Atlantic City Revenues Continue to Slide
There continues to be little good news for Atlantic City casinos, with revenues sliding in October for the 38th consecutive month when compared to the same period the previous year.
Atlantic City has suffered a double whammy of increased competition from newer casinos in states such as Pennsylvania as well as a lingering recession that has impacted not just it but many other US casinos as well.
The city's 11 casinos saw their overall gambling revenues in October slip to $262 million, down from the $284 million in October 2010 for an 8% decline.
Only the Borgata and Resorts Casino bucked the trend to post small gains, with Trump Plaza and the Golden Nugget the biggest losers with roughly 30% declines each.
Slot machine revenue was down 4 percent while table game revenue for games such as blackjack, craps, and roulette declined 17 percent.
The last time Atlantic City as a whole saw revenues increase over the same period the previous year was back in August 2008.
Positive News for New Jersey
Some hope may be on the horizon, however, as New Jersey voters recently approved a referendum that was the first step towards legalizing sportsbetting in the state, which some believe could add around $200-$250 million per year to the total revenues Atlantic City casinos take in.
Support is also still strong for passing laws to allow online casinos and poker sites for New Jersey residents, which some believe might help stabilize business at brick-and-mortar casinos as well.