Atlantic City Casino Profits Down 27% To $360m In 2012

Atlantic City Casino Profits Down 27% To $360m In 2012Throughout 2012, Atlantic City casinos generated $3.05 billion in revenue, down 8% from the previous year. Now, the New Jersey Casino Control Commission has released its operating profit results for the whole of 2012, revealing a sharp 27% decline to $360.7 million compared with $497.6 million for 2011. The latest casinos figures for Atlantic City now marks seven years of straight decline for the state’s beleaguered gambling industry.
As well as suffering from a weak US economy and increased competition from casinos in nearby states, the east coast gambling resort also had to shut its casinos down for a week in 2012, in response to Superstorm Sandy, which came ashore on October 29th. Consequently, Atlantic City’s fourth quarter results were badly affected and the industry ended up with an $18.5 million operating loss in Q4 compared with an $81.4 million profit for the same period in 2011.
Despite all the setbacks, however, 8 of the New Jersey’s 12 casinos actually posted yearly profits throughout 2012, headed by Harrah’s Resort Atlantic City up almost 13% to $127 million; and The Borgata Hotel Casino & Spa down 26% to $120 million. Also recording profits was Caesars Atlantic City down 5% to $82.8 million; Bally’s Atlantic City up 25% to $61.2 million; Showboat Casino Hotel down 2.6% to $47.1 million; The Trump Taj Mahal Casino Resort down 20% to $44 million; the Tropicana Casino and Resort up 2% to $18 million; and Trump Plaza, which recorded a profit of around $10 million.
On the other side of the coin, Revel posted a $110 million loss during 2012; followed by The Atlantic Club Casino Hotel down $19 million; The Golden Nugget Atlantic City with an $11 million loss; and Resorts Casino Hotel with a $7.7 million loss.
Throughout 2012, Atlantic City casinos also recorded an almost 3% improvement in revenue from non-gambling sources. This included $519 million from renting hotel room (up 2.2%); $551 million on food and beverage sales (flat) and $193 million on entertainment and other revenues (up 15%).

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