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Horrible May For Atlantic City Casinos
Atlantic City's losing streak continued through May 2009 as its casinos reported a revenue decline of 15.4 percent to $351.3 million, compared with the same period last year.
The New Jersey Casino Control Commission's numbers released mid-week extend a downward trend for the gambling centre's 11 casinos, hit hard by a recession and the mass defection of gamblers to newer slot parlors in Pennsylvania and New York, reports Dow Jones. And more competition is looming with the completion of a new casino in Bethlehem, Pa., by gaming giant Las Vegas Sands Corp - it is less than 100 miles from New York City.
"Certainly one of the reasons why revenue is down in Atlantic City is the impact of new competition ... the opening of a new facility in Bethlehem will certainly contribute to that," said Daniel Heneghan, a spokesman for the regulator. He said the May numbers were in line with what the casinos reported during the first four months of the year.
Atlantic City industry suffered a 24.6 percent drop in gross operating profits in 2008.
Borgata Hotel and Casino, jointly owned by Boyd Gaming Corp. and MGM Mirage, continued to have the smallest declines as its casino revenue decreased 3 percent to $62 million in May compared with the same period last year. The biggest decline was recorded at the Atlantic City Hilton, which saw casino revenue drop 29.5 percent to $17 million.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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