It is said that there are two sides to every coin, and it shows in the performance of the New Jersey’s casinos during 2015.
The year end revenue review of the New Jersey Division of Gaming Enforcement’s could be used to make a case that the Atlantic City casinos will continue to struggle, however they do also offer some rays of hope for the future of gambling in Atlantic City.
Gross gaming revenues were down by 6.5% during 2015, it fell below $2.6 billion which is less than half of the record setting of $5.2 billion in 2006 and the lowest since 1987 industry wide.
Historically the trend line in New Jersey, however, at Atlantic City were amazing as the revenues rose annually from 1979 to 2006 a span of 27 years,but from 2007 through to 2015 it has dropped over this 9 year span.
Despite the fact that the industry as a whole did poorly, on a case by case basis Mew Jersey in fact did quite well. One of the reason for this is the closure of Showboat, Trump Plaza. Revel and Atlantic Club at various times in 2014, this led to players going to other Atlantic City casinos resulting in operators experiencing a boost of combined revenue increase of 3.1% year-over-year.
Three Casinos experienced a loss of revenues, namely, Caesars was -6.1%, Bally’s was -6.4%, and Trump Taj Mahal was -16.5%. Al three of these casino are mired in bankruptcy and/or are going through restructuring.
These casinos all posted a single digit growth year over year; Borgata was 7.9%, Harrah’s was 2.5%, and Tropicana was 5.3%, and the big winners were Golden Nugget at 24.6% and Resorts 16.4% during 2015.