Atlantic City is poised for long-term economic growth, according to new tourism indicators.
Parking and lodging fees at Atlantic City casinos were both up in the second quarter from a year earlier, according to a
“While 12-month trailing totals for both indicators declined in response to the 2014 casino closures, and briefly declined or plateaued in response to the closure of the Taj Mahal in 2016, they have since shown slow and steady growth year-over-year,” Pandit said in a statement. “Growth in the June 2018 Lodging Fee (6%) and Parking Fee (2%), compared to June 2017, is further evidence of this long term trend.”
The report said casino parking fees have seen “significant shifts” during the past decade as a result of shuttered and re-opened gaming properties. To account for fluctuation, the report presented a per supply rate rather than total fees with the most current data showing $199 of casino parking fees per 100 spaces in June 2018, up from $196 a year earlier. July 2017 was the best month for the year-long period studied at $221.
Atlantic City added
“The additions to the supply of the casino hotel rooms and parking spaces in Atlantic City in June 2018 were not enough to significantly impact the per supply performance of any of the three Atlantic City Tourism Performance Indicator measures for the month,” said Brian Tyrrell, professor of Hospitality and Tourism Management Studies at Stockton University. “Though the new resorts were open for three days at the end of June, they did not have either a positive or negative impact on the three indicators. We will be able to better gauge the impact of these openings when the third quarter results become available.”
The new casinos combined with a growth in sports betting terminals helped
Atlantic City general obligation bonds are rated in deep junk territory at Caa3 from Moody’s Investors Service and CCC-plus from S&P Global Ratings.
