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Atlantic City June Revenue a little better
Tuesday July 12, 2011 : Better, but still dismal.
Atlantic City gambling operators under pressure from a four-and-a-half year business drought caused by the recession and competition from neighbouring states were feeling a little more optimistic this week as official statistics for the month of June showed a little improvement.
Casino revenues fell just 3.7 percent in June, to $276.2 million, whilst June slot revenue was down 3.1 percent, to $200.5 million, and table games revenue decreased by 5.2 percent, to $75.7 million.
"There is light at the end of the tunnel," Tony Rodio, president of the Tropicana Casino and Resort, told Associated Press. "I think we've experienced most of the pain we're going to experience."
In fact, had it not been for a lucky table games player who beat the Tropicana for about $8 million last month, Atlantic City would have been within 2 percentage points of breaking even, Rodio said.
Nevertheless, for the first six months of the year, casinos won $1.7 billion, down 7 percent from the same period in 2010.
Robert Griffin, CEO of Trump Entertainment Resorts and president of the Casino Association of New Jersey, kept things in perspective: "It's the 34th consecutive month of decline, but it is evidence that the Atlantic City market, while still struggling, is showing signs of recovery," he said.
In January 2011, Atlantic City's revenue was 13.2 percent lower than it was in January 2010.
Discounting a statistical quirk in February of this year, when a comparison with an extremely snowy February 2010 made things look better than they otherwise would have been, the early part of this year had been marked by significantly higher declines, AP notes.
March 2011 was down 6.7 percent from a year earlier, April was down 7.1 percent and May was down 9.1 percent from a year ago. That's what so encouraged casino executives on the June 2011 figures.
There's a long way to go yet, however; only four of the city's 11 casinos were in positive territory in June: the Trump Taj Mahal Casino and Resort, the Borgata Hotel Casino & Spa, Harrah's Resort Atlantic City and Resorts Casino Hotel.
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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.
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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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