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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.



Gambling News :

Oink Country Love Slot Launches - Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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