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ATLANTIC CITY PROFITS PLUNGE IN FIRST QUARTER 2013
Thursday May 23,2013 : ATLANTIC CITY PROFITS PLUNGE IN FIRST QUARTER 2013
Gross operating profits dive 63 percent in the first three months of 2012
The New Jersey Division of Gaming Enforcement released figures this week that highlight the dramatic decline in the fortunes of Atlantic City land casinos, with gross operating profits plunging 63 percent in the first three months of 2013.
The 12 land USA casinos posted a collective gross operating profit of $41.4 million...down from $114.4 million in the same period last year. Total revenue for the quarter was off around 10.5 percent to $919.6 million.
Excluding Revel, which opened in April 2012, seven of Atlantic City's casinos saw their profits decline in the first quarter.
Industry executives remained optimistic despite the depressing numbers, with Gary Loveman, CEO of Caesars Entertainment, commenting that the city's outlook for the future is improving.
"The news is quite good," he said, "We've been through a difficult time. We are now in a period where we can feel more optimistic."
Much of that hope for the future rests on the success of online gambling in the Garden State now that the necessary laws are in place and progress is being made toward implementation before the end of the year.
Nevertheless, the independent Office of Legislative Services in the state put something of a damper on optimistic viewpoints when it questioned Gov. Chris Christie’s projections for the sector’s tax revenue potential.
Christie’s advisers have estimated that up to $180 million in tax revenues could flow from internet gambling legalisation in 2014, but OLS chief David Rosen says this is not realistic, and that tax revenues next year are unlikely to exceed $30 million.
That prompted a tart response from Christie, who told the Bloomberg news agency that Rosen may have "lost it" or was perhaps "playing at politics."
3 Top Bitcoin Poker Sites -
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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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