Revel loses $35 million; other casinos gain
Aug. 18, 2012ATLANTIC CITY — 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.
[Since revenues declined, it would seem cost-cutting increased profits.]
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.
http://www.courierpostonline.com/article/20120818/NEWS01/208180309/Revel-loses-35-million-other-casinos-gain
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