Atlantic City Q1 casino earnings down nearly 12 percent

Atlantic City’s seven casinos all remained profitable during the first quarter of this year, but those profits are shrinking even as two competitors prepare to join the market.

Figures released Tuesday by the state Casino Control Commission show Atlantic City’s casinos posted a gross operating profit of $123.6 million, down 11.7 percent from the first three months of 2017.

The figures are significant because, while all seven casinos are currently profitable, there is concern over whether two new casinos will re-expand the market to an unsustainable size.

Five of Atlantic City’s 12 casinos have closed since 2014, and the survivors have done well in a slimmed-down market.

But on June 28, the former Trump Taj Mahal will reopen as Hard Rock, and Revel will reopen as Ocean Resort.

This article provided by NewsEdge.