DISAPPOINTING QUARTER FOR A.C.

June 03, 2001 11:21 PM
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Atlantic City’s 12 casinos saw a decline in operating profits for the first quarter, despite a slight increase in net revenue.

Unusually severe winter weather and an unfavorable calendar were blamed for the drop-off.

Cash flow was down 5.5 percent for the period to $215.5 million, according to a report in The Press of Atlantic City. Net revenue was up 0.3 percent to $1.1 billion. Only three casinos, Harrah’s, Reorts and Caesars, experienced increases in cash flow. The Sands saw the biggest decline in cash flow, 84 percent.

April revenues were down 4.1 percent citywide, not a good start to the second quarter, although revenues will likely increase substantially with start of the summer vacation season.