ATLANTIC CITY CASINOS REPORT SIGNIFICANT YEAR-TO-YEAR DROP

200px-Borgata_Hotel_Casino_and_Spa_svgAtlantic City casino hotels reported a 21.4 percent decline in gross operating profits in 2009, including a 16.4 percent decline in the fourth quarter alone, according to figures released Monday by the New Jersey Casino Control Commission. Gross operating profits totaled $739.5 million in 2009 compared to $940.9 million in 2008. During the same period, net revenues fell 13.2 percent to $3.89 billion. “Atlantic City’s casinos continued to be hurt by the weak economy and by increasing competition in neighboring states,” said Casino Control Commission Chair Linda M. Kassekert. Borgata led the industry with gross operating profits of $204.4 million in 2009, an increase of 1.6 percent over 2008. Harrah’s Atlantic City reported gross operating profits of $148.5 million, a 9.5 percent decline over the prior year. Gross operating profits at Bally’s Atlantic City fell by 9.6 percent to $117.1 million.

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