Much-anticipated fourth quarter and year-end casino financial reports are expected to be released by the Division of Gaming Enforcement today.
The figures will be the first quarterly results issued since Hurricane Sandy struck and closed Atlantic City’s 12 casinos for five or more days. Before the fourth quarter, Atlantic City had been reporting year-over-year operating profit increases for three consecutive quarters among the 11 casinos in operation in 2011.
The city’s newest megaresort, Revel, is the midst of bankruptcy proceedings. Company officials reported Tuesday in documents filed with the Securities and Exchange Commission that Revel’s operating losses at the end of last year were $207 million and net losses, including interest payments, were more than $336 million. The losses, which were listed as preliminary, were nearly $100 million more than what Revel initially projected on income statements filed earlier as part of its bankruptcy case.
In addition to providing quarterly and year-end figures, the DGE is expected to issue hospitality and tourism data for the first time, which officials said will show increases in luxury tax collections and spending on nongambling amenities.
Compared with seven years earlier, luxury tax collections increased by 35 percent to nearly $36 million in 2012, researchers with the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Richard Stockton College said. Last year’s increase was particularly steep, up 13 percent from the prior year, researchers said.
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