Slots Drive Atlantic City Business Down
Published: Friday, May 18, 2007 Online-Casinos.com
PENNSYLVANIA AND N.Y. SLOTS PARLOURS DRIVE ATLANTIC CITY BUSINESS DOWN
Net income at Atlantic City's 11 casinos fell 54 percent in the first quarter
Associated Press has reported on an alarming decline in the net income of Atlantic City's 11 casinos, which fell 54 percent in the first quarter compared to a year ago.
The primary cause for the dip appears to be new slots parlors in Pennsylvania and New York, which may cause the industry to experience its first down year since legalised gambling started in Atlantic City in 1978.
State regulators revealed this week that net revenues fell 3.1 percent, and gross operating profit fell 5.8 percent for the quarter. The 11 casinos had gross operating profit of $297.4 million for the three months ending March 31, compared to $315.6 million for the same period in 2006, according to figures released by the state Casino Control Commission.
It wasn't all bad news, however - some operations fared better than others. Gainers in gross operating profit were led by Resorts Atlantic City, up 26.6 percent to $6.45 million; Caesars Atlantic City Hotel Casino, up 16.9 percent to $40.79 million; Tropicana Casino and Resort, up 11.5 percent to $31.65 million; and Trump Taj Mahal Casino Resort, up 9.1 percent to $29.63 million.
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