ATLANTIC CITY PRESS: …The industry posted a $42 million gross operating profit during the first three months this year — far below the same period last year when profits were $114 million, but an improvement from the fourth quarter, when the industry took a nearly $19 million operating loss due to Hurricane Sandy…
Revel emerged from Chapter 11 bankruptcy protection Tuesday under the new ownership of its lenders. The bankruptcy reorganization reduced Revel’s debt from about $1.5 billion to $272 million, removing much of the financial burden that threatened the casino’s survival…
In addition to decreases in profitability, the industry had a nearly 8 percent drop in net revenue, nearly 2 percent decrease in room revenue and 12 percent downturn in casino revenue, according to the gaming enforcement division… (more)
