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Revenues of Atlantic City casino record a growth of 1.6 percent in the second quarter


Revenues of Atlantic City casino record a growth of 1.6 percent in the second quarter

Atlantic City casino revenue witnessed an increase of 1.6 percent compared with the same period in 2017.

The statistics released by the New Jersey Division of Gaming Enforcement show the casinos reported a gross operating profit of $171.4 million in the second quarter on Wednesday .

Regulators initially reported a decline in the profits, but they later corrected themselves. The biggest decline was seen at the Borgata which saw its profits slump by more than 20 percent to under $53 million.

The largest increase in the profit was recorded at Resorts whose profit surged 64 percent to more than $9 million.

Gross operating profit reflects earnings that were largely free of the impact of the two casinos that reopened this year in the city.

"These numbers show that the profits have gone up and it is an improvement in the new competition," said the chairman of the New Jersey Casino Control Commission, James Plousis.

"I believe that the addition of sports betting, entertainment and the new amenities which will continue to expand the industry," he added.

Harrah's profit of $31.5 million was up to 20.2 percent from the second quarter of 2017.

The financial reporting requirements affected the quarter's earnings.

 The Ocean Resort Casino had reported an operating profit of $860,000 while as Hard Rock casino has recorded a loss of $2.1 million. In the first six months, the casinos reported a profit of $294.4 million whereas it has reported a loss of 4.6 percent from the same period of the previous year.