ATLANTIC CITY, NJ— Resorts Atlantic City saw its third-quarter EBITDA rise 1%, to $13.3 million, and jump 17% in the nine months ended Sept. 30, compared with the same periods last year. The company posted $2.7 million in net income for the quarter, down 50% from the year-ago period. Resorts attributed the decline primarily to a $3.1 million increase in interest expense stemming from the March issuance of $180 million in First Mortgage Notes, as well as an $800,000 increase in the New Jersey State income tax. During the third quarter, Resorts demolished its 166-room Atlantic Tower and began building a new 459-room facility. Management claimed that the companys operating expenses met expectations, particularly in light of the tower closing and the related loss of 161 slot machines. “Construction of our new hotel tower is progressing, and management continues to maximize operating performance during this time,” said Vice Chaiman Nicholas L. Ribas.
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