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Casino Lost Revenue This Quarter. 2005-11-14
Resorts International Hotel and Casino, Inc. has some new news. This is the same cooperation, which owns Resorts Atlantic City, a casino/hotel in Atlantic City, N.J. They announced today their third quarter results, which ended September 30, 2005.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the third quarter were $12.5 million. This was a decrease as compared to $13.4 million in the year’s earlier quarter. The decrease in EBITDA was due to a $1.6 million decrease in net revenues altogether. Net loss for the quarter was $0.2 million. This is compared to net income of $1.3 million in the third quarter of 2004.
Gaming revenues for the quarter were $75.8 million, compared to $75.4 million for same time in the 2004 quarter. Net revenues for the quarter were $69.5 million, compared to $71.0 million the year previous, a decrease of 2.1%. It was this decrease that was a result of increased promotional spending during the quarter and an unusually low table games percentage.
(By Andrea)