Tuesday February 12,2013 : NOT A GOOD JANUARY FOR ATLANTIC CITY
13.2 percent slide in revenues at Atlantic City casinos in January
Atlantic City's casinos began the new year the way they've spent most of the past six years: taking in less money from gamblers, the Associated Press news agency reports, quoting official figures from the state gambling authority.
Compared with the same period in 2012, revenue at the city's 12 casinos fell by 13.2 percent this January, making for an inauspicious start to what could be a seventh straight year of falling casino revenues.
Atlantic City's status as the nation's second biggest gambling mecca has already been lost to neighbouring Pennsylvania; Atlantic City's casino revenue has fallen from a high of $5.2 billion in 2006 to just over $3 billion last year.
The 2013 numbers show that in January, Atlantic City's casinos won $205.6 million from gamblers. Table games revenue fell by $5.1 million, to $67.1 million. Slot machine revenue fell by $26.2 million, to $138.5 million.
The slots numbers were affected by an $8.1 million decrease in promotional gambling credits that were wagered, which are a component of slot machine revenue totals, AP notes.
Pokerstars parent Rational Group which is in the midst of an acquisition bid for Atlantic City's land-based Atlantic Club casino, will be pleased to hear that it was the only casino to show a revenue increase – up nearly 15 percent to $9 million.
Biggest loser in January was the Trump Plaza Hotel and Casino, which posted an alarming 40.8 percent plunge, to just $4.8 million.
Atlantic City is battling growing competition from adjoining states like Pennsylvania, Delaware, New York and Maryland.