Atlantic City Casinos See Revenue Drop In Q1Gross Operating Profit Also Down Year-Over-Year |
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The results are in for the first quarter of this year.
According to financial reports filed with the New Jersey Division of Gaming Enforcement, total revenue from the eleven casino hotels open in both 2013 and 2014 was $868.2 million for the first quarter of 2014, compared to $881 million for the same period in 2013.
The Atlantic Club casino closed in January.
Atlantic City casino firms had a gross operating profit of $38.7 million during the first quarter of 2014, down from $42.2 million in 2013.
The occupancy rate for the city’s casino hotels open for the entire first quarter was 70 percent, a slight improvement from the 69.4 percent occupancy rate from the same quarter last year.
The figures include revenue and costs from online gambling, which began late last year. Revenues from those games are now more than 11 million per month.
While Atlantic City continues to fight against its decline, some state lawmakers are already talking about allowing a casino elsewhere in the state. Others are itching to see the state allow its casinos to offer sports betting, but that has been an expensive battle.
One of the issues with online gambling growth is that some financial institutions have been rejecting deposits onto New Jersey-sanctioned online gambling sites.
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