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Profit Up 61% in 3rd Quarter for Atlantic City Casino
- November 24, 2015 By Samantha A. -
The casino’s in Atlantic City saw their gross profits increased by 61% during the third quarter of 2015.
These figures were released by the states Division of Gaming Enforcement on Monday. The reported figures showed that eight casinos within Atlantic City grossed a collective profit of around 237.4 million dollars during the months of July, August and September. This is a major increase of 89.9 million dollars in profit that was reported for the same time period in the previous year.
The results that have been reported this year show that the casino operations are in fact stabilizing after going through several difficult years. Each one of the eight casinos has reported a significant increase during the third quarter of this year. The reported increases in profits were due to the increase in gaming, beverage and food, as well hotel revenues and the fact that there were as decrease in expenses at each of the properties.
The increases in the profit margin in these eight casinos ranged from 41% at the Tropicana to nearly 182% reported at the Trump Taj Mahal.
These very large increases in profit are more of a reflection of how bad it has been for the previous year, when four of the Atlantic City Casinos were forced to close their doors. The Trump Plaza which closed its doors on September 16, the Revel which closed its doors on September 2, and the Showboat which closed its doors on August 31, note that all of these casinos shut down during the third quarter of this past year.
During the first nine months of 2015, these casinos have a collective gross profit of 450.9 million dollars which is an increase of 67.5 million dollars compared to the same time period of last year.
These gross operating profits reflect earnings before any interest, depreciation, taxes, as well as any other charges and is considered an accepted measure of profitability within the Atlantic City Casino Industry.