2014, the year Atlantic City gaming revenues show %45 growth
April 10, 2015
The New Jersey Division of Gaming Enforcement (DGE) has recently released shocking information about the Garden State’s gambling market. Atlantic City casinos, as well as other gaming operators, have been able to boost the profits up to a %45. Atlantic City has been always the East Coast icon for the gambling industry. This region of the East Coast of the United States has not had any other main areas for gamblers to enjoy casino-hotels complexes, rather than New Jersey. The only one who could pose a fierce competitor for New Jersey’s gambling industry, New York State, is not willing to allow more casinos within the state’s border. Therefore, New Jersey’s gambling city, Atlantic City, has been the only one welcoming visitors and gamblers since the 1920s. The state has had an excellent year during 2014; revenue, profit, have significantly gone up, compared to figures from 2013. New Jersey’s DGE revealed shocking numbers with casinos’ profit around $341.1 million, a 45% growth compared to the same 12 months period in 2013. In spite of these figures, gambling experts in the US want us to believe that 2014 was still one of the worst episodes for Atlantic City’s gambling market.
Matthew Levinson, chairman of the New Jersey Casino Control Commission, said: “Those profits give casinos the capital they need to reinvest in their facilities, expand their attractions, draw new customers, provide a return for investors and, most importantly, gives them the ability to create new jobs for people here. The eight operating casinos reported higher gaming and total revenues last year as well as increased third-party sales and hotel occupancy. Seven of the eight reported positive gross operating profits. Two casinos that reported losses of $10 million or more in 2013 reported profits for 2014.”
Tom Pohlman, general manager of Golden Nugget, commented: “The numbers speak for themselves. It is our capital investment. It is a completely new property. We have also been aggressive with our marketing. People are coming here and experiencing Golden Nugget, and we are able to retain them. We had an outstanding first quarter. We continue to do well. We’re excited about ’15 and we expect to be up in 2015, just like we were in 2014.”