The casino industry in New Jersey is thriving and this can easily be seen by the 4.3% increase in the revenue they saw in the month of May. Atlantic City casinos’ income is on the rise in comparison to May 2016, which promises a successful summer season for the casino operators and gambling fans.
The figures become even more promising when the bankrupted Trump Taj Mahal Casino is removed from the picture, because it inevitably decreases the percentage. In this case the other seven working casinos posted an increase of 12%, making the prospects for the summer even busier. We remind that back in 2015 Trump Taj Mahal was fined $10 million by The Financial Crimes Enforcement Network (FinCEN), due to found evidence of money laundering using slot machine tickets, which led to the casino’s eventual insolvency.
Summertime is known as the most financially rewarding time of the year for all casino owners. Matt Levinson, Chairman of the New Jersey Casino Control Commission, expressed his high hopes for this season and said he expects even bigger improvement in the field. Some of the leading Atlantic City casinos for the last one year were the Borgata with 10.6% and revenue of $71.8 million, the Tropicana with the impressive 21.5% and to $32.8 million, and Caesars which reported the highest growth – 23.6% and $29.4 million in comparison to May last year.
This comes following a harsh period of time for the Atlantic City gambling industry, during which many casinos were shut down and more than 11,000 people lost their job positions. For the moment, the market is way smaller and with less individual competitors, but the expectations for recovery are high.
On Wednesday information about the New Jersey Division of Gaming Enforcement was published, showing a persistent increase in the online gambling revenue in one of the most prominent online markets in the U.S. The rise in the Internet gambling industry earnings is estimated to be 27% to $21 million in May. This comes close to the record figures reached in April and March, three successive months of high rates of gross revenue, exceeding $20 million. This makes online gambling one of the leading sources of fresh money, which propels the industry forward.
In real life the Golden Nugget was up by 17% to $24.5 million, but it takes the leading place in New Jersey’s Internet gambling market in May, successfully defeating its many rivals for the crown. The casino won $5.9 million from online gambling, adding to the overall tally for the first five months of this year. Atlantic City’s casinos have won $1.07 billion combined since the beginning of 2017 and guaranteed a successful summer season.