Atlantic City Casino Profit Down Almost Half In Fourth Quarter

Atlantic City casino owners have come up with nearly every excuse they could for the decline of revenue at their casinos. After the latest news from the New Jersey Casino Control Commission, the owners may have to start thinking about an alternative form of income.

The Commission released figures that show gross operating profits being down a whopping forty-six percent in the fourth quarter of 2008. In 2007, the last three months made the casinos $244. For 2008, that same time period produced $1323 million.

Those numbers are particularly disturbing to casino owners who thought just a year ago that the city was on its way back to prominence in the casino industry. There were many renovation projects planned and also new casino resorts in the works.

Now, in less than a year, the renovation projects have stopped and the casino expansion has been dealt a major blow from the economy. Two major projects have been stopped permanently, leading to concern that the city will ever regain its distinction as a casino gambling playground.

While the news was much worse than in the fourth quarter of 2007, all eleven casinos still came out profitable over the previous year. The profit margin, however, cannot shrink much farther before the casinos have to make some difficult decisions.

The entire year of 2008 produced lower numbers than the year before. The operating profits for the year were $941 million. In 2007, the profits were $1.25 billion.

April 2, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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