Third-quarter gross operating profits fall 18 percent in Atlantic City casinos
Atlantic City's casinos saw a 17.9 percent decrease in gross operating profit during the third quarter of 2012 compared to the same period in 2011, according to industry-wide figures released today by the Division of Gaming Enforcement.
Gross operating profit for the industry, including Revel, was $149.5 million in the third quarter of 2012, compared to the $182.1 million the properties posted in the third quarter of the previous year, when Revel had not yet opened.
Aside from Revel, which reported a $36 million gross operating loss, only Atlantic Club was in the red, with a gross operating loss of $2.3 million at the end of the quarter. Without Revel, the 11 other casinos would have seen a combined 2.3 percent increase for the quarter.
The 12 casino properties posted $949 million in total net revenue — a 1.6 percent increase from $933 million posted for last year's third quarter, when Revel did not yet exist.
On the heels of the release of its numbers, Revel announced it is in discussions with its lenders to provide additional capital for liquidity and certain gaming projects. Though it is still negotiating the amount, Revel said it expects to obtain the additional funding within 45 days.
While casino revenue declined in the third quarter, the DGE reported net revenues in food, entertainment and rooms rose by 3.8 percent, excluding Revel, and 17 percent counting Revel.