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Profits down 15% in expanded Atlantic City casino market

This Feb. 22, 2019, photo shows gamblers playing slot machines at the Golden Nugget casino in Atlantic City, N.J. Figures released on Monday, April 8, show that gross operating profits for Atlantic City casinos declined by more than 15 percent in 2018 as two shuttered casinos reopened, adding to the competition for existing casinos. (AP Photo/Wayne Parry)

ATLANTIC CITY, N.J. (AP) — Casino profits fell by more than 15% in Atlantic City in 2018, a year in which the downsized market reopened two shuttered gambling halls.

The result was a decrease in gross operating profit of 15.4% for the year, to $582 million.

Five of Atlantic City’s 12 casinos closed between 2014 and 2016, and the market appeared to have stabilized at a smaller level with less competition. But the reopening in June of Revel as the Ocean Resort Casino and the Trump Taj Mahal as the Hard Rock put two new competitors back into the mix.

Of the seven casinos that had been operating at the start of last year, five of them saw lower gross operating profits.

Only Tropicana and Golden Nugget increased profits last year.

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