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Atlantic City casinos see revenue soar in July

Hard Rock reported total gaming revenue of $32.7 million last month, making it Atlantic City’s third-most profitable property. Ocean Resort’s total gaming revenue was $17 million, putting it at the bottom. Bruce Deifik, owner and chairman of Ocean Resort, said he “couldn’t be more pleased” with the reported figures because unlike the property’s former occupant, Revel Casino Hotel, his new venture is EBITDA- (earnings before interest, taxes, depreciation and amortization) and cash flow-positive. “We have one direction that we’re heading, and that’s up,” Deifik said Tuesday. Borgata Hotel Casino & Spa remained the Atlantic City market leader in July, reporting gaming revenue of $76.6 million. Tropicana Atlantic City is still the market’s second-highest grossing property, reporting revenue of $37 million. Harrah’s Resort Atlantic City’s $31.4 million was the fourth highest. The seven casinos, excluding Golden Nugget, that were operational before Hard Rock and Ocean Resort opened saw decreases in total gaming revenue last month compared to July 2017. Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, said revenue decreases in the existing properties were to be expected.

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Sullivan casino owner reports $37M quarterly loss

online casino src="http://www.recordonline.com/storyimage/TH/20180810/NEWS/180819894/AR/0/AR-180819894.jpg&MaxH=200&MaxW=200" width='250px' align='left' /> In the second quarter of 2017, when Empire Resorts operated problem gambling center only the racino, it recorded $13 million in operating losses and interest expenses. Malaysian-Chinese casino magnate K.T. Lim, whose family trust has accumulated 88 percent ownership of Empire Resorts since rescuing the company in 2009, agreed to keep the racino open in a 2014 state casino application. That trust, Kien Huat Realty, loaned the company $30 million in June. New figures released Friday by the state Gaming Commission show Empire Resorts’ gaming revenue remained well below company projections in July.

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