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NEW JERSEY CASINO CONTROL COMMISSION REPORTS NET PROFIT IN FIRST QUARTER 1992

 NEW JERSEY CASINO CONTROL COMMISSION
 REPORTS NET PROFIT IN FIRST QUARTER 1992
 ATLANTIC CITY, N.J., May 21 /PRNewswire/ -- New Jersey's casino industry reported a net profit of $8.2 million in the first quarter of 1992, compared to an industrywide loss of $55 million for the same period of 1991.
 Net revenue increased by nearly $100 million over the amount reported in the first quarter of 1991. Some of that increase -- from $733.6 million in the first quarter of 1991 to $827.8 million in the first quarter of 1992 -- can be attributed to the negative effect that the war in the Persian Gulf had on gaming revenues in the early months of 1991.
 Net revenue is defined as gross revenue minus promotional expense. Operating income -- which is earnings before interest and taxes -- jumped from $47.9 million in the first quarter of 1991 to $93.2 million in the first three months of 1992, which is an increase of 94.7 percent.
 In the first quarter of 1991, three casino hotels reported losses at the operating income level. This year, all 12 casinos reported operating profits.
 Despite the increases in revenue and operating income, six of Atlantic City's 12 casino hotels still reported losses in the first quarter this year, ranging from a $17 million loss at Trump Taj Mahal to a $1.1 million loss at the Sands.
 TropWorld reported the largest net income for the quarter at $22.1 million, compared to a loss of $8.3 million in the first quarter of 1991. That profit figure, however, is based on a change in accounting methods that resulted in an extraordinary income item of $23.4 million. Otherwise, TropWorld would have reported a loss of $1.3 million.
 The Claridge reported the smallest net income at $309 million, compared to a loss of more than $2 million in the first quarter of 1991. The Claridge, however, also experienced the largest year-to-year percentage increase in operating income, rising from $3 million to $5.4 million, which is a 78.4 percent increase.
 All 12 Atlantic City casinos reported year-to-year increases in net revenue, operating income and net income.
 /delval/
 -0- 5/21/92
 /CONTACT: Michael Pollock of the New Jersey Casino Control Commission, 609-441-3799/ CO: New Jersey Casino Control Commission ST: New Jersey IN: CNO SU: ERN


LJ -- PH018 -- 2721 05/21/92 10:33 EDT
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Publication:PR Newswire
Date:May 21, 1992
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