel casino in January after it sat vacant since September 2014, said he’s happy with the progress Ocean Resort has made.

“I’m very, very pleased so far because people didn’t give Revel a chance in hell of ever reopening its doors and being successful,” Deifik said. “For the first time in its history, it has positive cash flow, I’m paying all my bills, and I have 3,380 full-time workers on my payroll. We are on a good path now.”

Atlantic city casino revenue october 2018 printable

Ocean Resort’s sports book took in nearly $1.75 million as of August, trailing only the Borgata and Resorts among Atlantic City casino sports books. (Two racetrack sports books at Monmouth Park and the Meadowlands have each topped $4 million as of August.)

John Larick of Rockaway, New Jersey, came to Ocean Resort last week to bet on college football with some buddies as the women in their group played slot machines.

“The place is nice and new, very clean, and everyone is pretty friendly,” he said.

Ocean Resort is still rolling out some of its retail shops, including a burger restaurant by entertainer Mark Wahlberg, a cereal-only eater, and the eventual addition of 600 hotel rooms to bring its inventory to 2,000 — the number the city’s top casinos offer.

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Follow Wayne Parry at http://twitter.com/WayneParryAC

Martin Harris

This week's installment of Inside Gaming shares the latest revenue figures from Atlantic City, reports on yet another state jumping into the sports betting game, and notes a ten-figure sale of a Detroit casino.

October Another Positive Month for Atlantic City Casinos

Gaming revenue continues to trend upward for Atlantic City casinos, according to the latest monthly revenue report from the New Jersey Division of Gaming Enforcement. Collectively revenue in October was up 15.8 percent year-over-year, with casinos together reporting total gaming win of $234.3 million compared to $206.4 million in October of last year.

That makes five straight months of monthly revenue increases for New Jersey. Through 10 months the total gaming revenue this year in the state totals $2.387 billion or 6.3 percent more than the $2.246 billion from this point a year ago.

Just over $200.6 million of the revenue total came from the casino win (up 8 percent year-over-year), with a little more than $26.7 million of it coming via online gaming (up just over 30 percent).

Increasing the total further was revenue from sports betting (only introduced in mid-June of this year), with sportsbooks in New Jersey realizing a bit over $6.9 million in sports wagering gross revenue for the month. Meanwhile the two racetracks, Meadowlands and Monmouth Park, added another $4.7 million in sports betting revenue to push the state's total close to $11.7 million.

Atlantic City Casino Revenue October 2018 Events

That collective win from sports wagering was down from September's more than $23.9 million. That said, more was bet on sports in October in New Jersey, with the monthly handle totaling $260.7 million compared to $183.9 million in September.

Both the increase in online gaming revenue and the introduction of sports betting helped fuel the overall gain. Also, the addition of two new casinos — the Hard Rock Atlantic City and Ocean Resort Casino (both of which opened in late June) — especially helped ensure the overall increase. Only one of the seven casinos in operation a year ago saw an increase in casino win in October, the Tropicana Atlantic City (up 2.1 percent).

The Hard Rock Atlantic City's combined gaming revenue (casino and internet) was a little more than $24.2 million in October, while the Ocean Resort Casino's was just over $14.5 million.

First Sports Wagers in Pennsylvania Placed at Hollywood Casino

You can now add Pennsylvania to the list of states offering sports betting. The Hollywood Casino at Penn National Race Course took sports bets yesterday afternoon during a 'live wagering test day,' reports The Inquirer.

Described by The Inquirer as a 'stealth launch,' William Hill USA is operating the sportsbook at Hollywood with the test period designed to make certain operations run smoothly and correctly follow all regulations.

Hollywood Casino is one of six Pennsylvania casinos who have filed for sports betting licenses over the last couple of months, with Valley Forge Casino Resort the latest having only just applied on Thursday. Others include Harrah's Philadelphia, Parx Casino, Rivers Casino Pittsburgh, and SugarHouse Casino. The licenses come with a $10 million fee, plus a 36 percent tax rate on revenue.

Last fall the state passed legislation significantly expanding gambling in Pennsylvania, including opening the door to 10 new 'mini-casinos' and more online gambling. Also included in that bill was a provision to legalize sports betting should the U.S. Supreme Court rule in favor of lifting the federal prohibition against doing so, something SCOTUS did by ruling in favor of New Jersey's appeal against the law in late May.

We were tallying here last week the list of states now offering sports betting which has now reached seven: Delaware, Mississippi, New Jersey, New Mexico, Nevada, Pennsylvania, and West Virginia.

Jack Entertainment Sells Greektown Casino in Detroit for $1B

Atlantic City Casino Revenue October 2018 2019

This week the Detroit Free Press reported that Jack Entertainment, the Detroit-based gaming company founded by businessman Dan Gilbert, had sold the Greektown Casino-Hotel in Detroit for a hefty price tag of $1 billion.

The purchasers are the casino operator Penn National Gaming and the real estate investment trust VICI Properties. VICI Properties adds to a portfolio of gaming facilities that includes Caesars Palace in Las Vegas. In October 2017, VICI Properties completed a spin-off from Caesars Entertainment Operation Company.

Speaking to the Detroit Free Press, Gilbert clarified that 'even with $400 million in debt' on the casino, 'the sale will allow Gilbert to deploy hundreds of millions of dollars into his many other projects.'

Gilbert spoke of plans for several ventures, including many in the Detroit area. He would not confirm rumors of plans to buy the Detroit Tigers.

Greektown Casino-Hotel first opened in 2000, with Gilbert and partners purchasing the property in 2013. The casino features 100,000 square feet of gaming space, including 2,800 gaming machines, dozens of table games, and a poker room, with several restaurants and shops on site as well as a 400-room hotel.

Atlantic City Casino Revenue October 2018 Calendar Printable

Pending review by regulators, the sale should be finalized in 2019.

Speaking of other ventures for Gilbert, the entrepreneur also this week acquired the free reference websites dictionary.com and thesaurus.com for an undisclosed amount. In a press release, Gilbert cheekily commented on the larger context of the acquisition.

Atlantic City Casino Revenue October 2018 Printable

'From the genesis, we admit to invariable conjecture in the unmitigated competency of online mechanization to ameliorate the total sum of completed undertakings throughout our mortal existence,' noted Gilbert, adding that 'cognition and discourse are conjointly associated.'

Atlantic City Casino Revenue October 2018 Date

Photos: 'Guitar at the main entrance of Hard Rock Hotel & Casino, Atlantic City, New Jersey' (adapted), Wcam, CC BY-SA 4.0; 'Ocean Resort Casino in Atlantic City, New Jersey' (adapted), Farragutful, CC BY-SA 4.0.

Atlantic City Casino Revenue October 2018 Solicitations

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    IndustryNew JerseyAtlantic CityHard Rock Atlantic CityOcean Resort Casinosports bettingonline gamblingPennsylvaniaHollywood CasinoDetroitMichiganGreektown Casino-HotelJack EntertainmentDan Gilbert