Atlantic City casino profits up in 3rd quarter

According to the Associated Press, Atlantic City's casino industry experienced a rise in operating profits in the third quarter of this year, largely due to the revenue generated from online gambling and the absence of significant losses from weaker casinos.

The gross operating profit for the third quarter was $147.5 million, which is a 7.2 percent increase from the same period last year, when four casinos were still operational. The eight casinos currently in business posted a gross operating profit of $152.3 million in the third quarter, representing a 3.4 percent increase from last year.

The rise in profits was attributed to the revenue generated from online gambling, which wasn't available last year, and the closure of weaker casinos that incurred significant losses. However, some of the remaining casinos, including the ones owned by Caesars Entertainment, reported a decline in operating profits for the quarter.

For the first nine months of the year, the eight currently operational casinos reported an operating profit of $319 million, which is a 1.5 percent decrease from the same period last year.