NJ casino operating profits drop 46%

April 2, 2009 11:46:10 AM PDT
New Jersey's Casino Control Commission says gross operating profits at Atlantic City's casinos were down nearly 46 percent in the fourth quarter of 2008. Casino operations made $132 million in the last three months of the year - down from $244 million in the same period a year earlier.

The commission says the operating profits for the year were $941 million - down from $1.25 billion in 2007.

Revenue was down not only from the gambling floors, but also for hotel rooms and food and drinks.

The resort is facing greater competition for gamblers in the Northeast and contending with the recession.

All 11 casinos still managed to have positive gross operating profits for the year.

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