Casinos set more revenue records - Sunday 12th of June 2005

Casino revenues set a record for May and for the year to date. Tropicana, Borgata and Resorts topped all the gainers.

Such favorable statistics have been showing up almost every month.

But the casinos on the plus side have done so at the expense of the other gaming halls. The $420 million won by the dozen gaming halls was a little less than 1 percent better than May 2004, according to figures released Friday by the Casino Control Commission.

May revenue's set a record despite one less weekend day and less than May-like weather. Revenues at the Tropicana, buoyed by its entertainment, retail and dining attraction known as The Quarter, jumped 23.4 percent. Borgata casino win rose 15.9 percent. Table game revenue rose 6.5 percent, but slot win fell 1.1 percent, a reflection of renewed interest in table game play in a number of casinos.

Borgata, Resorts, Sands and Tropicana all enjoyed double-digit table game growth last month compared to the same month a year before.

Hilton, in its first full month under the ownership of Colony Capital, experienced a 6.5 percent decline compared to May 2004.

Bally's and Caesars, in their last few days under Caesars Entertainment, also saw a drop year to year. On Monday, Harrah's Entertainment completes its acquisition of Caesars Entertainment. Harrah's revenues rose slightly, while its sister property, Showboat, slipped a bit.

For the first five months of the year, casinos won $1.99 billion, an increase of 2 percent over the same period in 2004. Borgata, Resorts and Tropicana again led the winners, followed by Trump Marina and Trump Taj Mahal. For the year, both table game and slot revenue are up.

 

Win, or casino revenue, is the net amount of money won by casinos. It is not profit. Casinos paid $33.6 million in taxes on their gross revenues in May.

That money, 8 percent of gross revenue, goes into the Casino Revenue Fund, which pays for programs that benefit qualifying senior citizens and people with disabilities. In addition, the casinos incurred another $5.3 million in reinvestment obligations. They are required to reinvest 1.25 percent of gross revenues in projects approved by the Casino Reinvestment Development Authority.

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