A report by the Atlantic City Casino Control Commission has confirmed the worst fears of many in the casino industry, a 17% fall in gross profits for the first quarter of this year and the possibility that it will get worse before it gets better. Gross profits for the States casino industry totalled some $243.8 million but the performance amongst individual casinos was mixed to say the least.
The main loser was the Tropicana Casino and Resort whose former owners lost their gaming licence last winter and were forced to put the casino up for sale. The loss for the quarter was reported at a substantial $30 million – a massive hit for just one casino. While there were another eight casinos which announced losses for the quarter there were a number of companies announcing profits, albeit at a lower level than for the same period last year.
The Atlantic Commission have shown that they are prepared to do whatever is needed to keep the integrity of the State’s casino operations intact. The decision to strip the former Tropicana Casino and Resort owners of their licence was not taken lightly, but it has served as something of a warning to others.
A report by the Atlantic City Casino Control Commission has confirmed the worst fears of many in the casino industry, a 17% fall in gross profits for the first quarter of this year and the possibility that it will get worse before it gets better. Gross profits for the States casino industry totalled some $243.8 million but the performance amongst individual casinos was mixed to say the least.