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Atlantic City casino third quarter profits up
Amid the doom and gloom in the Atlantic City gaming market, there was a rare piece of good news with four AC casinos posting higher third quarter operating profits.
New Jersey Division of Gaming Enforcement’s quarterly financial report showed higher gross operating profits at Borgata, Tropicana, Resorts Casino, and Golden Nugget compared to the same period in 2013.
The third quarter is traditionally the industry’s strongest period, including the peak summer tourist season, which overall was up 7% year over year, bringing in a combined $147.5 million surplus.
Resorts Casino Hotel was the standout performer, posting a gross profit of $4.9 million, compared to just $708,000 last year.
Golden Nugget profits jumped 165% to $5.6 million, while both Borgata and Tropicana had high double-digit increases reflecting the less intense competition for gambling dollars after four high profile closures this year.
The four remaining operating casinos – Harrah’s Resort Atlantic City, Caesars Atlantic City Hotel & Casino, Bally’s Atlantic City and the bankrupt Taj Mahal continue to struggle financially.
Taj Mahal is scheduled to close December 12 adding another 3,000 workers to the 8,000 casino staff who have already lost their jobs this year.
The fate of Taj Mahal hinges on ongoing talks with the Unite Here Local 54 union.
A last minute concession by the casino owners, headed by investor Carl Icahn, to restore health care and pension benefits may yet save the casino from closure.
The union has not yet officially responded to the latest proposal.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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