Atlantic City Casinos Record A 3 Percent Rise

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Atlantic City Casinos

In the month of November would be seen as a month of fortune for Atlantic City casinos with owners making real money casino gambling a big deal. In aggregate, the casinos recorded $197.2 million in revenue, a figure that is 3% increment compared to the sum collected exactly a year ago. The Atlantic City Casinos Record A 3 Percent Rise.

However, critics say that the figure could be deceiving because the amount in the record includes Trump Taj Mahal casino, which closed its doors a month earlier. They note that if there is a reason to believe the statistics, then nearly $12.8 million has to be subtracted from the sum.

Why Did Atlantic City Casinos Record A 3 Percent Rise?

Additionally, they argue that when you include Taj Mahal, the average figure comes down to as close as $7 million, which is an equivalent of 3.5 percent.

Nonetheless, according to New Jersey’s Division of Gaming and Enforcement, the closure of Taj Mahal is a real benefit to other casinos in the area. For instance, internet gaming accrued real money casino gambling with over $17.1 million, which is equivalent to 30% rise on 2015.

Speaking recently to the press, Matthew Levinson, the chairman of Casino Control Commission of New Jersey said, “Many casinos have recorded increments in revenue collection because of the availability of iGaming, with every casino that has been licensed to operate internet gambling recording increased revenue.”

Borgata casino took the lead in the revenue collection that hit $60.8 million, followed by Harrah’s, from Marina District, which recorded $30.8 million.

Icahn Enterprises Attains The Larger Share

Although the two casinos came in at number one and two in the collection of revenue, Carl Icahn’s Tropicana was the biggest beneficiary of the closure of Taj Mahal garnering $28.3 million. Carl’s company, Icahn Enterprises has 65% of the total shares in Tropicana Entertainment.

Prior to the closure, Caesars was dominating the Boardwalk. But with the closure of the resort on October 10, Tropicana is steadily gaining popularity.

As things are, Icahn Enterprises would have to play hard in order to remain at the top because there is stiff competition from other casinos in the region. Besides, many people started accepting Tropicana’s gaming vouchers after the closure of Taj Mahal. Before the closure, it was difficult to sell the vouchers.

However, billionaire Carl is optimistic that Donald Trump, will have a role in the growing of businesses rather than restrict them. There are even reports that he is working hard towards the reopening of Taj Mahal.

On what was seen as trust for someone who understands the dynamics of business, Mr. Carl said in a recent interview that there is nothing hard as working with people who have no idea of business.

“The problem with today’s business is working with people who do not posses any valuable knowledge on business. Those people make it difficult. It is easier when you find people with the right knowledge,” Icahn said.

AC Loses More Money

Although casinos record real money from casino gambling as the year ends, a lot of money is also lost from the city. That is the warning given by Moody Investors Service, a credit-reporting agency. The agency argues that this money will never be realized because of the stiff competition that is currently going on in neighboring states, making the online gambling industry smaller.

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Atlantic City Casinos Record A 3 Percent Rise In November 2016
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Atlantic City Casinos Record A 3 Percent Rise In November 2016
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fortune for Atlantic City casinos with owners making real money casino gambling a big deal. In aggregate, the casinos recorded $197.2 million in revenue, a figure that is 3% increment compared to the sum collected exactly a year ago.
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