Atlantic City casinos reported today that they had seen a 35% drop in earnings during the 2013 fiscal year. Many are blaming the downturn on the slow recovering in the city after Sandy.
The 12 casinos which operated in Atlantic City during 2013 reported a combined gross operating profit of just over $235 million, down from $360 earned during the previous year.
However, all is not as bad as it sounds. Reporting on gross profit for the fourth quarter, casinos reported an up turn of 73% compared with the same period in 2012. Hurricane Sandy hit during the fourth quarter of 2012 and most of the top casinos in the area did face significant down turn in visitors, as well as some temporary holds in business as a result of the storm’s damage and impact upon the community.
Of all the casinos in Atlantic City, Tropicana seems to have fared best during the 2013 fiscal year, reporting a 47% jump in profit to just over $26 million. Faring worst during 2013 was Resorts, who saw a massive slump in profits by 54%.
While 2013 was a hard year on the local casinos, Atlantic City residents are optimistic that things will pick up this year. Casinos are now able to generate more revenue, thanks to the legalization of online gambling. In addition to this, the area is now almost fully rebuilt after the hurricane and, with the introduction of new direct flight paths into town, is hoping to see more visitors during 2014.