Did the two new casinos cannibalize AC’s gaming market? Is online gambling a good thing for Atlantic City taxpayers?
AC gaming profits declined… according to the latest quarterly numbers.
Ocean Resort Casino and Hard Rock opened back on June 27. They brought the total # of AC casinos to nine properties.
The upside: more jobs. The downside: cannibalization.
Atlantic City Casino gross operating profits for JULY AUG SEPT 2018 declined 15%, compared to 2017.
- The awesome Tropicana suffered the largest decline. Down over 31%. Yikes.
- Market leading Borgata, was down 22%.
- Resorts Casino Hotel was off 15%
- Harrah’s Resort was down 6%
- Caesars slid 2.5%
- Bally’s up 1%
- Golden Nugget up 7%
Internet gaming honeymoon might be over?
- Resorts Digital was down 83.3 percent to $2 million
- Caesars Interactive NJ was down 69.4 percent to $1.1 million.