Atlantic City see earnings shrink in Q1
AC casinos see shrinking earnings for Q1
Figures released Thursday 22nd May from the state Division of Gaming Enforcement in Atlantic City showed that the casinos there had a gross operating profit of $38.7 million for the first quarter of 2014.
However the figures get better once you remove Caesars Interactive which has no actual physical presence as a casino operator and the Atlantic Club which closed in January.
Without those two gross gaming profit for casinos rose by 4.6%, compared to a fall of 8.4% when included. That’s because Caesars Interactive lost $7.1 million for the quarter, which was put down to startup costs and one time expenditures.
The Atlantic Club operated for 12 days in January before shutting down, compared to 2013 which it operated for the full month.
Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is the benchmark of profitability for casino operators.
New Jersey’s fledgling Internet gambling industry won $43 million from gamblers for the first quarter of 2014, but it suffered its first-ever monthly decline in April, to $11.4 million compared with $11.9 million in March.
