The July 2016 Gaming Revenue Results were released by the New Jersey Division of Gaming Enforcement (NJDGE) at 2:00 PM Friday, August 12, 2016.
The favorable outcome of the month surpassed the expectations of the general pundits. An influx of vacationers and tourists helped to buoy the numbers. The Taj Mahal, however, had a substantial decrease of 8.2% in overall revenue for the month.
Behind the scenes, the battle between Atlantic City office holders, and the New Jersey Legislature also is being eased by a $73 million loan from the state. But, (see below) other hurdles will be faced after Labor Day.
Total Gaming Win from the Casino Hotels was $275.3 million in July 2016 compared to $257.5 million July 2015 reflecting a 6.9% Increase.
For the month, Casino Win was $245.0 million and Internet Gaming Win was $17.4 million. Internet Gaming in July 2015 was $12.5 million.
2016 July Poker was 11.5% of Total Internet Revenue versus 15.0% in 2015.
2016 July Casino was 88.5% of Total Internet Revenue versus 85.0% in 2015.
The NJDGE official report for June Online Poker revenues show July versus June, $2.01 million to $1.96 million, Up 2.4%, and Casino Games, $15.35 million versus $14.43 million, UP by 6%. Total New Jersey Online Revenue was $17.3 million UP by 5.7%.
The Borgata and Party Poker including Pala Entertainment combination continued as the leading revenue producing I-Gaming site(s) in New Jersey with a 22.9% share. It rebounded to second place in casino games, but remained in the cellar of online poker in New Jersey.
Golden Nugget/BetFair secured a revenue share of 21.3%, second place overall and retaining first place in casino games. A number of TV commercials were observed during the month.
Caesar’s Interactive (CIE) moved up to third place with 19.5% (Maintaining second place in poker surpassing Borgata/Party Poker again, and remaining fourth in casino games).
The Tropicana again yielded third place for the month dropping to fourth spot with a 18.6% revenue share, retaining 3rd in casino games.
Resorts remained in Fifth (LAST) with a closing 17.6% share. PokerStars contributed 24.7% of the total revenue versus 15.3% contribution of Borgata/Party Poker and 19.1% 888/WSOP poker.
The Online Poker Numbers leader still was PokerStars/Resorts at 37.5%. Caesar’s WSOP/888 Combination retained second place with 32.3% surpassing Party and Borgata’s 30.2% market-share. Online Poker revenue was UP 6.7% versus July 2015.
Total Casino and Poker revenue for 2015 and 2016 was $12.53 million versus $17.37 million, the $4.8 million movement produced a 38% increase stays consistent with the 40% from last month.
The Atlantic City Brick & Mortar news heated up as The Borgata (84 Tables) Summer Poker Open came to town July 12 – 29. The Borgata dominated the month with a 65.6% Revenue Share. The tournament series helped the poker room to increase revenue by $800K above June returns.
Caesars (82 Tables) two poker rooms decreased to 19.9% from last month’s 25.2% contribution.
The Tropicana (22 Tables) revenue share decreased to 9.3% from 10.4%, a reversal from the past two month increases.
Trump Taj Mahal (24 Tables) re-opening is going to be short lived (see below). The 3.3% market share continues to be a disappointment with reasons.
The Golden Nugget (10 Tables) had a below normal month achieving only 1.8%.
Where to begin? Oh yes. The Trump Taj Mahal. Before the critical Fourth of July Holiday began, Local 54 Unite Here Union backed its threats and went on Strike. This continues through today with no negotiations.
Then, one month later, the spokesperson for Carl Icahn’s Company, owner of the Taj, announced with “a month-long strike by union workers and their demands for increased benefits have “blocked any path to profitability.” And, with that, the Casino/Hotel will be closed after Labor Day. (Note: There is a law that provides that the Company must give 60 days’ notice of closing. Therefore, a specific date is not set yet.)
And finally, the land deal that has been the Atlantic City government’s bailout plan hit a snag with low bidding on the property, $100 million short. Stay tuned.
The long, hot summer continues. See you down at the Shore!
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