Atlantic City's casino hotels saw operating profits fall 21.4 per cent in 2009, according to figures from the New Jersey Casino Control Commission. There was a 16.4 per cent decline in the fourth quarter alone.
Gross operating profits reached $739.5m last year, down from $940.9m in 2008. Net revenues, meanwhile, fell 13.2 per cent to $3.89bn. In the fourth quarter, operating profits for the city’s casinos totaled $110.2m, compared with $131.9m in the corresponding period in 2008. Net revenues fell eight per cent to $875.1m.
Commenting on the figures, Linda M Kassekert, Casino Control Commission chair, said: "Atlantic City’s casinos continued to be hurt by the weak economy and increasing competition in neighbouring states."
