Casinos of Atlantic City has posted double digit profits declines in the third quarter of 2018, as the markets two new gaming venues cut into other seven’s bottom lines.
This Friday figure was released by the New Jersey Division of Gaming Endorsement (DGE) show Atlantic City’s nine Casinos generated net revenue of $920m in three months ending September 30, at same point last year a 17.8% rise over the same period. The figure is slightly better on the year to date front, in which profit fells 9.3% to $508.7m
The late openings of 2 new AC venues- Hard Rock Atlantic City and the Ocean Resort Casino, clearly impacted the Q3 figure, as these two properties combined generated revenue of $178.5m
The Golden Nuggets profits were up by 6.6% to $13.6m, although this was at least partially due to the property’s market leading online casino operation. The other profit gainers, Bally’s barely qualified for that designation rising only 0.5% to $18.4m
The numbers are a far cry from Q3 2017s result, which saw profit shoot up 17.6% despite a modest revenue dip, and that dip was due to the soon to be closed Trump Taj Mahal reducing its operation as its closing date drew nearer.
The Markets hotel occupancy over the launch of new ACs new properties was whether they could grow the overall finance pie or just nibble away at the ‘seven’ original properties slice.