Atlantic City Casino Profit Up 61 Percent In 3rd Quarter
ATLANTIC CITY, N.J. (AP) — Atlantic City's casinos saw their gross operating profits increase by 61 percent in the third quarter of this year.
Figures released Monday by the state Division of Gaming Enforcement show the eight casinos turned a collective profit of $237.4 million in July, August and September.
That's compared to the $147.5 million in profit they posted in the same period last year.
Each casino saw an increase in operating profit, ranging from 41 percent at the Tropicana to nearly 182 percent at the Trump Taj Mahal.
But the large percentage increases are more a reflection of how bad it was in the third quarter of last year, when four Atlantic City casinos that went out of business last year closed their doors. The Showboat (Aug. 31), Revel (Sept. 2) and Trump Plaza (Sept. 16) all shut down in the third quarter of 2014.
For the first nine months of this year, the casinos' collective gross operating profit was $450.9 million, an increase of 67.5 percent over the same period last year.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is a widely accepted measure of profitability in the Atlantic City casino industry.
Net revenue for the quarter was $783 million, up 5 percent from the same period a year ago.
Hotel room occupancy in what is typically the busiest period for Atlantic City's casinos was nearly 92 percent in July, August and September, which was slightly below the figure for the same period last year. The Borgata had the highest average room rate at $141.58, while the Golden Nugget was the lowest at $82.12.
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