ATLANTIC CITY — The city’s casino industry is continuing its winning ways.
For the fourth consecutive quarter, the seven remaining casinos reported double-digit growth in gross operating profits, according to figures the state Division of Gaming Enforcement released Wednesday.
The casinos’ profits, including internet gambling, increased by more than 17.6 percent during the third quarter.
Gross operating profits for the properties totaled about $252.6 million in the third quarter, compared with $214.7 million during the third quarter of 2016.
“As shown in the third-quarter financial report, the seven casino-hotel properties and two online casino licensees reported the highest industry year-to-date gross operating profit since 2009, when there were 11 casino hotel properties,” said Chris Glaum, bureau chief of the Financial Investigations for the division.
Through the first nine months of 2017, gross-operating profits are up more than 19.8 percent, according to the report.
“This signifies the continued strengthening of the financial health of the Atlantic City casino gaming industry over the past few years,” Glaum said.
While profit margins continue to increase, other aspects of the industry still struggle, said Tony Marino, an independent transportation analyst.
“Many will focus on the significant increase in operating profits, modest rise in hotel room occupancy rates and small uptick in combined sales,” Marino said. “But the numbers also show a decrease, -0.5 percent, in total industry net revenue, and significant decreases, -2.3 percent in food and beverage revenue, -4.9 percent in room revenue and -6.0 percent in third-party sales revenues.”