Report: Atlantic City Casino Profits StabilizingLast Edited:
The resort town's casinos saw their gross operating profits increase by 7.3 percent for 2016, according to a new report.
Figures released on Friday, April 7th, by the New Jersey State Division of Gaming Enforcement show that the eight casinos collectively earned an operating profit of more than $587 million. When the now-closed Trump Taj Mahal Casino is removed from the equation, the figure rises to a 9-percent profit increase for the remaining seven casinos (Borgata, Resorts, Golden Nugget, Harrah's, Bally's, Caesars, and Tropicana).
The Taj Mahal closed in October and was sold to Hard Rock International last week.
The Borgata posted the largest profit with nearly $245 million. Gross operating profit reflects earnings before interest, taxes, and other charges, and is a widely accepted measure of profitability in the casino industry.
The figures provide new evidence that Atlantic City's casino industry is stabilizing after a brutal three-year period in which five of its 12 casinos shut down.
SNJ Today is a Southern New Jersey news and information source that is dedicated to providing current stories related specifically to South Jersey.
Do you have community news or events? Email firstname.lastname@example.org, text SNJNews to 313131, or call 856.825.NEWS (6397).