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Borgata revenue up nearly 7 percent in AC

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WAYNE PARRY | October 31, 2013 12:03 PM EST | AP

ATLANTIC CITY, N.J. (AP) — Revenues at Atlantic City's top casino increased by nearly 7 percent in the third quarter of this year.

The Borgata Hotel Casino & Spa reported net revenues of more than $200 million, an increase of 6.9 percent.

Its earnings before interest, taxes, depreciation and amortization were up nearly 40 percent to $46.6 million, largely due to better luck at table games.

The casino also increased its share of the Atlantic City casino market by three percentage points, to 21 percent.

Keith Smith, president and CEO of Boyd Gaming, which co-owns the Borgata with MGM Resorts International, said the Borgata's performance in a struggling Atlantic City market was encouraging.

"Borgata generated strong results, and we are now finalizing preparations for real-money online gaming" in New Jersey, he said.

The company said in a news release that the Borgata is doing well in a challenging market with new competitors continuing to pop up around the region. It cited the Borgata's amenities, service and marketing programs.

The Borgata received New Jersey's first Internet gambling permit, and is expected to be among the first casinos in the state to offer online betting once it begins in late November.

For the first nine months of this year, the Borgata reported net revenues of $538.6 million, and earnings of $102.8 million. Both figures were essentially the same as they were in the first nine months of last year.

The Borgata opened 10 years ago, and soon became Atlantic City's dominant casino. It routinely leads the city's other 11 casinos in terms of money won from gamblers.

Wayne Parry can be reached at