Atlantic City got a double shot of good news on Monday, as first quarter casino profit numbers were up nearly one-third and the city finally agreed to terms with the state on a financial rescue package.
According to figures released Monday by the New Jersey Division of Gaming Enforcement (DGE), AC’s eight remaining casino operators reported total revenue of $802.6m in the three months ending March 31, a 2.7% improvement over the same period last year.
The revenue numbers were similarly positive when broken down by gaming ($583m, +3.5%), rooms ($88.5m, +2.6%) and entertainment ($32.8m, +1.5%). Only food and beverage spoiled the party, falling 1.6% to $98.3m. Hotel occupancy rose one point to 73.8%.
All but one of the eight casinos reported an operating profit in Q1, led by perennial frontrunner the Borgata at $47.7m (+24%), nearly twice that of its closest competitor Harrah’s ($26.8m, -3.1%). Only the Trump Taj Mahal was in negative territory, losing $4.6m, although that’s better than the $8.7m the property lost in Q1 2015. Collectively, the eight casinos posted a profit of $105.6m, up 31% year-on-year.