No jackpot for Jersey casinos

August 19, 2008 6:51:55 PM PDT
It's another down quarter for Atlantic City's casinos. The city's 11 gambling halls lost more than $39 million during the second quarter ending June 30. That compares to a profit of almost $35 million in the second quarter of 2007.

Gross operating profits are also off 16.5 percent. That's a measure that excludes interest, taxes, depreciation and other charges.

Only the Harrah's Resort Atlantic City recorded a gain in quarterly gross operating profit.

New Jersey's casino industry is heading toward its second consecutive year of declining revenue.

The seaside gambling halls have been hurt by new slot parlors in New York and Pennsylvania. Rising gas prices and a partial smoking ban that's due to be expanded this fall have also cut into business.

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