Inside Gaming: Atlantic City Casinos Up First Half of Year; DFS Back Online in NY

In this week’s installment of Inside Gaming, New Jersey officials release gaming revenue figures for the first half of 2016 that show Atlantic City is on a rebound of sorts (for now), daily fantasy sports is back in New York, and California has to foot a hefty bill to one of its tribes for overpayments.

Atlantic City Casinos Up in Gaming Revenue First Half of 2016

On Monday the New Jersey Division of Gaming Enforcement released figures reflecting that despite recent struggles on the boardwalk, Atlantic City’s casinos collectively saw a 21 percent increase in operating profit over the first half of 2016 (H1).

The city’s eight casinos reported a collective profit of $258.8 million, up from $213.4 million for 2015 H1 and the highest of any half-year period since 2010.

Six of the eight casinos reported profit increases for 2016 H1, with the Borgata Hotel Casino & Spa, the Resorts Casino Hotel, and Tropicana Casino & Resort Atlantic City all enjoying greater than 25% increases. Only Caesars Atlantic City (down 0.2 percent) and Harrah’s Atlantic City (down 3.1 percent) showed a decline in profits from 2015 H1, though profits nonetheless.

Borgata remains by far the largest operator on the boardwalk, with its $106.7 million worth of gross operating profit nearly twice the $57.2 million of next-highest Harrah’s and more than 41 percent of the overall total for all eight casinos.

Both the net and total revenue for the eight casinos was up as well. When combined with internet gaming revenue, net revenue was up 2.5% and total revenue 1.6%. July has already shown to be a good month for Atlantic City as well, with total casino revenue up 6.9 percent year-over-year during the month.

New Jersey Casino Control Commission Chairman Matthew Levinson saw the new figures as a source of optimism going forward, despite troubles Atlantic City has experienced in recent years and various uncertainties regarding the future.

“Slowly but surely, casino profits are increasing as operators in Atlantic City work to rebuild their business,” said Levinson, as reported by NorthJersey.com. “The $259 million in profits for the six months is the highest since 2010. Profits were up at six of the casinos — and by double digits at four them.”

Levinson also noted that for the first time since 2008, every casino reporting a positive operating income.

The already announced scheduled closure of the Trump Taj Mahal in early September should help the remaining seven casinos on the boardwalk in terms of individual profit and revenue. Such was the case in 2014 for …

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