The contraction of Atlantic City’s casinos due to a slump in the gambling market, has actually created a resurgence in profits. The New Jersey Division of Gaming Enforcement disclosed figures that show seven of the eight remaining casinos recorded profits after operating expenditures in the second quarter of this year.
The eight casinos, combined, reflected an increase of 28.3 percent in gross operating profit, which projects earnings before interest, taxes and other expenses. The Trump Taj Mahal–currently in dispute with its union over the omission of essential employee benefits–posted loss in operating revenue during the same quarter. Comparatively, the hotel suffered a $902,000 loss with nearly a $1.8 million profit in the second quarter last year, a decline of more than 150 percent.
The entire resort collectively brought in $132.1 million, compared with $103 million in during the same April, May and June months of last year.
If the four casinos that shut down last year–the Atlantic Club, Showboat, Trump Plaza and Revel–are factored into the margins, gross operating profits expand to more than $59 million. The gross operating profit figures are key indicators of profitability used in the Atlantic City casino industry.
The first half of the year showed surviving casinos operating on a profit of $213.4 million, up 27.4 percent