ATLANTIC CITY — The city’s casinos saw a 22.5 percent
jump in gross operating profits in 2017 and a 5 percent increase in net gaming
revenue over the previous year, according to state gaming numbers released
Nearly all of the city’s seven operating casinos made
significant gains in 2017, according to data from the state Division of Gaming
Enforcement, reporting nearly $133 million more in gross operating profit than
in 2016, when there were eight casinos open in the city. Trump Taj Mahal Casino
Resort closed in October 2016.
Overall casino net revenue, including online gaming,
increased to more than $2.67 billion for the 12-month period ending Dec. 31,
compared with $2.5 billion among current operators for the same period in 2016.
Internet gaming accounted for more than $25 million in
operating profits in 2017.
Borgata Hotel Casino & Spa once again led the way,
reporting more than $290 million in profits last year, up 19.5 percent.
Tropicana Atlantic City saw the largest percentage
increase in both profit and net revenue in 2017 compared to 2016. The casino
reported nearly $92 million in profit in 2017, while in 2016 the figure was
just shy of $54 million, an increase of 71 percent. Trop’s net revenue
increased 12.1 percent to $386 million in 2017.
Harrah’s Resort, while reporting the only profit decrease
last year, still took in more than $115 million. The year prior, it reported an
operating profit of more than $119 million.
Resorts Casino Hotel — which is celebrating its 40th
anniversary this year — experienced a 23.6 percent increase in operating profit
in 2017. The city’s first casino took in $23.165 million in profits last year,
compared with $18.7 million in 2016.
The fourth quarter of 2017 also saw significant gains
over the same period in 2016. Net revenue was up 2.9 percent last year compared
to the prior year, while operating profits increased $43 million, or 36.5
percent, to $161.5 million in the final quarter.For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
Residential Single Family
Gloucester had a 1.8% decrease in the number of homes for sale during January and is slightly above the 2017 level compared to an 13% shortfall throughout the region. The Months Supply of Inventory is at 5.3 months, down from 6.0 months a year ago.
The median sold price in January was up 2.3% from last January. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $201,000 compared $190,000 last January, a 5.8% increase.
Sales were up 8.3% compared to last January, but foreclosure sales were up 26% from January 2017 and comprised 34% of all sales in January. Normal sales were up 1.7% from January 2017. The Property Marketing Period was 61 days, down from 64 last January.
The sold price to original list price ratio of 94.5% was within the normal range of 93-95%. In January the sold price to list price ratio was at 97.6% compared to 97.0% last year.
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
U.S. home sales slid 3.6 percent in December, as rising prices and a declining number of available properties stifled purchases.
The National Association of Realtors said Wednesday that sales of existing homes fell last month to a seasonally adjusted annual rate of 5.57 million units. Despite the monthly setback, sales totaled 5.51 million in 2017. That was the highest level since 2006, yet it marked a slight 1.1 percent gain from 2016 as the months’ supply of properties on the market fell to the lowest level ever recorded by the Realtors.
Post holiday demand in housing and indications of a strong economy led to an increase in mortgage applications last week. The Market Composite Index, a weekly measure of mortgage loan application volume reported by the MBA, increased 4.1 percent on a seasonally adjusted basis from a week earlier. On an unadjusted basis, the index increased 32 percent compared with the previous week.
The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 35 percent compared with the previous week and was 7 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 52.2 percent of total applications from 52.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.2 percent of total applications.
The report included the following highlights: