March Madness: AC revenues up from last year

April 09, 2002 2:45 AM
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Atlantic City casinos came out of March in better shape than during the same period last year.

According to a report in the Press of Atlantic City, the casino industry posted a 7.5 percent gain in gross gambling revenue.

The figure was the best March ever in Atlantic City and the fifth straight month of revenue growth. The percentage gain was the second best in the past two years.

“When you see the results of the first quarter, you’re going to see some fairly good amounts dropping down to that bottom line,” said Wallace Barr, chief operating officer of Park Place Entertainment Corp., which owns four casinos in the South ­­Jersey resort city. “Everybody’s backing off the marketing costs ­­because of what was given to us in terms of the weather.”

The unseasonably pleasant weather along with increased ­­special events and conventions lessened the need for cash and option incentives, according to Barr.

“I hope it stays this way,” said Mark Brown, chief operating officer of Trump Hotels & Casino Resorts, Inc., which owns three local casinos.

Trump Taj Mahal led the city in both revenue and percentage increase for the month. Taj posted $49.9 million in gaming ­­revenue was up 20.3 percent over last March figures. Gambling revenue increased 18.3 percent at Caesars. Bally’s was second in citywide revenue, gaining 0.3 percent from last March.

Gross gambling revenue is the amount casinos win from ­­gamblers after all wagers have been paid.