Profits up in thinned-out Atlantic City casino market
Less competition has led to greater profits for most of Atlantic City’s casinos that survived a painful shrinkage of the city’s gambling market.
Figures released Monday by New Jersey’s Gaming Enforcement Division show seven of the eight surviving casinos posted increases in gross operating profit in the second quarter of this year.
Collectively, the eight casinos posted an increase of 28.3 percent in gross operating profit, which reflects earnings before interest, taxes, and other charges.
Only the Trump Taj Mahal posted an operating loss in the quarter. It saw a $902,000 loss, compared with a nearly $1.8 million profit in the second quarter last year.
The casino is battling with its union over the elimination of key employee benefits and could soon be hit with a strike.
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