Things are going well with the casinos in the gambling city of Atlantic City

Things are going well with the casinos in the gambling city of Atlantic City

Is Atlantic City doing really well or does it just seem that way?

Hey, finally good news from Atlantic City, America's second gambling city. At least, so it seems. Because the casinos are finally running better numbers.

In 2018, the play palaces in the coastal town turned nearly $ 2.9 billion in gambling revenue, or 7.5% more than the year before. The New Jersey Casino Control Commission reports this.

Growth in Atlantic City, who would have thought that! The local casinos have been in heavy weather for years. From 2013, megacasino went bankrupt one after the other. Ultimately even five in total. With the final demise of the world famous gambling palace Taj Mahal, once the most expensive casino in the world and founded by Donald Trump, as a sad low point. While it all started out so beautifully.

But the tide now seems to have turned. The growth is not only due to slots, roulette and blackjack, but also to sports betting. Since June 2018, the casinos in Atlantic City are allowed to legally offer them for the first time. The bets have since brought in $ 96 million.

Appearances are deceiving

But appearances are deceptive. Because although the total gambling revenue in the Atlantic gambling city is on the rise, almost all casinos individually run lower numbers. Ai.

How is that possible? Very easy. Two "new" mega casinos opened in 2018. The brand new and bankrupt billions casino Revel reopened under the name Ocean Resort. The fallen Taj Mahal reopened under the flag of casino brand Hard Rock.

The increased gambling revenue must therefore be shared with two extra mega casinos. With nine instead of seven. And then the turnover picture turns out to be particularly less rosy. What's hot.

Only one casino in Atlantic City surpassed its own figures for 2017. Casino Golden Nugget posted a 13.7 percent sales increase and earned gross $ 327.8 million.

All other casinos recorded a minus. The Borgata, the eternal market leader of Atlantic City, was struggling with a sales decrease of 4 percent. Bally’s gambling palace generated more than 9 percent less revenue and at Caesars, the figures even plummeted by 13.5 percent.

The new Hard Rock converted $ 167 million in six months. Ocean Resorts made 101.1 million in the same period.

So things are going well at the same time, with the megacasinos in the second largest gambling city in the US. What does that mean? Well, at least Jim Murren, the influential CEO of casino giant MGM, was completely wrong with his December 2016 prediction.

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