Atlantic City Casinos Experience Third Quarter Revenue Decline

Atlantic City casinos used to bask in the glory that came with being highly profitable. Now, the casinos have resorted to bankruptcy after an economic recession has left the casinos in dire straits.

The third quarter revenue figures were released for 2009, and it was another poor performance by AC casinos. Revenue was down 12.6% to around $1 billion. While $1 billion seems like a large number, the trickle down effect of that figure can be seen at casinos such as Resorts Atlantic City.

The oldest casino in the city has shown in documents given to the Casino Control Commission that they may not be able to continue to operate. That would come as a major blow to an Atlantic City casino industry that is attempting to revive their glory days.

Competition from neighboring states has crippled the city's casino industry. Pennsylvania, New York, and Connecticut have all expanded their gambling options and have made a focused effort to take customers away from Atlantic City. The strategy has worked, with revenue continuing to drop at the AC casinos.

Trump Plaza Hotel & casino had the worst revenue decrease for the third quarter. Trump revenue decreased by twenty-four percent. Another Trump casino, Trump Taj Mahal Casino Resort, had the only increase in revenue, although it was only 0.7%.

Resorts, meanwhile, will soon be turning their operation over to lenders. The casino has been unable to pay back loans, and lenders are scrambling for a way to keep the casino open.

November 18, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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