evenue for the quarter was us$ 951.6 million - down nearly 15 % from the fourth quarter of 2007. For all of the 2008, operating profits were us$ 941 million - down nearly one-fourth. And revenues were us$ 4.48 billion - down more than 7 %.
Gross operating profits, which represent earnings before accounting for interest, taxes, depreciation and other charges, is considered a better comparison among casino properties than net income. The industry's net income, which includes those items, makes things look even worse. On that basis, the casinos lost more than us$ 900 million in the quarter and us$ 1.5 billion for the year.
Linda M. Kassekert, chairwoman of the commission, said the industry's problems come from a combination of the recession and ramped-up competition from casinos and slot parlors in neighboring states. In 2008, the push to attract more customers with nightlife and high-end dining weren't enough to increase profits.
There were a few bright spots, though. For the year, all 11 casinos still have positive gross operating profits. And the casinos collectively had more people spend the night for the year.
Still, with more rooms built, the occupancy rate slipped to 87 % from nearly 92 % in 2007. Further, the casinos charged less per room and the revenue from rooms fell from us$ 505 million to less than us$ 498 million.