Atlantic City casinos reported a surge in operating profit in the first quarter of 2017, adding weight to theories that the market has ‘right-sized’ after years of turmoil.

Figures released this week by the New Jersey Division of Gaming Enforcement (DGE) show Atlantic City casinos’ total gross operating profit rose 30.4% year-on-year to $139.4m in the three months ending March 31. Revenue rose 8.6% to $816.7m, thanks to an 11% rise in gaming revenue, while room revenue was up 4.2% as occupancy improved 7.3 points to 81.1%.

As ever, the Borgata bogarted the profits, claiming $61.4m, a gain of nearly 29%. The next closest competitor was Harrah’s at $23.8m, and it was going in the opposite direction, netting 11.3% less than last year. The biggest gainer was Resorts Casino Hotel, which reported a profit of $4m, up from just $500k last year.

Of the two operators that break out their online gambling business as a separate entity, Caesars Interactive Entertainment New Jersey saw its profit fall 6.6% to $2.3m, while Resorts Digital reported a $570k profit from a $1.1m loss a year ago.