SEARCH NEWS:

 

Atlantic City casinos post record results

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "The gaming industry overcame the loss of the Sands Casino Hotel and an unprecedented three-day shutdown over the summer to post a record $1.4 billion in gross operating profits for 2006.

"Paced by double-digit growth at four of the 12 casinos, earnings rose 5 percent for the year and 4 percent in the fourth quarter, according to figures released Wednesday by the New Jersey Casino Control Commission.

"…Casinos also showed growth in net revenue, which increased 4 percent in 2006 to a record $5.07 billion. Net revenue was up nearly 2 percent in the fourth quarter, to $1.2 billion.

"A robust fourth quarter helped offset a summer shutdown that cost the industry an estimated $50 million to $55 million in revenue. Casinos closed down July 5-7 when New Jersey's state budget crisis forced gaming inspectors off the job for the first time ever.

"Moreover, the fourth quarter was strong despite the demise of the Sands, which closed for good Nov. 11 to make room for development of a new $1.5 billion megaresort in its place.

"Atlantic City Hilton Casino Resort, Bally's Atlantic City, Trump Plaza Hotel and Casino and Tropicana Casino and Resort all posted double-digit increases in gross profits for the year. Earnings at Trump Marina Hotel Casino, Trump Taj Mahal Casino Resort and Caesars Atlantic City rose by single digits…"

copyrighted material written for and appeared exclusively in The Press of Atlantic City

< Gaming News