Double Digit Gambling Revenue Decline In August For AC Casinos

On Friday, the two casino gambling capitals of the world received more bad news regarding their revenue in recent months. While Nevada revenue somewhat stabilized in July, Atlantic City casinos experienced another month of double digit declines in August.

Earlier in the day CGW reported on the almost five percent decrease that Nevada casinos experienced in July. In New Jersey, gambling revenue was down 11.3% in August. The eleven casinos in AC dropped to $347.5 million, down from $391.7 million in August of 2009.

AC casinos have been hit much harder than Nevada casinos over the past couple of years. Several renovation projects were stalled as the economic recession hit the US, and other projects to bring new casino resorts to the city were completely abandoned. It has left the city and state searching for answers.

Governor Chris Christie has organized a series of gambling summits to attempt to find a way to increase revenue in the state. One idea involves bringing slots to racetracks such as the Meadowland, and that plan has drawn criticism from the AC casinos.

Another problem facing New Jersey casinos is competition. In recent years, Delaware, New York, Maryland, and Pennsylvania have all made strides towards expanding their gambling presence in the Northeast. Delaware added sports betting last year, something that New jersey lawmakers are also considering.

Pennsylvania has become the biggest competitor to AC casinos. Earlier this year, Pennsylvania lawmakers legalized table games for state casinos. That came after Pennsylvania casinos had higher slot revenue than Atlantic City casinos in December for the first time in history.

September 10, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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