Atlantic City Casino Profits Fell 7.4% in 2011

Atlantic City's casinos saw their gross operating profits decline by 7.4 percent last year, to just under $495 million.

Figures released Wednesday by the state Division of Gaming Enforcement show the 11 casinos operating at the end of last year (there are 12 now, with Revel's opening Monday), posted a gross operating profit of $494.9 million. That's down from $534.6 million in 2010.

It was the latest discouraging news for Atlantic City, which recently lost its status as the nation's No. 2 casino market to Pennsylvania.

Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges. It is a widely accepted measure of profitability in the casino industry.

The city's hotel occupancy rate held steady at just over 82 percent last year.

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