Less competition has led to greater profits for most of the casinos in Atlantic City, US.
Figures released this week by the New Jersey Division of Gaming Enforcement show seven of the eight surviving casinos posted increases in gross operating profit in the second quarter of this year. Collectively, the eight casinos posted an increase of 28.3 per cent in gross operating profit, which reflects earnings before interest, taxes and other charges. Only the Trump Taj Mahal, which is in dispute with its union over the elimination of key employee benefits and could be hit with a strike soon, posted an operating loss in the quarter. It saw a $902,000 loss, compared with a nearly $1.8m profit in the second quarter last year, a decrease of more than 150 per cent. In April, May and June of this year, Atlantic City collectively earned $132.1m, compared with $103m in the same period last year. Four of the city's 12 casinos shut down last year - the Atlantic Club, Showboat, Trump Plaza and Revel. When those four are included in the comparison, the increase in gross operating profit swells to more than $59m because unprofitable casinos that were on the verge of closing are part of the calculations.
