The news was the same overall for Atlantic City’s casinos during the second quarter of 2013, but onl

The news was the same overall for Atlantic City's casinos during the second quarter of 2013, but only four of the twelve saw declines in revenue. Division of Gaming Enforcement numbers said earnings fell by nearly 45 percent, compared to the same period a year ago.
The Courier Post reported that the Golden Nugget Atlantic tour operators insurance City lost $6.5 million, and Resorts Casino Hotel lost $1.3 million. tour operators insurance The Atlantic Club Casino Hotel dropped $2.3 million, but even that was a significant reduction from the $5.2 million they lost in the second quarter of 2012.
Revel Casino Hotel, who hopes they can't lose in August, did in the second quarter numbers. The Courier Post reported that Revel lost $40.8 million, increasing from $35.1 million over the period a year ago.
The biggest gains were shown by Tropicana Casino and Resort and Caesars Atlantic City. Online Gambling News reported that Tropicana's profits were $12.6 million, up about 28 percent from the period in 2012, while Caesars made $24.2 million, more than 17 percent better tour operators insurance than a year ago.
Trump Plaza Hotel Casino, Trump Taj Mahal Casino Resort, Showboat Casino Hotel, Harrah's Resort Atlantic City, and Bally's tour operators insurance Atlantic City also kept their operating profits in the plus column, although many of the profit margins were way down.
Borgata Hotel Casino Spa had the highest operating profit among Atlantic City's casinos with $28.1 million, according to Joe Lupo senior vice president of operations. tour operators insurance But their numbers were down 11 percent.
The press releases by the NJ Division are continually misusing the word and concept of "profit". For most companies the financial implication from being profitable, means you owe income tax to the IRS. But when the NJ authorities report profits, they are referring to EBITDA, earnings before interest, taxes, depreciation and amortization. And in NJ, it also means before the 1.25% payment to the CRDA. Ironically, Revel, the property most in financial tour operators insurance distress, allowed the AC casino industry to show a net profit of over $700 million in the 2nd quarter, because tour operators insurance they wrote off $1.3 billion of debt in their reorganization. Analyzing the other 11 casinos, 3 actually reported net income, Atlantic tour operators insurance Club, Showboat tour operators insurance and Tropicana, but the Atlantic Club's positive showing had to do with the $11 million non refundable deposit they received in their sale agreement.
If we eliminate Revel from the analysis of the industry's most recent performance, the EBITDA improves from $65 million to $106 million; but then we need to subtract depreciation of $58 million, inter company charges of $31 million, interest of $64 million and CRDA payments of $5 million; resulting in a pre tax loss of $51 million. Then non operating adjustments, like a write down of asset values, or a refund tour operators insurance of real estate taxes, added another $8 million of losses and net IRS tax refunds of $14 million bring the final results to an after tax loss of $44 million. Since depreciation is a write down of the value of fixed assets, we actually have cash on hand, as long as we don't replace tired furniture or slot machines, leaking windows, heating and air conditioning systems, tour operators insurance kitchen equipment and on and on. One of the reasons for Borgata's continuing success is the money they re-invest tour operators insurance in their property, where other properties like Caesars, has a corporate balance sheet that does not permit much cash to replace assets and refurbish their properties. We need an accounting class for some that cover gaming to better understand a financial statement, so that we aren't tour operators insurance continually overstating the health of AC's casino industry.