Atlantic City Casino Revenue Takes Another Bath In May
Every month it seems as though Atlantic City casinos cannot sink any lower when it comes to their revenue figures, and every month, the numbers drop more drastically than the month before. In May, it was not as bad as April, but revenue still dropped significantly.
The New Jersey Casino Control Commission released revenue figures in May for the state's eleven casinos, and they were down 15.4% from the same period last year. The total revenue reported was $351.3 million.
Neighboring states have been instrumental in the decline of gambling at Atlantic City casinos. It is a fact that at first the state of New Jersey was slow to acknowledge, but now reality is starting to settle in.
"Certainly one of the reasons why revenue is down in Atlantic City is the impact of new competition...the opening of the new facility in Bethlehem will certainly contribute to that," said Daniel Heneghan, a spokesman for the Commission.
The Bethlehem casino in Pennsylvania might be the final straw for Atlantic City casinos. The Las Vegas Sands property is less than two hours away from Atlantic City, meaning that Pennsylvania customers will no longer have to make the trip to do their casino gambling.
The Atlantic City Hilton was the worst of the AC casinos, dropping 25.3% in revenue from May of 2008. They only had revenue of $13 million in May. The only bright spot for the city was the Borgata Hotel & casino, with a revenue increase of 4.8%. The Borgata revenue for May was $39 million.
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