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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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