June Revenues Fall By 11 Percent In Atlantic City
Associated Press news agency has published statistics to report that there has been a decline in the gambling revenues of the Atlantic City for the month of June, to the tune of 11 percent. The general downturn of the economy, coupled with mounting competition from the adjacent states to woo gamblers’ money, has resulted in the revenue falling to $286.8 million.
A few weeks back, Delaware had started offering table games, with Pennsylvania following suit. The slot parlors of Pennsylvania have been troubling Atlantic City since late 2006. Pennsylvania State is now on the threshold of opening nine casinos which will have the same facilities and gambling options as the casinos in Atlantic City, with the added advantage that they would be located in Pennsylvania, making it easier for the home players.
Details Of Revenue Losses
A detailed analysis of the revenue elements for June 2010 reveals that table game revenue fell to $79.9 million, a decline of 16.2 percent. Slot revenue slid down to $206.9 million, amounting to a decline of 9 percent. The only silver lining to this dark cloud was provided by Trump Marina Hotel Casino whose revenue moved upwards by a measly 1.3 percent. The other ten casinos of Atlantic City posted a decline in their revenues.
As reported by Associated Press, the biggest sufferer was Resorts Atlantic City, which had a drop of about 20 percent. This casino was taken over by its lenders in December, when it missed its mortgage payment due to lack of revenues. The other casinos of Atlantic City that suffered reverses are: Caesars Atlantic City with a decline of 17.8 percent, Trump Plaza Hotel and Casino with a drop of 13.2 percent, Trump Taj Mahal Casino resort that dropped 13.5 percent; Harrahs Resort Atlantic City with a fall of 13 percent, Showboat Casino Hotel with a decline of 12.4 percent, Atlantic City Hilton Casino Resort with a slide of 7.7 percent, and Borgata Hotel Casino and Spa that had a fall of 11.7 percent. There was a decline of 3.2 percent in the revenue of Resort and Ballys Atlantic City, and The Tropicana Casino slid by 5.9 percent.
The analysts consulted by AP have reported that Atlantic City stands to lose about $300 million a year, which is about a quarter of its annual table games revenue, due to the escalating competition from across its borders.
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