Supplier News
US – Borgata reports best month in its 13 year history
By Phil - 15 August 2016
Atlantic City’s Borgata casino reported its most profitable month in its history in July when it raked in revenues of$85m, marking a 12.1 per cent increase from July 2015.
Joe Lupo, the Borgata’s Senior Vice President said: “While we expected a good month with five full weekends, we are very pleased with a record-breaking month 13 years after opening.”
The historic earnings came in the month that MGM Resorts International completed the acquisition of the whole of Borgata having bought Boyd Gaming’s stake for $589m.
Overall Atlantic City’s eight casinos saw revenue improve by 6.9 per cent in July, to $275.2m. Revenue from table games increased by 11 per cent, to $75.7m whilst slot revenue increased 3.1 per cent, to $182.2m.
The Tropicana reported the biggest increase with revenues up 14.2 per cent, to $36.4m.
The other casinos that posted increases were the Golden Nugget, which was up 9.7 per cent, to $25m, Caesars, which, showed 7.6 per cent, to $31.2m and Resorts, which posted a revenue increase of 6.2 per cent in July, taking it to $17.8m.
Not all casinos posted an increase though with Harrah’s down 5.2 per cent, to $34.2m, Bally dropping by 4.8 per cent, to $21.6m and the troubled Taj Mahal, which now seems destined to close in October down 8.2 per cent from $19.1m to $17.5 per cent. The venue was hit by strikes in July with staff unhappy about weekend pay.
Matthew Levinson, Chairman of the state Casino Control Commission, said: “July was a solid month, even though several properties faced challenges including a strike by union-employees at one casino.”
Local casino analyst Anthony Marino wrote in The Press of Atlantic City: “July 2016 had just about everything — a strike at one casino, nearly nine inches of rain locally, an extra weekend compared to July 2015, nearly a 40 percent increase in online gaming win, influenced, perhaps, by lots of rain … and perhaps curiosity emanating from the constant news about Atlantic City’s financial problems combined with much coverage about Donald Trump’s past activity in the resort.”
Revenues from online gaming grew by 38.6 per cent from a year ago, to $17.3m with Caesars Interactive-posting $3.4m, up 27 per cent and Resorts Digital up to $3m, marking a 437 per cent increase.
