Atlantic CityIt is the latest in a series of upbeat financial reports after the seaside gaming resort was rocked by the closure of five of its 12 casinos since 2014. The surviving seven appear to have regained their footing in a slimmed-down market with less competition close by.
"If there were any doubt about the health of Atlantic City’s casino industry, these results should lay them to rest,” Levinson said. "It’s clear to me that the industry has stabilized and operators are showing healthier bottom lines. With the summer upon us, there are a host of concerts, festivals and other events over the next several months that should help casinos continue to grow.”
Gross operating profit reflects earnings before interest, taxes, depreciation and other charges. It’s a widely accepted measure of profitability in the gambling industry.
The Borgata had the highest operating profit at US$ 61.4 million, an increase of nearly 29 % from the first quarter last year. Harrah’s had an operating profit of US$ 23.7 million, which was down 11.3 % from the same period last year, and Caesars had an operating profit of US$ 20.1 million, up 31.6 % from the first quarter of last year.
Among internet-only entities, Caesars Interactive-NJ had an operating profit of US$ 2.3 million, down 6.6 % from last year, and Resorts Digital saw a US$ 570,000 profit, compared with a US$ 1.1 million loss in the first quarter of last year.
Source: GMB / Philly.com
