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Borgata on roll but Trump Plaza, Hilton, Resorts suffer
The 11 Atlantic City casinos reported an 11.7 percent decrease in gross operating profits for July, August and September, according to figures released Wednesday by the state Casino Control Commission.
Gross operating profits totaled $280.7 million for the period compared to $317.9 million for the same period last year. Net revenues fell by 12.6 percent for the period to $1.11 billion.
The Borgata led the industry with gross operating profits of $69.5 million, a 14.2 percent increase, but Trump Plaza reported $6.3 million in gross operating profits, a 61.9 percent decline, the Atlantic City Hilton earned $888,000 in gross operating profits, down 72.6 percent, and Resorts earned $706,000 in gross operating profits, a 78.7 percent decline.
Harrah's reported gross operating profits of $48.4 million, a 7.2 percent decline from the same period last year. Bally's Atlantic City earned $40.4 million in gross operating profits, 6.9 percent less than a year ago. Trump Taj Mahal reported gross operating profits of $34.9 million, down 1.5 percent.Caesars earned $34.6 million in gross operating profits, down 28.9 percent and Showboat reported $20.9 million in gross operating profits, a decline of 14.3 percent compared to the same period last year. Tropicana reported a 21.5 percent decline in gross operating profits to $17.6 million; Trump Marina earned $6.5 million in gross operating profits, down 14.4 percent.
Gross operating profit represents earnings before interest, taxes, depreciation, amortization and charges from affiliates. After those and other non-operating charges, the industry reported a net loss of $103 million compared to a loss of $80 million for the same period a year ago.
For the first nine months of the year, gross operating profits for the 11 casinos were down 22.2 percent to $629.3 million. In the same period, net revenues decreased by 14.6 percent to $3 billion.
After significant write-downs of goodwill and the book value of several casinos earlier this year, the properties reported a combined net loss of $771.9 million compared to a net loss of $150.5 million for the first nine months of last year.
The number of occupied room nights was up in the quarter and in the nine-month period. But because of an increased in the number of rooms, the hotel occupancy rate for the quarter fell slightly to 93.6 percent for the quarter compared to 93.9 percent in the third quarter last year and to 84.6 percent for the nine-month period compared to 90.6 percent.
Copies of the quarterly reports are available on the commission's web site.
– TOM HESTER SR., NEWJERSEYNEWSROOM.COM
Oh yes another quick story , I asked for a room another time after gambling all day and i spent about 700 and was going to spend more but i was getting tired. they said no so i called a slot host and i was told if i put 8,000 dollars into an account i would get a room. I left and didnt go back for about 3 years. I live an hour away and i can go all i want but not to get treated like that.
They have put all their loyalty to the very big spenders and now they are choking. now that all you hear are losses losses i am going even less no matter how many comps they give. Go to vegas skip ac