It has been reported that Atlantic City casinos are continuing to take on massive losses. Gambling revenues from the 11 AC casinos during the third quarter of 2010 -- July, August and September -- were down 24.3 per cent from the
same period in 2009.
An article on newjerseynewsroom.com explains that gross operating profits totaled $209.8 million in the third quarter, compared to $277 million for the same period last year.
The report states that for the first nine months of 2010, gross operating profits for the casinos were down 23.6 per cent to $472.5 million. In the same period, net revenues decreased by seven per cent to $2.8 billion. Net income, rose to $150.8 million compared to a net loss of $771.9 million.
Casino Control Commission Chairwoman Linda M. Kassekert was quoted as saying, "While earnings have been hurt by lower gaming revenues, there are clear signs of strength in these results. People are spending more money on rooms, meals and entertainment."
(With files from newjerseynewsroom.com)
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