Atlantic City Casino Industry Shows 30% First Quarter Profit

The first quarter of the year looks to be very good for the casino industry in the Atlantic City.

The industry has recorded $139.2 million gross operating profit during the first quarter of 2017. This is a very good figure and what this amount means is that the casino industry has seen a growth rate of 30% when compared to its gross profits for the first quarter in 2016.

There is a boost in the earnings and collections overall in the casino industry. The amount collected by the casinos from Jan 1 to March 31 of 2017 is $816.7 million and the cash collected through casinos for the same period in 2016 was $803.1 million. This means that there is an increase of 1.7% cash take in this year than the last year for the first quarter period. The wins at the casino also have increased and this year it is $602 million of the total cash revenue, which is an increase of about 4% from the last year.

The hotel rooms and the food and beverage sales during the period have seen a drop than what was collected in the first quarter in 2016. There is a 45 drop in the sale of hotel rooms in 2017 and the total amount collected was $83.7 million when compared to $88.4 million last year. The food and the beverage sales have dropped by 4.7% and it is just $93.6 million. There is no change in the collection recorded in the entertainment and the other category which is at $33 million.

The online gaming in the Atlantic City is also seeing a good boom at the start of the year. The internet gaming revenue has scaled up to $80.1 million at the end of April, which is 29.5 percent more in comparison to year-over-year earnings.