Atlantic City Casino Earnings Fall Nearly 45 Percent
Atlantic City's 12 casinos saw their collective earnings fall by nearly 45 percent in the second quarter of 2013, state regulators said Thursday.According to figures released by the state Division of Gaming Enforcement, the casinos made just over $65 million in profits during the second quarter, down from nearly $118 million in the same period last year.
The biggest gain was posted by the Tropicana Casino and Resort, whose quarterly profits were up nearly 28 percent to $12.6 million. Caesars Atlantic City had a quarterly profit of $24.2 million, up 17.4 percent from last year's second-quarter profit of $20.6 million.
Four of the 12 casinos posted operating losses in April, May and June.
The Golden Nugget Atlantic City saw a gross operating loss of $6.5 million for the quarter, up from a $3.5 million loss in the same period last year.
Revel Casino Hotel, which emerged from bankruptcy court in May, saw its quarterly loss grow to $40.8 million, up from $35.1 million in the second quarter of 2012.
Resorts Casino Hotel posted a $1.3 million quarterly loss, compared to a $199,000 profit in the same period last year.
And the Atlantic Club Casino Hotel reduced its operating loss by more than half, to $2.3 million from $5.2 million in the same period last year.
Trump Plaza Hotel Casino, which has been struggling as badly as any casino in Atlantic City, posted $211,000 gross operating profit for the quarter, compared with a profit of nearly $13 million in the second quarter of 2012. The Trump Taj Mahal Casino Resort saw an operating profit of $5.6 million, compared to a profit of nearly $21 million in the same period last year.
The Showboat Casino Hotel had a profit of $9.5 million, down more than 31 percent from last year's second-quarter profit of $13.8 million. Harrah's Resort Atlantic City had an operating profit of $25 million, down nearly 27 percent from last year's second-quarter profit of $34.2 million, and Bally's Atlantic City saw a profit of $10.7 million, down 38 percent from last year's second quarter profit of $17.3 million.
The Borgata Hotel Casino & Spa had a profit of $28.1 million, down 11.3 percent from last year's second-quarter profit of $31.7 million.
For the first half of the year, the casinos' collective earnings are down by more than 54 percent, to $106 million, compared with $232 million in the same period a year ago.
The casinos' total revenue figures, which add hotel room, food and beverage and entertainment revenue to the amount they won from gamblers, was $1.9 billion for the first half of this year, down nearly 10 percent from the same period a year ago.
Revel had by far the most expensive average hotel room cost in the second quarter at $151.26; the Borgata was next at $130.18, and Caesars at $99.28. The cheapest average hotel room was at the Atlantic Club at $60.59, followed by Resorts at $75.73.
Gross operating profit includes earnings before interest, taxes and other charges, and is a widely accepted measure of profitability in the casino industry.
(Copyright 2013 by The Associated Press. All Rights Reserved.)