Atlantic City’s struggling casino market saw gross operating profits fall in 2012 by more than 27%.
The weeklong closures forced by Hurricane Sandy in late October and early November were a factor in driving down the results, which also had the effect of offsetting a 3% increase in non-gambling revenues.
The 12 casinos, which still comprise the third-largest US market in terms of revenue, collectively posted US$360 million in gross operating profits. Eight recorded profits, led by Harrah’s Resort Atlantic City with nearly $127 million and The Borgata with just under $120 million.
Revel, which is in reorganization in US Bankruptcy Court, lost $110 million from its opening in April through the end of the year.
