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Aug 19, 2008 2:52 pm US/Eastern
Atlantic City Casinos Report Loss For 2nd Quarter
ATLANTIC CITY (AP) ―
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Atlantic City's 11 gambling halls lost $39.4 million in the second quarter, compared to a profit of $34.8 million in the 2007 second quarter.
CBS
Atlantic City's
11 gambling halls lost $39.4 million in the second quarter, compared to a
profit of $34.8 million in the 2007 second quarter.
The balance sheets were
not much better when measuring gross operating profit, which is considered a
better comparison between casino properties. It excludes interest, taxes,
depreciation and other charges.
Gross operating profit
for the second quarter fell 16.5 percent to $247.3 million, according to
figures released Tuesday by the state Casino Control Commission.
The seaside gambling
halls have been hurt by new slot parlors in New York
and Pennsylvania,
rising gasoline prices, and a partial smoking ban.
The industry is heading
toward its second consecutive year of declining revenue.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
