Surviving Atlantic City casinos see operating profit up 26 percent
As four Atlantic City casinos shut down last year, those that remained voiced optimism that their own performance would improve.
Now, the numbers show that’s exactly what is happening.
Figures released Friday by the state Division of Gaming Enforcement show the surviving eight casinos saw their gross operating profits rise by 26 percent in the first quarter of this year.
The casinos posted a collective operating profit of $81.3 million, up from $64.5 million in the same period last year.
The elimination of weaker casinos has left the survivors in better financial shape.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is a widely-accepted measure of profitability in the Atlantic City casino industry.
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