Bad results for Atlantic City Casinos

Atlantic City's 11 land casinos have reported first-quarter gross operating profits down 38 percent on the same period in 2008, an Associated Press report reveals. The decline will not surprise industry observers, who have been tracking monthly declines since the year commenced.

The casinos earned $151.2 million in the first three months of 2009, compared with $243.8 million in the same period last year. Net revenues fell 16.2 percent to $925.2 million over the period.

The Borgata Hotel Casino & Spa led the city with gross operating profit of $47 million for the quarter, but that was still 16.6 percent below the first quarter of 2008.

Atlantic City is in the third year of a revenue decline that began when slots parlours started opening in the Philadelphia and New York City suburbs, and has been exacerbated by the more recent economic recession.

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