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April 10th, 2018 8:26 AM

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 Monday.

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) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce



Posted in:General
Posted by James M. Hanson on April 10th, 2018 8:26 AMLeave a Comment

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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.

Residential Condominiums

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) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce


Posted in:General
Posted by James M. Hanson on March 5th, 2018 12:16 PMLeave a Comment

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Mark your calendars for 2018 Atlantic City Restaurant Week, which  will be held March 4-9.

Restaurant Week is a 6-day celebration of the culinary scene in Atlantic City.  

WHAT IS RESTAURANT WEEK:
Participating Atlantic City restaurants will offer fixed price, three-course meals at prices far below the normal cost:
  • Lunch: $15.18 per person
  • Dinner: $35.18 per person
  • Prices DO NOT include taxes, beverages or gratuity.

WHERE IS RESTAURANT WEEK:

More than 70 casino restaurants and independent restaurants throughout Atlantic County. See list below.

1)           A Touch of Italy
2)          AC Burger Co
3)          AC Country Club Tap Room Bar & Grill
4)          Angeline by Michael Symon
5)          Assaggio!
6)          Back Bay Ale House
7)          Bocca Coal Fired Bistro
8)         Breadsticks
9)          Broadway Burger Bar
10)      Buca di Beppo
11)       Buddakan
12)      Capriccio Italian Restaurant
13)      Careme's
14)      Carmine's NYC Italian Family Style Restaurant
15)       Casa Taco & Tequila Bar
16)      Chart House
17)       Coastal Craft Kitchen & Bar
18)      Coastal Grille at Stockton Seaview
19)      Continental Restaurant
20)     Cuba Libre Restaurant & Rum Bar
21)      Dock's Oyster House
22)     Eastwind Chinese Restaurant & Noodle Bar
23)     Fred & Ethel's Lantern Light Tavern
24)     Gallagher's Steakhouse
25)      Girasole Ristorante
26)     Golden Dynasty
27)      Gordon Ramsay Pub & Grill
28)     Grotto Restaurant
29)     Guy Fieri's Chophouse
30)     Harry's Oyster Bar & Seafood
31)      Il Verdi
32)     Iron Room @ Atlantic City Bottle Co.
33)     Izakaya Modern Japanese Pub
34)     Jimmy Buffett's Margaritaville
35)      Johnny's Cafe & Lounge
36)     Josephs Restaurant at Renault Winery
37)      Knife & Fork Inn
38)     Kwi Noodle House
39)     LandShark Bar & Grill
40)     Lillie's
41)      Los Amigos Restaurant
42)     Martorano's
43)     McCormick & Schmick's
44)     Metropolitan
45)      Mexico Restaurant & Bar
46)     Michael Patrick's Brasserie
47)      Morton's The Steakhouse
48)     Nero's Italian Steakhouse
49)     Nizam's II
50)     Noodle Village
51)       Noodles of the World
52)      Okatshe
53)      Olon
54)      OSHI Modern Asian Kitchen
55)      P.F. Changs China Bistro
56)      Palm Restaurant Atlantic City
57)      Phillips Seafood Restaurant
58)     Rainforest Cafe
59)      Ram's Head Inn
60)     Red Room Cafe
61)      Ruth's Chris Steak House
62)     Sage
63)     Seaside Cafe
64)     Smithville Inn
65)      Sofia Restaurant
66)     Steve & Cookie's By The Bay
67)      The Cellar 32
68)     The Inn at Sugar Hill
69)     The Wine Bar At The Marketplace
70)     Tomatoe's
71)       Twenties Bistro
72)      Vagabond Kitchen & Tap House
73)      Valentina's Trattoria Italiana
74)      Veracruz
75)      Vic & Anthony's Steakhouse @ The Golden Nugget
76)      Wingcraft Kitchen and Beer Bar
77)      Wolfgang Puck American Grille


Posted in:General
Posted by James M. Hanson on February 13th, 2018 7:08 AMLeave a Comment

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January 25th, 2018 10:05 AM

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.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce


Posted in:General
Posted by James M. Hanson on January 25th, 2018 10:05 AMLeave a Comment

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January 22nd, 2018 5:17 PM

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:

  • The FHA share of total applications increased to 11.7 percent from 11.1 percent the week prior.
  • The VA share of total applications decreased to 10.7 percent from 11.4 percent the week prior.
  • The USDA share of total applications increased to 0.8 percent from 0.7 percent the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.33 percent, from 4.23 percent, its highest level since March 2017.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.25 percent, from 4.16 percent, its highest level since March 2017.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.30 percent, from 4.16 percent its highest level since March 2017.
  • The average contract interest rate for 15-year fixed-rate mortgages increased to 3.77 percent, from 3.66 percent its highest level since January 2014.
  • The average contract interest rate for 5/1 ARMs increased to 3.62 percent, from 3.50 percent, its highest level since April 2011.

 


Posted in:General
Posted by James M. Hanson on January 22nd, 2018 5:17 PMLeave a Comment

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