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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."
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
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.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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