Atlantic City has announced a stellar quarter and representatives believe this will welcome even more business in the coming months.
“The key indicators show that the current operators continue to improve,” says Matthew Levinson, chairman, New Jersey Casino Control Commission. “Gaming revenue is up, total revenue is up, net revenue is up, gross operating profits are up, hotel occupancy rate is up and the average room rate is up. ”
This week, the city reported the gross operating profits for its eight casinos doubled in the first quarter—a trying time during the winter months. This success likely means a strong summer will occur.
“The hotel occupancy climbed nearly 3 percentage points in the first quarter to 72.8 percent,” says Levinson. “The average room rate was $98.87, compared to $96.25 in the first quarter of 2014. The first quarter numbers include the winter months, which is a trying time to make a positive profit.”
The casino industry itself posted an $81.3 million operating profit for the quarter—a 109 percent increase compared to $38.8 million a year ago. And this is even with four casino closing during the past year. The industry continues to grow.
Additionally, the city will be reinvesting in other non-gaming attractions, improving the number and type of visitors.
“With all of the recent new developments along with the strong demand for Atlantic City from our group and leisure customers we are set to have a very strong summer season,” says Jim Wood, president/CEO, MEET AC. “The future of Atlantic City is getting brighter by the day.”