Borgata Hotel Casino and Spa’s parent company announced first quarter earnings for 2015 on Thursday April 30, 2015. The Atlantic City based casino exceeded the $165 million earning target in the first quarter, which is up from the $160 million earning target of last year. Boyd Gaming Corp of Las Vegas, the parent company, announced the net revenue was $182 million, which was up 9 percent from $167 million for the same period last year. The operating profit almost doubled from $20 million to $37.8 million. Part of the operating profit is due to a property tax benefit.
Keith Smith, Boyd’s president and CEO stated, “The right-sizing of the Atlantic City market over the last 12 months has helped stabilize the operating environment.”
Atlantic City has had turmoil in the past several years including in 2014 with the closure of four casinos. These closures put thousands out of work. The current supply of casinos according to Smith is the right amount to start producing profit for the locations remaining open.