Atlantic City Profits Take Extreme Hit In First Quarter

The New Jersey gambling town of Atlantic City has released its financial results for the first quater of 2013, a quarter in which profits dropped 63% from the same period in 212.

During the period, the city's 12 casinos brought in just just $41.4 million in profits, a huge decline from the $114.4 million from the first quarter last year. The city's complete revenue for the period was $919.6 million, down 10.5% for the quarter.

It is thought that legalized internet gambling can help Atlantic City turn its fortunes around, but even the projected numbers are disputed by industry analysts. The state believes that it can bring in $180 million tax revenues during the Garden State's first full year in operation, but the independent Office of Legislative Services is predicting revenues of just $30 million in 2014.

Even with the dismal numbers and conflicting predictions for the cyber betting industry, casino executives remain optimistic. Speaking about his company's outlook Caesars Entertainment Gary Loveman said, "The news is quite good. We've been through a difficult time. We are now in a period where we can feel more optimistic."