Fewer Casinos, But Revenues Still Drop In Atlantic City
By Casinomeister, Last updated Mar 20, 2015
February stats show a 14.8 percent decline y-o-y
The latest official numbers from Atlantic City show that despite there being only eight land casinos left in the market, revenues continued to decline in February and were down overall by 14.8 percent compared to the same period last year.
Casino win in February was $178.4 million, prompting officials to attribute the drop to the inclement winter weather.
So far this year, the eight surviving casinos have won $375.9 million, down 7.2 percent from the same period last year. The casinos paid $14 million in state taxes in February.
Internet gambling operations run by the casinos turned in a marginally improved performance despite one lucky Betfair punter hitting a $1.5 million jackpot.
Online and mobile operations delivered $10.4 million in revenues, up 1 percent on the same period last year. It's worth noting that without that big jackpot the overall internet gaming result would have equalled the record in monthly revenues of $11.9 million, achieved last March.
Online casino action contributed the bulk of revenue with y-o-y growth of 16.1 percent to $8.35 million in February, but online poker again proved to be a disappointment, at $2.05 million slumping 34.2 percent y-o-y and down 11 percent on the preceding month.
Borgata-Pala again lead the field with $3.7 million of the February action, followed by Tropicana's casino-only operation on $2.62 million and Caesars-888 on $2.5 million, where both the casino and poker verticals failed to impress.
Fourth placed Golden Nugget-Betfair (also a casino only offering) recorded only $1.5 million as a result of that big Betfair jackpot, which marred an otherwise very promising February for the partnership.
New arrival Resorts-NYX-Sportech only launched in the last week of February (see previous InfoPowa report) but nevertheless managed to post a casino win of $51,000 in just a few days, perhaps an encouraging indicator of better things ahead.
Online Casino News Courtesy of Infopowa
The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
bryan@casinomeister.com
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