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Atlantic City Starts 2011 with 13% revenue decline

Posted 2/11/11 : Not a good start to 2011 as revenues fall 13 percent
 
New Jersey’s gambling mecca of Atlantic City has recorded another dismal month of falling revenues, with the New Jersey Casino Control Commission reporting that revenues in January this year fell 13 percent.
 
The casinos won $164.9 million at the slot machines, a decrease of 15.6 percent from January 2010, and $90.5 million at table games, down 8.3 percent from a year ago.
 
The slump follows four consecutive years of declining fortunes brought about by growing competition from neighbouring states and the tough economic climate.
 
The Commission’s website reveals that betting proceeds shrank to $255.4 million, and that slot machine revenue at the 11 AC casinos slid 16 percent from a year earlier to $164.9 million. Table game winnings were down 8.3 percent to $90.5 million.
 
The casinos paid $20.4 million in taxes in January and $3.2 million in state-mandated reinvestment obligations.
 
Over the year 2010 AC revenues tumbled to $3.57 billion from a peak of $5.2 billion in 2006.
New Jersey Governor Chris Christie is overhauling regulators and creating a tourism district around the casinos to help halt the market wide decline, which is hurting tax revenue.
 
But a month on from significant State Senate and Assembly votes to legalise online gambling in the state, boosting tax revenues, the governor still sits on the new law, and there has been no indication of whether he will give it his imprimatur, or exercise the gubernatorial veto.
 
In related news, local NJ media reported a further round of lay-offs at the New Jersey Casino Control Commission, which sent notices on Tuesday to all 33 of its clerical employees. Last week, the commission notified 115 of its 144 casino inspectors they will be losing their jobs and said other inspectors probably would be shown the door as well.
 
The Casino Control Commission had 260 employees before the layoff notices started going out last week.



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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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