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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."
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Gambling News :
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
Team Hot Launches -
#teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.
Netent Q3-2016 Earnings Report -
#netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.
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