Atlantic City Casino Revenue Drops Almost Forty Percent
Atlantic City casinos are now in a free fall. What was a once proud industry has been reduced to almost nothing, and if they have not hit rock bottom yet, it may be coming in the near future.
Revenue figures were released this week for the first quarter of 2009, and they are nowhere near where they need to be for the casinos to survive. Revenue at the state's eleven casinos dropped by almost forty percent.
"I don't know how much longer some of these casinos can hold on if the revenue just continue4s to plummet," said observer Kelly Franchert, "There is not many businesses in the country that can have revenue drop more than a third and continue to operate successfully."
It was not just a couple of the casinos that had revenue decrease. All eleven casinos experienced a drop, and the slide is only about to get worse for the city and its casinos.
Pennsylvania and New York have expanded their casino gambling options to the point where residents in those states do not have to travel to Atlantic City anymore. Hotel residency rates were down to almost sixty percent in the first quarter of 2009.
It has been noted by several analysts that even when hotel rooms are comped by the casinos, people are choosing to stay in their own states. That is a fact that is weighing on the minds of Atlantic City casino owners.
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