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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.



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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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