Atlantic City casinos' profits fell 27% in 2012

Atlantic City casinos' profits fell 27% in 2012

AP photo AP photo

By WAYNE PARRY | AP

ATLANTIC CITY, N.J. (AP) - Atlantic City's casinos saw their gross operating profits fall by more than 27 percent last year, even as revenue from non-gambling sources inched upward.

The city's casinos collectively posted $360 million in gross operating profits in 2012. They were hurt by having to close for up to a week for Superstorm Sandy.

Eight of the 12 casinos posted yearly profits, led by Harrah's Resort Atlantic City, with nearly $127 million. The Borgata was next at just under $120 million, but that figure represented a decline of more than 26 percent from last year.

Revel, which is in bankruptcy court, posted a $110 million operating loss from its April 2 opening through the end of the year.

The casinos' revenue from non-gambling sources increased by just under 3 percent.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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