Atlantic City's casinos continue to struggle in the face of tough economic conditions, with a report from the New Jersey Casino Control Commission showing that gross operating profits slumped 25.2 per cent in the first quarter of the year.
Gross operating profits for the city’s casinos totalled $111.2m for the first three months of the year, down from $148.7m a year earlier. Net revenues fell by eight per cent to $850.8m.
The Borgata generated gross operating profits of $39.4m, a decrease of 16.1 per cent, while Harrah’s reported a profit of $29.8m, down 8.8 per cent. Caesars, meanwhile, saw a decline of 12.8 per cent to $17.2m.
Bally’s reported a decrease of 34.5 per cent to $15.5m, Trump Taj Mahal experienced a 40.9 per cent fall to $12.1m and Showboat reported gross operating profits of $10.1m, a decline of 29 per cent.
The Tropicana - now under new ownership - was the only casino to report an increase in profits for the quarter with $5.1m, a rise of 6.2 per cent.
