Revel in Atlantic City Loses Money First 3 Months of Operation: Other AC Casinos See Profit

Written by:
Guest
Published on:
Aug/18/2012
Revel in Atlantic City Loses Money First 3 Months of Operation: Other AC Casino

ATLANTIC CITY, N.J. (Associated Press) — Atlantic City's newest casino lost $35 million in its first three months of operation, while the gambling resort's other 11 casinos posted an increase in gross operating profit.

In a report issued Friday by the state Division of Gaming Enforcement, Atlantic City's casinos excluding Revel showed a 12.5 percent increase in profit from the same period in 2011, from $136 million to $153 million.

However, revenues at the 11 casinos fell about 8 percent compared to 2011's second quarter, from $855 million to $785 million.

Revel opened in early April. It reported $55 million in net revenue in the second quarter, which placed it eighth among the 12 gambling halls. Borgata Hotel Casino & Spa led with $175 million, down 4 percent from a year ago.

Business/Financial News

PricePerPlayer Puts More Dollars in Your Pocket as a Bookie

The primary reason that someone goes into business is to make a profit selling a product or service. The main reason why so many people fail at accomplishing this goal is the lack of having the proper business tools to turn their dream into a reality. 

'Bitcoin Jesus' Fights Extradition Back to US

“They don’t like me, and they don’t like my political views, and they just came at me every which way,” Ver told Bloomberg News in an exclusive interview in late October.

Syndicate

Subscribe to Syndicate
More