By David Madden
ATLANTIC CITY (CBS) — A bit of good news for a change for Atlantic City’s eight casinos. They’re making money again.READ MORE: Viral Photo Appears To Show North Penn School District Teacher Taping Mask To Student's Face
Call it survival of the fittest, as gross operating profits for the still open gaming halls rose last year by 44 percent. Take taxes and other expenses out and the profit margin was still 12 percent.READ MORE: Meat Loaf, 'Bat Out of Hell' Rock Superstar, Dies At 74
So what turned the tide? Roger Gros of Global Gaming Business Magazine chimes in.
“We knew that the market was over-saturated, so we’ve reduced some of the supply and the demand hasn’t gone away. So I think the profits are really the result of the four casinos closing.”MORE NEWS: 3 Sharon Hill Police Officers Fired After Being Charged In Shooting Death Of 8-Year-Old Fanta Bility
But two of them, the Revel and Showboat, are likely to come back as smaller venues. And Gros fears that could create a new glut, although he’s anxious to see what Hard Rock can do as an operator if, as many expect, they’re brought in by developer Glenn Straub to run either one.