NJ casino revenue tops $4 billion

Tuesday, Jan. 5, 1999 | 11:24 a.m.

ATLANTIC CITY, N.J. -- New Jersey's casinos continue to rake it in, winning more than $4 billion from gamblers for the first time.

The unofficial 1998 figures, obtained by The Press of Atlantic City, represent a 3.23 percent increase over 1997.

In December alone, the casinos won $288.3 million, an increase of 3.5 percent over the same month in 1997.

"It's a decent performance," said gaming analyst Brian Egger of Donaldson Lufkin & Jenrette, a New York investment bank.

But, he said, the supply of slot machines increased by 6 percent, suggesting the resort did not keep pace with the new capacity.

Timothy Wilmott, president of Harrah's Atlantic City, said the industry finished the year on a high note. Slot-machine revenue, which is the strongest indicator of consumer interest in the casinos, increased by 5.8 percent over the final three months of 1998.

"Finally, some of the strength that's occurred in the economy in the rest of the U.S. is reflecting in retail business in the Northeast," he said.

Bally's Park Place reported a 14.9 percent gain. And Caesars Atlantic City, which completed a $280 million casino and hotel expansion in June, improved its winnings by 10.5 percent.

Harrah's, benefiting from a full year of its $81 million hotel tower and other additions, improved its winnings by 7.8 percent.

Trump Taj Mahal took in more than any other Atlantic City casino at $524.7 million, but that was actually 0.8 percent less than it took in during 1997.