Atlantic City Casino Profits Sink 46% in Fourth Quarter

03.04.2009, Evidence that Atlantic City has been hit hard by the recession became more apparent on Thursday when the city’s casinos reported a 45.8 percent drop in fourth-quarter profits.

Evidence that Atlantic City has been hit hard by the recession became more apparent when the city’s casinos reported a 45.8 percent drop in fourth quarter gross operating profits.

The New Jersey Casino Commission announced the decline on Thursday along with a 24.6 percent year-over-year drop in 2008 overall casino profits.

“Last year was a particularly challenging one for Atlantic City’s casino industry,” said Linda M. Kassekert, the commission’s chair, in the results statement. “The decline in revenues and gross operating profits reflect the decline in overall economy as well as the continued increase in competition from gaming operations in neighboring states.”

According to the commission, gross operating profits totaled $940.9 million in 2008 compared to $1.25 billion in 2007. During the same period, net revenues fell 7.1 percent to $4.48 billion.

Additionally, the commission said the 2008 fourth quarter, casinos posted gross operating profits of $131.9 million compared to $243.5 million in the same period a year earlier. Net revenues were at $951.6 million -- a 14.9 percent decline.

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