DeSanctis said Revel is doing better than projected in terms of the number of visitors, adding the c

(US).- The 11 casinos in Atlantic City that were in operation last summer saw their profits increase by 2.3 % in the third quarter of this year, non-gambling revenue was up, and hotel occupancy rose. However, the 12th casino, Revel, is losing money.
Profit and loss figures released by the state Division of Gaming Enforcement showed that the city's casinos - excluding Revel - reported a gross operating profit of us$ 186.4 million in June, July and August. In the same period last year, which included three days in August when the casinos were closed by Tropical Storm Irene, the figure was us$ 182.1 million.
For the first nine months of 2012, gross operating profit hotels atlanta excluding Revel was nearly us$ 454 million, up 9 percent from the same period last year. Gross operating profit reflects earnings before hotels atlanta interest, taxes, depreciation, and other charges. It is a widely accepted measure of profitability in the gambling industry.
The third-quarter hotels atlanta figures represent the three months before Superstorm Sandy hit and forced the casinos to close for five to seven days. But when Revel is included, things hotels atlanta go south in a hurry. Revel, which has struggled since it opened hotels atlanta in April, reported a gross operating loss of nearly us$ 37 million for the quarter.
With Revel in the mix, Atlantic City's casino profits as a whole declined by nearly 18 percent hotels atlanta from the same period last year, to us$ 149.5 million. Kevin DeSanctis, Revel's CEO, said the casino-resort will improve as it ages. He also stressed that Revel relies less on casino earnings than its competitors. "We have work to do on the gaming front, but we are certain that Revel has the potential to become the beachfront destination on the East Coast," he said. "While it always takes time, post-opening, to achieve the results we know we are capable of, we are making progress. Our business model is new to Atlantic City and it's unrealistic to expect Revel's new business model to resonate with those who have known Atlantic City as a purely gaming destination over the past 30 years."
DeSanctis said Revel is doing better than projected in terms of the number of visitors, adding the casino is on pace to book 80,400 group-business nights from September 2012 to Sept. 2013. "We have an operational plan in place to drive top- and bottom-line growth," he said.
Harrah's Resort Atlantic City had the highest gross operating profit in the quarter at us$ 42.6 million, hotels atlanta up more than 29 percent. Caesars hotels atlanta Atlantic City had a profit of us$ 36.2 million, also up more than 29 percent. The Borgata Hotel Casino Spa showed an operating profit of us$ 34.4 million, but that was down more than 33 percent from the third quarter of last year.
Bally's Atlantic City showed a us$ 19 million operating profit for the quarter, up nearly 11 percent; the Showboat Casino Hotel had an us$ 18 million profit, up 7.7 percent; the Trump Taj Mahal Casino Resort had a us$ 16.7 million hotels atlanta profit, down 18.5 percent; and the Tropicana Casino and Resort had a us$ 16 million operating profit, a decline of just over 4 percent.
hotels atlanta The Golden Nugget Atlantic City reported a quarterly profit of us$ 2.4 million, up more than 13 percent from last year; Trump Plaza Hotel and Casino had a us$ 2.35 million operating profit, down nearly hotels atlanta 34 percent; and Resorts Casino Hotel had a us$ 694,000 quarterly profit, a not-insignificant sum for a property that has been struggling to get back into the black for two years after it nearly had to close. Resorts posted a nearly us$ 5 million third-quarter loss in 2011. The Atlantic Club Casino Hotel lost us$ 2.35 million hotels atlanta in the third quarter, a 4.3 percent improvement over the us$ 2.45 million they lost in the third quarter of last year.
The latest figures did include some encouraging news for the industry, including a 17 percent quarterly increase in revenue from rooms, food and beverages, entertainment and other sources. The number of occupied hotels atlanta room nights exceeded hotels atlanta 1.56 million, a new quarterly record, and an increase of 11.6 percent over the same period last year.