News Column

BRIEF: Six A.C. casinos had operating losses in first quarter

May 22, 2014

By Harold Brubaker, The Philadelphia Inquirer



May 22--Six of 11 casinos in Atlantic City had gross operating losses in the first quarter, the New Jersey Division of Gaming Enforcement reported.

Four of the five casinos with operating gains in the quarter ended March 31 reported declines from last year. In aggregate, gross operating profits for those four casinos -- Borgata, Caesars, Harrah's, and Showboat -- fell 35 percent, to $50.36 million from $77.83 million.

Tropicana was the exception. Its gross operating profit soared to $32.09 million this year from $1.98 million thanks to the way it accounted for a property-tax settlement.

Revel, Atlantic City's newest casino, cut its gross operating loss nearly in half, to $21.75 million from $40.78 million.

Also noteworthy are the results of the Golden Nugget, which has had strong increases in revenue. Despite that growth, the casino between the Borgata and Harrah's in the Marina District had a gross operating loss of $1.8 million in the quarter.

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(c)2014 The Philadelphia Inquirer

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Source: Philadelphia Inquirer (PA)


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