Internet gambling startup costs shrink Atlantic City casino earn - My9 New Jersey

Internet gambling startup costs shrink Atlantic City casino earnings

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By WAYNE PARRY | AP

ATLANTIC CITY, N.J. (AP) - Startup costs associated with Internet gambling, and the closure of one casino in January, lowered Atlantic City's casino earnings by 8.4 percent in the first quarter of this year.

Figures released Thursday by the state Division of Gaming Enforcement showed the casinos had a gross operating profit of $38.7 million.

But the numbers get better when the Atlantic Club, which closed on Jan. 13, and Caesars Interactive, the online entity that does not own a bricks-and-mortar casino, are excluded.

Without the Atlantic Club or Caesars Interactive, the Atlantic City casinos saw an increase in gross operating profit of 4.6 percent for the quarter.

Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is a widely accepted indicator of profitability in the casino industry.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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