The End Could Be Near For Atlantic City Casinos

It is not new news that casinos around the country, specifically in Nevada and New Jersey, have been hit hard by the economy. What is new, however, is just how far revenue has dropped in New Jersey.

The Casino Control Commission released March revenue figures on Thursday and the news was the worst that it has ever been in the state. Revenue dropped 19.4%, to $318.4 million. Never before has there been that big of a percentage decrease in a month from the previous year.

The really difficult part for casinos in the state is that this might not be the low point. While the nation tries to recover from the economic meltdown, casinos continue to lose customers who can no longer afford to gamble.

Online casinos are another major reason why there has been a decrease in revenue at land based casinos in the US. People have been inclined to stay at home and do their gambling on their computers, rather than having to waste fuel and meal money going out to a casino.

Three casinos in Atlantic City have already gone into bankruptcy. Two others are in danger of entering bankruptcy in the next few weeks. That means that of the eleven casinos in the city, over half are in financial danger.

Nevada is another state that has been hit hard by the economy. Economists used to believe that casinos were immune to the economic hardships created by the economy, but this time around has been different.

April 9, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!