Profits Drop By Over 15 Percent For Atlantic City Casinos

Profits Drop By Over 15 Percent For Atlantic City Casinos

The profits for Atlantic city casinos are down by 15% for the financial year ending 31 December 2018. The gross opening profit fell 15.4% to $582 million.

According to the figures released by the New Jersey Division of Gaming Enforcement, only two of the twelve casinos in the Atlantic city have reported an increase in operating profits for 2018.

In a statement to the press James Plousis, chairman of the New Jersey Casino Control Commission agreed that making profits has been demanding he was optimistic and asserted, “But the resort added thousands of jobs and many exciting new amenities, which position us well for continued growth.”

While the Golden Nugget casino grossed $45 million in operating profit up 12.5 percent, Tropicana posted $93.4 million up 1.4 percent.

Amongst the biggest losers for 2018, Borgota’s profits slumped by 18.8 percent to $206 million. Caesar’s profits were slashed by 15.4% to 79.6 million. Harrah’s and Bally’s profits dipped 6.5 percent to 109.3 million and 5.7 percent to $79.6 million respectively.

Also, both Hardrock and Ocean Resort lost $9.1 million and $17.8 million.

Hard Rock President Joe Lupo told the Associated Press that “The launch of a new property and the acquisition of new customers are always costly, but we’re very happy with the volumes and momentum into 2019.”

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