ATLANTIC CITY REVENUES CONTINUE TO SLIDE
11 December 2009
Double digit decline in November
Following on the heels of dismal results from Nevada
land casinos during October (see previous InfoPowa
report), the news from Atlantic City is equally bleak.
Hopes that the worst was over for the New Jersey
gambling mecca faded on the release of November numbers
that showed another double digit decline as revenues for
the city's 11 casinos fell by 13.4 percent compared to
the same month a year ago.
Associated Press
reports that September and October had seen only
single-digit decreases, giving the industry hopes that
the turnmaround was in sight, but it was not to be.
Overall, the casinos won $299.3 million, with slots
revenue accounting for $206.8 million of that total.
"There's no sugar coating it," Joe Weinert, senior
vice president of Spectrum Gaming Group, a New Jersey
casino consulting firm told Associated Press. "It's
another poor result for the Atlantic City casinos."
There's more pain in store for Atlantic City in the
year ahead, Weinert said, because still more competition
is coming. He noted the scheduled opening of the Sugar
House casino in Philadelphia and live table games likely
to begin operating in Delaware and possibly also in
Pennsylvania.
Only one Atlantic City casino saw
an increase in revenue in November, and that was
minuscule: 0.1 percent at the Showboat Casino Hotel.
For the 11 months of 2009 thus far, casino revenues
are down 13.5 percent compared with 2008.
Online Casino News Courtesy of
Infopowa
More news here.
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