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Atlantic City's 11 land casinos have reported first-quarter gross operating profits down 38% on the same period in 2008, an Associated Press report reveals. The decline will not surprise industry observers, who have been tracking monthly declines since the year commenced.
The casinos earned $151.2 million in the first three months of 2009, compared with $243.8 million in the same period last year. Net revenues fell 16.2% to $925.2 million over the period.
The Borgata Hotel Casino & Spa led the city with gross operating profit of $47 million for the quarter, but that was still 16.6% below the first quarter of 2008.
Atlantic City is in the third year of a revenue decline that began when slots parlours started opening in the Philadelphia and New York City suburbs, and has been exacerbated by the more recent economic recession.
Source: InfoPowa News