Not even a rise from the comparison with the incredibly slow span after Superstorm Sandy along with Internet gambling cash could keep Atlantic City's casinos from finding a huge drop in their own gains in 2013.
The casinos found their gross operating profits fall by almost 35 percent this past year.
For the fourth quarter of 2013, the casinos reduced their gross income operating losses by over 73 percent, into a loss of $5.7 million in the previous three months of the entire year. That was compared using a loss of $21.6 million in an identical span of 2012, when New Jersey was still reeling in the ramifications of Superstorm Sandy.
Gross operating profit is a widely recognized measure of profitability in the casino sector, and comprises gains before interest, taxes, depreciation along with other costs.
Atlantic City's casinos have found the sales and gains drop since soon after the very first Pennsylvania casino opened in late 2006.
The Tropicana Casino and Resort found the greatest jump in gains for the entire year, rising by over 47 percent to $26.5 million. The Borgata Resort Casino & Resort found its gain increase by significantly less than 2 percent, to $121.6 million for the entire year.
The Golden Nugget Atlantic City cut its operating loss from $11.4 million in 2012 to $10.4 million last year.Harrah's Resort Atlantic City found its operating profit for the year autumn by 19.5 percent to $102.1 million; the Showboat Casino Hotel found its gain fall by almost 28 percent to $34 million.
Resorts Casino Hotel found its operating losses widen by over 54 percent, to $12.2 million, regardless of the opening of its Margaritaville complex this past year. Resorts continues to be approved for Internet gambling since a year ago, but has not been able to offer it because its on-line partner, PokerStars, was suspended for 2 years by the state. Resorts says it expects offering Internet gambling sometime in 2013, but offered no details.
Bally's found its gains drop by over 45 percent, to $33.4 million, and Caesars found its profits drop by 16 percent to $69.5 million. Their on-line affiliate, Caesars Interactive Entertainment NJ, posted a gross income operating loss of almost $1.3 million. It started online gambling operations on Nov. 21.
Revel Casino Hotel, which will be seeking a buyer, found its operating loss widen by 17.4 percent for the entire year, to $130.2 million.
The Atlantic Club had cut its operating loss by almost 34 percent, to $12.7 million. However, the progress was too little, very late; the casino was purchased in a bankruptcy court auction by Tropicana Entertainment and Caesars Entertainment, who split its assets and shut it down on Jan. 13.
Casino regulators took heart in raises in food and drink sales and room leases in the fourth quarter of the entire year -- even when they were due mainly to the comparison with all the conclusion of 2012 when the casinos shut for five to seven days due to Sandy, then saw their business languish for months as customers cleaned up and strived to reconstruct their storm-damaged houses.
Matt Levinson, chairman of the New Jersey Casino Control Commission, said this past year receipts in the luxury tax, resort tax, tourism tax and sales tax reach record highs.
"These numbers demonstrate that Atlantic City's casinos are continuing to widen their attractiveness along with the casino sector's focus on developing non-gambling amenities is certainly bearing fruit," he said.
The casinos found their gross operating profits fall by almost 35 percent this past year.
For the fourth quarter of 2013, the casinos reduced their gross income operating losses by over 73 percent, into a loss of $5.7 million in the previous three months of the entire year. That was compared using a loss of $21.6 million in an identical span of 2012, when New Jersey was still reeling in the ramifications of Superstorm Sandy.
Gross operating profit is a widely recognized measure of profitability in the casino sector, and comprises gains before interest, taxes, depreciation along with other costs.
Atlantic City's casinos have found the sales and gains drop since soon after the very first Pennsylvania casino opened in late 2006.
The Tropicana Casino and Resort found the greatest jump in gains for the entire year, rising by over 47 percent to $26.5 million. The Borgata Resort Casino & Resort found its gain increase by significantly less than 2 percent, to $121.6 million for the entire year.
The Golden Nugget Atlantic City cut its operating loss from $11.4 million in 2012 to $10.4 million last year.Harrah's Resort Atlantic City found its operating profit for the year autumn by 19.5 percent to $102.1 million; the Showboat Casino Hotel found its gain fall by almost 28 percent to $34 million.
Resorts Casino Hotel found its operating losses widen by over 54 percent, to $12.2 million, regardless of the opening of its Margaritaville complex this past year. Resorts continues to be approved for Internet gambling since a year ago, but has not been able to offer it because its on-line partner, PokerStars, was suspended for 2 years by the state. Resorts says it expects offering Internet gambling sometime in 2013, but offered no details.
Bally's found its gains drop by over 45 percent, to $33.4 million, and Caesars found its profits drop by 16 percent to $69.5 million. Their on-line affiliate, Caesars Interactive Entertainment NJ, posted a gross income operating loss of almost $1.3 million. It started online gambling operations on Nov. 21.
Revel Casino Hotel, which will be seeking a buyer, found its operating loss widen by 17.4 percent for the entire year, to $130.2 million.
The Atlantic Club had cut its operating loss by almost 34 percent, to $12.7 million. However, the progress was too little, very late; the casino was purchased in a bankruptcy court auction by Tropicana Entertainment and Caesars Entertainment, who split its assets and shut it down on Jan. 13.
Casino regulators took heart in raises in food and drink sales and room leases in the fourth quarter of the entire year -- even when they were due mainly to the comparison with all the conclusion of 2012 when the casinos shut for five to seven days due to Sandy, then saw their business languish for months as customers cleaned up and strived to reconstruct their storm-damaged houses.
Matt Levinson, chairman of the New Jersey Casino Control Commission, said this past year receipts in the luxury tax, resort tax, tourism tax and sales tax reach record highs.
"These numbers demonstrate that Atlantic City's casinos are continuing to widen their attractiveness along with the casino sector's focus on developing non-gambling amenities is certainly bearing fruit," he said.