Atlantic City Casino Profits Drop by 35 Percent
The 12 casinos that operated in Atlantic City in 2013 (the Atlantic Club was shuttered in January) posted a collective gross operating profit of $235 million for the year, down from $360 million in 2012, according to press reports. For the fourth quarter of 2013, the casinos reduced their gross operating losses by more than 73 percent, to a loss of $5.7 million in the past three months of the year. That was compared with a loss of $21.6 million in the same period of 2012, when New Jersey was recovering from the effects of Superstorm Sandy. The Tropicana Casino and Resort saw the largest jump in earnings for the year, increasing by more than 47 percent to $26.5 million.