The sad and sorry state of affairs in Atlantic City is only getting sadder and sorrier by the day. The latest beat-down incurred by the once proud gambling destination occurred yesterday when the New Jersey Division of Gaming Enforcement released the revenue figures of the AC’s 12 casinos in the second quarter of 2013.
Needless to say, the numbers are pretty ugly.
According to the numbers released by the state regulator, 12 casinos’ collective earnings fell by nearly 45 percent to just over $65 million in the said time period, a steep drop from the $118 million it earned in the same period last year. And that was when Atlantic City was already huffing and puffing its way to just even stay relevant.
The good news – and take that phrase in the loosest of definitions – is that eight of the 12 casinos posted quarterly profits, albeit not by much, and still far from how it did the previous year. Not surprisingly, only two of the 12 casinos improved its numbers this year with the biggest profit gain coming from the Tropicana Casino and Resort at $12.6 million, almost 28 percent better than what it did last year.
Caesars Atlantic City also had a positive run in the second quarter of the year, improving its quarterly profit to $24.2 million, 17.4 percent better than the $20.6 million it earned in the same time last year.
Most of the casinos in Atlantic City still posted profits in one shape or another, although a lot of their 2Q 2013 numbers failed to even get into the ballpark of the numbers it did in the same time last year. The Borgata Hotel Casino & Spa, considered as the most profitable of the 12 casinos, saw its profit drop 11.3 percent to $28.1 million compared to the $31.7 million it earned in the second quarter of 2012.
Meanwhile, Harrah’s Resort Atlantic City earned an operating profit of $25 million in the second quarter of the year, down almost 27 percent from last year’s numbers. The Showboat Casino Hotel also lost out mightily, taking in a modest profit of $9.5 million, 31 percent worse than in the same period a year ago. And then there’s Bally’s Atlantic City, which reported a profit of just $10.7 million, 38 percent worse than its $17.3 million in earnings it made last year.
But the distinction for having the biggest and most precipitous fall in earnings belong to the Trump Taj Mahal Casino Resort and the Trump Plaza Hotel, two casinos that only netted $5.6 million and $211,000 in earnings, respectively. These numbers are significantly lower than the $21 million and almost $13 million the two casinos earned last year.
Of the 12 casinos in the gambling town, four posted operating losses in the second quarter of the year, including the Golden Nugget Atlantic City, which saw a gross operating loss of $6.5 million for the quarter, up from a $3.5 million loss in the same period last year; Resorts Casino Hotel, which netted a $1.3 million quarterly loss, a sharp about-turn from the $199,000 in profit it earned in the same period last year; and Revel, which saw its quarterly loss rise to $40.8 million compared to $35.1 million last year.