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Economic downturn causing damage on Atlantic City casinos
 April 5, 2009, 3:40 am (2 years ago)The economic slump in the USA goes on to cause chaos with the 11 casinos and resorts in Atlantic City, as said by a report from the New Jersey Casino Control Commission this week.
The resort city’s casinos earnings on food, lodging and other amenities are going down in addition to a decrease in gambling, as said by the Commission reports.
Total operating incomes at Atlantic City’s casinos were $131.9 million for the quarter, dropped 45.8 % from the $243.5 million the casinos made in the same period in 2007. Income for the quarter was $951.6 million, dropped almost 15 % from the 4th quarter of 2007.
And for the entire year of 2008, managing income were $941 million, dropped almost 25 %, while incomes decreased by $4.48 billion, dropped over seven %.
Total managing earnings, which correspond to earnings previous accounting for interest, taxes, decline and other charges, is considered a better comparison amongst casino properties than net income.
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