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Atlantic City Gambling 2009 a year of declining revenues

1/20/10 - The latest numbers from the New Jersey Casino Control Commission, show that gaming revenues in Atlantic City dipped 13.2 percent during the 2009 calendar year compared to 2008. Nevertheless, land casinos in the area generated $3.9 billion.
The Commission revealed that declines in revenues from slot and table games were causes for concern; slots revenues declined 13.1 percent in 2009 to $2.72 billion, while table game revenue fell 13.5 percent to $1.22 billion.
New Jersey gaming licensees paid $295.3 million in taxes to the state, or 8 percent of taxable gross revenue. Casinos invested a further $49.3 million as part of a state requirement that operators reinvest 1.25 percent of taxable gross revenues in projects approved by the Casino Reinvestment Development Authority.
The Commission's chairperson, Linda Kassekert, said in a statement this week: “Casinos continued to suffer in 2009. The weak national economy, growing competition across our borders, and the partial ban on smoking in casinos combined to depress gaming revenues.
She was referring to gambling expansion in Pennsylvania and Delaware which are inducing additional competitive pressures, whilst in New Jersey Senator Raymond Lesniak recently introduced a bill to allow intrastate internet gambling as a response.
Kassekert remains optimistic that Atlantic City can continue to attract visitors to its casinos: “Atlantic City has a lot to offer visitors in addition to gambling. When the economy improves and people have more money to spend on entertainment, Atlantic City will draw more and more people interested in visiting our shops, enjoying a concert, dining in our fine restaurants, and relaxing on our beach,” she opined.
However, December numbers were not encouraging, in stark contrast to improvements noted in Nevada for the first time in almost two years. Atlantic City casino revenues for the last month of 2009 declined year-on-year by 9.8 percent to $272.1 million. It was a bad end to a worse year, as every casino operation reported shrinking revenues by up to 20 percent in some cases. The Borgata was the exception to the rule - still down, but only by 5.9 percent to $695.3 million.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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