Atlantic City casino earnings fell 35 percent in 2013 - FOX 26 News | MyFoxHouston

Atlantic City casino earnings fell 35 percent in 2013

Posted: Updated:
By WAYNE PARRY

ATLANTIC CITY, N.J. (AP) - Atlantic City's casinos saw their earnings decline by nearly 35 percent last year, despite a late boost from Internet gambling revenue.

The 12 casinos that operated in 2013 (the Atlantic Club shut down in January of 2014) posted a collective gross operating profit of $235 million, down from $360 million in 2012.

For the fourth quarter of 2013, the casinos reduced their gross operating losses by more than 73 percent, to a loss of 5.7 million in the last three months of the year. That was compared with a loss of $21.6 million in the same period of 2012, when New Jersey was still reeling from the effects of Superstorm Sandy.

Gross operating profit includes earnings before interest, taxes, depreciation and other charges.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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