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July Atlanic City Revenues down 9.5 percent
Sunday August 12, 2012 : JULY ANOTHER BAD MONTH FOR ATLANTIC CITY
Revenues down 9.5 percent to $308.2 million
Atlantic City casinos suffered a continuation of the gambling centre's lengthy losing streak in July 2012 as revenues dipped 9.5 percent to $308.2 million, according to official New Jersey Division of Gaming Enforcement numbers.
The opening of casinos in neighbouring Pennsylvania in 2006 started a decline that has been exacerbated by worsening economic conditions in the United States.
Observers noted that this year's stats compare unfavourably with those of 2011, but pointed out that last year July included an extra Friday and Saturday and an Independence Day that fell on a Monday, giving gamblers the opportunity to expand the holiday weekend.
Nevertheless, the Division of Gaming Enforcement said that for June and July combined, revenue was down 5.5 percent from the same period last year.
At Borgata Casino Hotel & Spa, a single gambler won $5 million over a weekend and was responsible for about half the casino's 16 percent decline from a year earlier.
None of the casinos did better last month than they did in July 2011. Officials reported that Slots revenue dipped 8.9 percent, and Table Games slid south by 11 percent.
Only two casinos that were open a year ago have had a better year so far in 2012 compared with 2011. One was Golden Nugget Atlantic City, which brought in more than $77 million, a nearly three-fold increase in revenue from a year earlier, but from a low base when it was in just its second full month of operating under a new brand. The Tropicana managed to boost revenues by just 4.4 percent.
August may be a little better in comparison to 2011, when AC casinos were forced to shut down for two days due to Tropical Storm Irene.
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