🍒 Coronavirus Closures Send Atlantic City Casino Profits Down 65% – CBS Philly

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This May 15, photo, shows the exterior of the Ocean Casino Resort in Atlantic City, N.J. On Wednesday, May 6, , New Jersey.


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Coronavirus Closures Send Atlantic City Casino Profits Down 65% – CBS Philly
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Coronavirus closures send Atlantic City casino profits down 65%
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Atlantic City casinos will have another month to report their quarterly profits because of the coronavirus pandemic that has shuttered their.


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Pandemic Delays Atlantic City Casino Profit Reports
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Atlantic City casinos and sportsbooks enjoyed a strong first month in , as total gross gaming revenue exceeded $ million, a 31 percent.


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[May 22, ]. DGE Announces Casino Revenue Fund Taxes and Fees Source Report Summary of Gaming and Atlantic City Taxes and Fees.


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Atlantic City's casinos posted a collective increase in operating profit of Casino Resort in Atlantic City, N.J. On Wednesday, May 6, , New.


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May 23, at am ATLANTIC CITY, N.J. (AP) — Atlantic City's casinos saw their gross operating profits fall by more than 65% in the first quarter of this.


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Atlantic City's casinos posted a collective increase in operating profit of Casino Resort in Atlantic City, N.J. On Wednesday, May 6, , New.


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[May 22, ]. DGE Announces Casino Revenue Fund Taxes and Fees Source Report Summary of Gaming and Atlantic City Taxes and Fees.


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by Wayne Parry, Associated Press, Updated: May 22, Coronavirus closures send Atlantic City casino profits down 65%. The coronavirus.


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This May 15, photo, shows the exterior of the Ocean Casino Resort in Atlantic City, N.J. On Wednesday, May 6, , New Jersey.


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Casinos have continued to take in money through internet gambling, and, on a much smaller scale, sports betting, with obscure events like Belarussian soccer or Russian ping-pong providing betting options. Enter your Email here. You may also like. Ways to Donate.{/INSERTKEYS}{/PARAGRAPH} The latest figure from the Labor Department marked the 10th straight weekly decline in applications for jobless aid since they peaked in mid-March when COVID hit hard. Related Content. About Associated Press Read more. The NCAA college basketball championship tournament was just about to get underway. Three casinos swung from a first-quarter profit last year to a first-quarter loss this year. Coronavirus Pandemic View the series. While casinos and local unions formulate guidelines for reopening, city government fights off a referendum and out-of-work residents line up for food. Hotel occupancy was Presently, a small number of casinos use such payments, which include debit or credit cards, as well as apps like Apple Pay, Google Pay, and PayPal. Gross operating profit reflects earnings before interest, taxes, depreciation and other expenses, and is a widely accepted measure of profitability in the Atlantic City gambling industry. {PARAGRAPH}{INSERTKEYS}The statistics cover only the first two weeks of casino closures due to the coronavirus outbreak; second-quarter earnings are sure to be worse because the casinos have been shut all of April and, so far, May, with no reopening date scheduled. Two internet-only entities saw their operating profits increase during the quarter. But it, like virtually all major sporting events, was canceled due to the virus outbreak. Sign up for our weekly newsletter. Phil Murphy ordered the casinos closed on March 16, affecting the last two weeks of the quarterly earnings reporting period. Share this Facebook Twitter Email. Part of the series. But that period included what might have been a prosperous period for the casinos, particularly their sports betting operations.