Atlantic City Casino Revenue Shows Symptoms of Stabilizing, Online Gambling Thriving

Atlantic City Casino Revenue Shows Symptoms of Stabilizing, Online Gambling Thriving

The economic crash in Atlantic City has seemed to bottom out at the very least for the casinos, as revenues for the remaining gambling resorts are 3.1 percent greater than these people were at this time final year.

Atlantic City gambling enterprises could have finally weathered the storm and started to stabilize the gambling industry for the eight resorts that are remaining. After a decade of declining revenues as a result of America’s Great Recession and neighboring states pushing gambling legislation in response to abating tax bases, Atlantic City has seemed to reach a norm that is new.

Lower than 2 yrs after one-fourth of its casinos went out of business, profits for Atlantic City decreased only marginally in March. The area’s casino win totaled $187,463,591 for the 1.7 % loss, though whenever Web gambling is included Atlantic City fell just 0.4 percent.

Traditional table video gaming had been the worst performer in March as casinos reported a 5.9 percent drop on supposedly greater win rates. The decrease ended up being offset by online video gaming, which rose an astonishing 17.8 per cent during the thirty days.

Calm After the Storm

Although the government that is local Atlantic City is broke and presently engaged in a bitter debate with Governor Chris Christie (R) and State Senate President Stephen Sweeney (D) over who is better to manage the town’s data recovery, 2016 is off to a gr (more…)

Casino Information – Resorts World Catskills In Issues, No Casinos For Chicago, Hard Rock Vegas Closing For Renos

Casino Information – Resorts World Catskills In Issues, No Casinos For Chicago, Hard Rock Vegas Closing For Renos

This week’s casino news starts us of in upstate New York where one of many most lavish, revolutionary casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?

Resorts World Catskills On Verge Of Bankruptcy

The upstate casino that is largest in New York is reportedly in the verge of bankruptcy adhering to a few years in which it was unable to generate profits. In accordance with the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The business is seriously considering claiming bankruptcy in an effort to square away its debts.

The casino’s shareholder that is largest, the Genting Group, has put forward a proposition to buy out the remaining shares of the company from the parent business Empire Resorts. According to an SEC filing by the publicly-traded company, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts doesn’t take the deal with the Genting Group, it might likely need certainly to declare Chapter11 bankruptcy to be able to negotiate its debts with creditors.

After projecting $300 million in revenue for 2019, the Resorts World Catskills is currently on pace to fall almost $100 million short of that mark. It will be interesting to see just what route the Genting Group decides to take continue after the stunning fi (more…)