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May Atlantic City Casino Revenues Fall 9%
6/11/10 - Optimism that the worst of the recession which has so badly hammered Atlantic City land casinos may be over was tempered this week by another dismal set of performance statistics.
Atlantic City's 11 casinos saw revenues fall by 9 percent in May compared with a year ago, Associated Press reported this week. The numbers were disappointing for operators, who were heartened by April numbers that suggested a break even point had been reached.
"In April, we felt really good about the way things were going," Don Marrandino, eastern division president of Harrah's Entertainment Inc., which operates four of the casinos told AP reporters.
"We're clearly disappointed. May was just not a good month. Everyone's feeling the same pain."
The poor performance came despite a Memorial Day weekend in which casinos were packed, but the holiday weekend revenue was not enough to offset a weak performance over the rest of the month, compounding a three-and-a-half-year decline that started when the first slots parlours opened outside Philadelphia in late 2006. There are now nine.
Atlantic City casinos took in $319.7 million in May, with slots accounting for $225.6 million – down 8.5 percent. Table games brought in $94 million, down 10.2 percent.
All 11 casinos reported revenue declines in May, ranging from nearly 21 percent at the Atlantic City Hilton Casino Resort, to nearly 5 percent at the Borgata Hotel Casino & Spa.
In the first half of 2010 Atlantic City Casinos have won $1.49 billion, down 7.9 percent from the same period in 2009. The Associated Press report points out that things could get even worse when the competing Pennsylvanian slot parlours start offering table games.
Online gambling could provide a partial solution for Atlantic City; New Jersey state legislators are currently considering intrastate laws that would allow land operators licensed by the state to offer internet gambling.
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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