Tuesday April 8,2014 : ATLANTIC CITY'S WOES WORSENED IN 2013
New official numbers show a 35 percent decline in gambling profits.
Official numbers just released show that Atlantic City's fortunes continued to wane last year, with gross operating profits down by almost 35 percent on 2012.
Associated Press reports that Atlantic City casinos posted a collective gross operating profit of $235 million, down from $360 million in 2012.
Things were a little better in the fourth quarter, when the casinos reduced their gross operating losses by more than 73 percent, to a loss of $5.7 million in the last three months of the year. That was compared with a loss of $21.6 million in the same period of 2012, when New Jersey was badly impacted by Superstorm Sandy.
Competition from neighbouring states and the economic climate have all contributed to Atlantic City's decline in recent years, costing thousands of jobs and billions in corporate losses.
The region has only another two-and-a-half years before Governor Chris Christie carries out his threat to consider the expansion of gaming to other parts of the state of New Jersey.
Only two of Atlantic City’s land casinos were able to boast improvements in gross operating profit: the Tropicana Casino and Resort increased earnings by more than 47 percent to $26.5 million, whilst the Borgata Hotel Casino & Spa saw a more moderate improvement of just 2 percent in profit to $121.6 million for the year.