Atlantic City Casinos Get a Bump in August

Atlantic City Casinos Get a Bump in August

Posted on 24/09/12 - by Theodor Mavrodis News

Casinos in Atlantic City got a bit of good news in August with a slight increase in gambling revenues, although the news was tempered somewhat by one-time events.

The 12 casinos that make Atlantic City home saw their first increase in revenues since December 2011. A nearly 13 percent increase was seen in August 2012 as compared to August 2011.

Slot revenue rose 17 percent, to $226 million, while table-game winnings increased three percent to $88 million.

Atlantic City has been desperate for any good news on the gambling front. Revenues have slid dramatically since 2006 when competition in neighboring states began to draw away gamblers to newer casinos.

While the August 2012 results were buoyed in part by the new Revel casino -- a $2.4 billion luxury resort that opened in early 2012 -- they also benefited from a favorable year-over year comparison.

Revel Improves, Borgata Still King

Revel’s August results improved over July but the casino still sits in the middle of the pack as far as total gambling revenue.

The Borgata once again led Atlantic City casinos as far as revenues and profits, pulling in a win of about $55 million in August.

Casinos suffering declines for the month included Bally’s Atlantic City and Trump Plaza Hotel and Casino, and Tropicana Casino and Resort. Each suffered a 2-3 percent decline in gambling revenues.

August 2011 was a rough month for Atlantic City with Hurricane Irene forcing casinos to close for a weekend. No such closures occurred in 2012 and an estimated $40 million in extra revenue was pulled in.

Casinos also benefited from tourist-related events in August including an annual airshow and more than 60 public events held in the city and neighboring areas.