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Weak 2012 Revenues for Atlantic City

Thursday April 4, 2013 : 2012 REVENUES WEAK FOR ATLANTIC CITY
 
Atlantic City land casinos' profits fell by more than 27 percent last year.
 
The tale of woe that is Atlantic City continued last year, with land casinos suffering a collective fall of 27 percent in profits during 2012, underlining yet again the urgency of finding a solution to the steady decline in the seaside gambling haven's fortunes.
 
Associated Press reported Wednesday that the city's land casinos collectively posted $360 million in gross operating profits in 2012, year in which they suffered from the loss of business caused by Superstorm Sandy.
 
Eight of the 12 casinos posted yearly profits, led by Harrah's Resort Atlantic City, with nearly $127 million, a nearly 13 percent increase from a year earlier. The Borgata Hotel Casino & Spa was next at just under $120 million, but that figure represented a decline of more than 26 percent from 2011.
 
Caesars Atlantic City saw a profit of $82.8 million, down more than 5 percent from 2011; Bally's Atlantic City saw a profit of $61.2 million, up more than 25 percent, and the Showboat Casino Hotel had a profit of $47.1 million, down 2.6 percent.
 
The Trump Taj Mahal Casino Resort saw a profit of just under $44 million, down more than 20 percent from 2011; the Tropicana Casino and Resort saw a profit of just under $18 million, up 2 percent, and Trump Plaza, which was recently sold to a California company, saw a profit of just under $10 million, an increase from their 2011 year-end profit of $2.6 million.
 
The $2 billion investment Revel enterprise, which is now in bankruptcy court, posted a $110 million operating loss from its April 2 opening through the end of the year.
 
Other casinos which posted losses included The Atlantic Club Casino Hotel, which is in the process of being bought by the Rational Group parent of the Pokerstars online gambling company, with a loss of more than $19 million for the year.
 
The Golden Nugget Atlantic City posted an $11 million loss, compared with a much smaller operating loss of $2.2 million in 2011, and Resorts Casino Hotel posted a $7.7 million loss, but that was an improvement of more than 36 percent from the $12.2 million loss it posted in 2011.
 
2012 was the seventh year of a revenue decline that began shortly after the first casino opened in neighbouring Pennsylvania and New York, AP reports.



Gambling News :

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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