Trump Entertainment first quarter loss narrows
The company reported a loss of us$ 8.1 million versus a loss of us$ 9.7 million in the prior year. Analysts polled by Thomson Financial forecast a loss of 25 cents per share.
Total costs and expenses declined to us$ 214.7 million from us$ 219.4 million.
Revenue for the quarter dipped 1 percent to us$ 234.3 million from us$ 237.7 million a year ago due to a us$ 3.8 million drop in gaming revenue. The company said the gaming revenue decline was primarily a result of increased competition in the neighboring states of Pennsylvania and New York as additional gaming capacity was added in these markets.
Trump’s Taj Mahal casino in Atlantic City posted a slight revenue increase during the quarter. Analysts had estimated revenue at us$ 238.6 million.
"Although gaming revenue declined, our cash room, food and beverage revenues increased 12 percent over the first quarter of last year, and our property level payroll expense declined by over $4 million or nearly 5 percent," Chief Operating Officer Mark Juliano said in a statement.
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