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Atlantic City Casino Revenues Keep Dropping
Atlantic City casinos revenues dropped by a record margin for the second straight month in March, officials told the Reuters news agency Thursday, as the recession and competition from other states cut gamblers' spending.
Combined revenue from the 11 casinos in New Jersey's gaming capital dropped 19.4 percent to $318.4 million in March 2009, compared with a year earlier, according to the New Jersey Casino Control Commission.
The latest decline, the sharpest in the city's 30-year gambling history, exceeds the previous record 19.2 percent drop in February 2009. Slot-machine takings slumped by 21.3 percent to $218.1 million, while table revenues decreased by 14.7 percent to $100.3 million.
The slump in revenues has helped drive three Atlantic City casinos - those owned by Trump Entertainment - into bankruptcy, while plans for several major new casinos have been scrapped amid the downturn, reports Reuters by way of background. All but one of the casinos reported annual revenue declines in March.
The steepest fall was seen by the Atlantic City Hilton, down 34.8 percent; the only gain was seen at the Trump Taj Mahal where takings were up 6.3 percent.
For the first three months of 2009, overall revenue declined 16.2 percent to $950.2 million. Six casinos reported revenue declines of more than 20 percent for the year so far. The highest revenue for March was seen in 2007 when the city recorded a total $438.3 million, the commission said.
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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.
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.
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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