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Gambling: Atlantic City Casino Profits Drop Almost 50%
The economic recession in the USA continues to play havoc with the 11 casinos and resorts in Atlantic City, according to a report from the New Jersey Casino Control Commission this week.
The resort city's casinos are making less from food, lodging and other amenities as well as a reduction in gambling, the Commission reports.
Gross operating profits at Atlantic City's casinos were $131.9 million for the quarter - down 45.8 percent from the $243.5 million the casinos made in the same period in 2007. Revenue for the quarter was $951.6 million - down nearly 15 percent from the fourth quarter of 2007.
And for the full year 2008, operating profits were $941 million - down nearly 25 percent, whilst revenues dipped by $4.48 billion - down more than 7 percent.
Gross operating profits, which represent earnings before accounting for interest, taxes, depreciation and other charges, is considered a better comparison among casino properties than net income.
Looking at the industry's net income, casinos lost more than $900 million in the 4th quarter and $1.5 billion for the year 2008.
Linda M. Kassekert, chairwoman of the commission, said the industry's problems come from a combination of the recession and ramped-up competition from casinos and slot parlours in neighboring states....and the state's push to attract more customers with nightlife and high-end dining did not deliver the results hoped for.
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Gambling News :
Amaya FY2016 Trading Update -
The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.
LeoVegas To Sponsor Leicester Tigers -
The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.
Optima Information Services iShop -
Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.
New Massachusetts Online Gambling Bill -
It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.
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