Atlantic City's casinos reported a 38 per cent decrease in operating profits in the first quarter of the year, according to figures published by the New Jersey Casino Control Commission.
Gross operating profits totalled $151.2m for the three-month period, compared with $243.8m for the same period last year. Net revenues fell by 16.2 per cent for the period to $925.2m.
The Borgata led the industry with gross operating profits of $47m for the quarter, a decrease of 16.6 per cent. Harrah’s reported gross operating profits of $32.7m, down 15.8 per cent. Bally’s reported $27.2m in gross operating profits, a decline of 14.3 per cent, and Trump Taj Mahal reported gross operating profits of $20.4m, a decrease of 18.7 per cent.
