Altantic City 12 Casinos Net Income Down - Gross Profits Up

As reported by the Associated Press, net income for Atlantic City casinos fell almost 75 percent in the second quarter of 2006 compared to a year ago, even though gross profit was up 8.5%.

The 12 Atlantic City casinos had gross operating profits of $355.9 million for the three months from April-June, compared to $327.9 million for the same period in 2005, according to figures released by the state Casino Control Commission. Revenue rose 4.8 percent to $1.27 billion for the quarter.

However, that was the gross profits which were up 8.5%, which excludes interest, taxes, depreciation and other charges. The net income was down due in large part to the emergence of the three Trump casinos from bankruptcy.

The quarterly profits do not take into account the three days that Atlantic City casinos were shut down due to the New Jersey government buget impasse which took place in July, after the June 30 quarterly cutoff date.

August 18, 2006
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!

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