Atlantic City casino profits falling in 2016

Atlantic City casinos struggled to turn operating profits through the third quarter of 2016, partly due to struggles at the now dormant Trump Taj Mahal.

Figures released Tuesday by the New Jersey Division of Gaming Enforcement (DGE) show total revenue at the city’s eight gaming venues rising 0.7% to $2.71b in the nine months ending September 30. Combined gaming revenue was up 1.1% to $1.93b.

Room revenue was also up 1.1% to $320.2m despite occupancy falling 0.7 points to 82.3%. Food & beverage revenue was down 1.9% to $335m while entertainment & other (concerts and shows, spas, retail sales, etc.) gained 1.3% to $118.1m.

Three casinos managed to post year-on-year gains in operating profits, led (as always) by the Borgata’s profit of $144.5m, up 18.4% over the first nine months of 2015. The Golden Nugget gained 23.5% to $15.7m, while Resorts improved 23.2% to $7.3m.