Weak February For Atlantic City Casinos

03/10/2012 : WEAK FEBRUARY FOR ATLANTIC CITY CASINOS
 
Leap year's extra day notwithstanding, February was another disappointing month
 
Despite an extra day in February thanks to the leap year, Atlantic City casino revenues slid another 5.9 percent last month, edging down to $242.7 million, according to the monthly regulator's report.
 
Casino operators were expecting more from February, with the extra day, a President's Day long weekend and mild winter weather, but revenues dropped when compared with the same month a year ago, reports the Press of Atlantic City..
 
Slot winnings were down 4 percent to $176.2 million and table games revenue fell 10 percent to $66.5 million, the New Jersey Division of Gaming Enforcement reported Friday.
 
The Tropicana was among only three casinos to post higher slot machine revenue for the month, but blackjack ace Don Johnson took the casino for $2 million. Another blackjack player beat Tropicana out of about $4 million, and the casino's table games revenue plunged 118 percent.
 
Johnson, a player who hails from Pennsylvania, hit the headlines in 2011 when he beat Tropicana, Caesars Atlantic City and Borgata Hotel Casino & Spa out of a total of $17 million. With his latest win at Tropicana, he is now up $19 million, living up to his nickname “Beast of Blackjack.”
 
Golden Nugget, led the industry in revenue growth for February, up nearly 18 percent in combined slot and table games winnings to $10.9 million.
 
Eight of the 11 Atlantic City land casinos suffered revenue declines in February, led by the newly minted Atlantic Club Casino Hotel, which was down almost 29 percent.
 
In related news, local media reported that, after an unsuccessful three years of operation, The New York to Atlantic City train service, Atlantic City Express, is being discontinued.
 
Set up in 2009 and partly financed by the Borgata, Caesars and Harrah's casinos, the swish train failed to make a profit throughout its brief life.