Atlantic City Casinos' Winnings Increase for June
18 July 2005
According to the New Jersey Control Commission, Atlantic City casinos reported a total of $404.4 million in winnings this June, constituting a 2.3 percent increase compared to last year during this period.
This year, casino winnings have skyrocketed to a high of $2.4 billion for the first half of the year, which means an increase of 2.1 percent, compared to the first half of 2004. The $307.4 million in slots winnings, as well as $96.9 million in winnings at table games, can be seen as major factors leading to this increase.
While slot revenues have increased by 3.4 percent, table revenues seem to have fallen by 0.9 percent. In the meantime, gaming halls have paid $32.3 million in taxes on gross revenues for the month, and this money, which equals 8 percent of incurred revenue, goes straight into the Casino Revenue Fund, which finances programs that are beneficial to people with disabilities, as well as the elderly.
The casinos are obligated to reinvest 1.25 percent of gross revenues in ventures that are permitted by the Casino Reinvestment Development Authority. They have accumulated $1.5 million for these reinvestment obligations.
With an increase of 15.6 percent in gaming revenues, the champion was the Tropicana Casino and Resort, making it the only double-digit increase for the month. Credit for this success is due to the Quarter, the new retail and dining complex that has been added to the Tropicana. Seven out of the dozen Atlantic City casinos increased this month, but the only hotel to suffer a double-digit loss was the Sands Casino Hotel.
Source: Authorized Online Casinos News Staff
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
