AC's Revel loses $35 million in first three months of operation

Aug 20, 2012 9:57 AM

Atlantic City’s newest casino lost $35 million in its first three months of operation, while the gambling resort’s other 11 casinos posted an increase in gross operating profit.

In a report issued Friday by the state Division of Gaming Enforcement, Atlantic City’s casinos excluding Revel showed a 12.5 percent increase in profit from the same period in 2011, from $136 million to $153 million.

However, revenues at the 11 casinos fell about 8 percent compared to 2011’s second quarter, from $855 million to $785 million.

Revel opened in early April. It reported $55 million in net revenue in the second quarter, which placed it eighth among the 12 gambling halls.

Borgata Hotel Casino & Spa led with $175 million, down 4 percent from a year ago.