Profits up again in slimmed-down Atlantic City casino market

Collectively, the eight casinos posted an increase of 28.3 percent in gross operating profit, which reflects earnings before interest, taxes and other charges. Only the Trump Taj Mahal, which is in dispute with its union over the elimination of key employee benefits and could be hit with a strike soon, posted an operating loss in the quarter. It saw a $902,000 loss, compared with a nearly $1.8 million profit in the second quarter last year, a decrease of more than 150 percent.

In April, May and June of this year, Atlantic City collectively earned $132.1 million, compared with $103 million in the same period last year.

Four of the city's 12 casinos shut down last year — the Atlantic Club, Showboat, Trump Plaza and Revel. When those four are included in the comparison, the increase in gross operating profit swells to more than $59 million because unprofitable casinos that were on the verge of closing are part of the calculations.

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

The most eye-popping increase came at the Golden Nugget, whose $7.7 million operating profit was up more than 902 percent from the $776,000 profit it posted in the second quarter of 2014.

Resorts saw a $4.8 million operating profit, up 153 percent from the second quarter of 2014.

For the first six months of the year, the surviving casinos have a gross operating profit of $213.4 million, up 27.4 percent from the first half of 2014.

Casino hotel occupancy for the second quarter was 84 percent, an increase of less than 1 percent from a year ago, with the average room costing $101.81. The Borgata had the highest average room rate for the quarter at $132.43, while Resorts had the cheapest at $79.62. Caesars had the highest occupancy rate, nearly 94 percent, while the Taj Mahal had the lowest at less than 68 percent.

Atlantic City casino earnings

ATLANTIC CITY, N.J. — Second-quarter 2015 gross operating profit/loss figures for Atlantic City casinos:

Bally's: $11.1 million profit, up 32.6 percent from second quarter of 2014

Borgata: $45.2 million profit, up 4.7 percent

Caesars: $21.7 million profit, up 39.4 percent

Golden Nugget: $7.7 million profit, up 902 percent

Harrah's: $31.3 million profit, up 28.6 percent

Resorts: $4.8 million profit, up 153 percent

Tropicana: $11.2 million profit, up 17 percent

Trump Taj Mahal: $902 million loss, down 150.1 percent