![]() Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
|
Gaming News
Atlantic City Casinos Results Mixed19 August 2004ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "While the Borgata has done much to enliven casino gaming in town and is contributing to an expanding market, it had a mixed impact on the industry's second-quarter earnings. "Combined net revenue at the city's 12 casinos was up more than 8 percent but gross operating profits fell 0.7 percent compared to the same quarter last year, according to figures released Tuesday by the Casino Control Commission. "Gross operating profit, a measure of cash flow and a key component in determining casino profitability, slid to $326.7 million from $329 million in the second quarter of last year. "Borgata Hotel Casino & Spa was the leader in gross operating profit, contributing $54.2 million during the April-through-June period, its first second-quarter showing since opening in July 2003. "Only the Showboat Casino Hotel had a second-quarter increase in gross operating profit, up 3.1 percent at $33.8 million. "…Harrah's Atlantic City held the line on expenses but its net revenue fell more than $7 million, resulting in a 15 percent drop in gross operating profit. "… Resorts Atlantic City's expenses were up $3 million while it lost more than $1 million in revenue. Gross operating profit fell 35.6 percent - the largest drop in the city - to $6.8 million. "…Trump Taj Mahal Casino Resort cut expenses by nearly $4 million but lost $7 million in net revenue, for $32.3 million in gross operating profit…" |