Tuesday November 25,2014 : ATLANTIC CITY PROFITS UP IN THIRD QUARTER
Internet revenues and the absence of losses from failed land casinos see a 7.2 percent rise.
The absence of losses from failed land casinos, along with the new revenues from online gambling launched a year ago, have helped Atlantic City gambling venues to achieve a 7.2 percent rise to $147.5 million in gross operating profit in the third quarter ended September 2014.
Associated Press reports that the numbers include comparisons with four casinos that incurred substantial losses and have since closed.
Taken in isolation, the eight Atlantic City casinos currently operating posted a 3.4 percent increase in gross operating profit to $152.3 million in Q3-2014.
But for the first nine months of 2014, the eight casinos still operating reported an operating profit of $319 million, down 1.5 percent from the corresponding period last year.
Resorts Casino Hotel – an operation with which Pokerstars is hoping to partner if it can achieve New Jersey licensing – posted the largest rise in gross operating profit at $4.9 million, up nearly 600 percent from the $708,000 it earned in the third quarter of last year.
The other success story in the quarter was the Golden Nugget, which delivered a Q3 operating profit of $5.6 million, up 165 percent from the third quarter of last year.